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Federal Reserve Exercises Broad Disciplinary Authority to Sanction Former Bank Employees Who Committed PPP Loan Fraud

USA - October 17 2022 On October 13, 2022, the Board of Governors of the Federal Reserve System (“Board”) announced multiple enforcement actions against former employees…

Jeffrey J. Chapman, Alexander Martin Madrid

New Budget and Stimulus Package Includes Changes to Paycheck Protection Program

USA - December 28 2020 On Dec. 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021, an omnibus stimulus and budget act that includes the Economic Aid…

Naho Kobayashi, Mark A. Kromkowski, A. Rose Stern

End of the Road: Federal Reserve Issues Guidance for Winding Down Main Street Lending Program

USA - November 25 2020 The Main Street Lending Program (MSLP) is scheduled to terminate on Dec. 31, 2020. The Federal Reserve recently issued additional guidance in…

Naho Kobayashi, Jeffrey K. Browning, Rebecca S. Chaffin, Brian P. Coughlan, Mark A. Kromkowski, Steven Ritchie, Clayton J. Stallbaumer, Phyllis Y. Young

Main Street Lending Program Adjusted to Better Target Smaller Businesses

USA - November 12 2020 The Federal Reserve recently adjusted the terms of the Main Street Lending Program (MSLP) to better target support to smaller businesses…

Naho Kobayashi, Jeffrey K. Browning, Rebecca S. Chaffin, Brian P. Coughlan, Mark A. Kromkowski, Steven Ritchie, Clayton J. Stallbaumer, Phyllis Y. Young

New SBA Changes in Ownership Procedures Under Paycheck Protection Program

USA - October 5 2020 On Oct. 2, 2020, the Small Business Administration (SBA) issued SBA Procedural Notice Control No. 5000-20057 establishing requirements under the…

Naho Kobayashi, Mark A. Kromkowski, A. Rose Stern