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SBA Issues First Interim Final Rules on the 2021 Paycheck Protection Program

USA - January 8 2021 Executive Summary Eligible businesses that did not receive a PPP loan in 2020 may apply for First Draw Loans. Eligible businesses that received a PPP…

Brian R. Marek.

The OCC Supplemental Lending Limits Program: Opportunities for Growing Loan Portfolios in a Challenging Environment

USA - December 29 2020 In today's environment, the need for banks to retain as much of their high asset quality of loan origination as possible is critical. One option for…

Carleton Goss, Patrick Boot.

FDIC Issues Final Rule on ILCS: Strengthens Pathway for Companies Seeking Bank Charters

USA - December 28 2020 The Federal Deposit Insurance Corporation ("FDIC") issued a new rule formalizing requirements for industrial loan companies ("ILCS"). The…

Carleton Goss, Patrick Boot, Richard S. Garabedian.

Paycheck Protection Program: Preparing for Round 3

USA - December 23 2020 After several months of negotiations, Congress has finally passed a new stimulus package that includes additional funding for the Paycheck Protection…

Patrick Boot.

Paycheck Protection Program Loan Forgiveness FAQs and New Guidance on Lender Obligations

USA - August 13 2020 Last week, the Small Business Administration ("SBA"), in consultation with the US Treasury Department, issued new guidance through Frequently Asked…

Dean Elazab, Patrick Boot.