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PPP Part II - An Early Present to Small Businesses

USA - December 22 2020 Congress has passed the long-awaited bipartisan stimulus package on December 21, 2020 which is expected to be signed by the President. Included in…

Michael K. Krebs, John G. Loughnane, Melissa Sampson McMorrow, Stephen J. Patterson, Shannon S. Zollo

Fintech in Brief: Financial Trade Associations Oppose Novel OCC Charter with Uninsured Deposits

USA - December 9 2020 On December 7, 2020, several bank and credit union trade associations (collectively, the “Associations”) submitted a joint letter (the “Letter”)…

Seth P. Berman, William J. Bernat, Thomas J. Curry, Kenneth F. Ehrlich, Jeremy Halpern, Matthew D. Hanaghan, Kate Henry, Meghan E. Kelly, Michael K. Krebs, Armand J. Santaniello

Fintech in Brief: OCC Finalizes True Lender Regulation

USA - October 29 2020 On October 27, 2020, the Office of the Comptroller of the Currency (the “OCC” or the “Agency”) adopted a final “true lender” rule governing loans…

Seth P. Berman, William J. Bernat, Thomas J. Curry, Kenneth F. Ehrlich, Jeremy Halpern, Matthew D. Hanaghan, Kate Henry, Meghan E. Kelly, Michael K. Krebs, Armand J. Santaniello, Blake C. Tyler

PPP: SBA Provides Process for a Change of Ownership

USA - October 6 2020 On October 2, 2020, the SBA provided notice to PPP lenders regarding the process by which PPP borrowers may undertake a “change of ownership” while a…

Elizabeth S. Myers, Shannon S. Zollo

Important PPP Clarifications on Owner-Employee Compensation Rules and Rent Forgiveness

USA - August 26 2020 With many PPP borrowers now working their way through the intricacies of the forgiveness calculations and related analysis, the SBA and Treasury…

Elizabeth S. Myers, Shannon S. Zollo