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COVID-19 Legal Resources

Olshan Frome Wolosky LLP is gathering information related to COVID-19 issues and concerns to assist clients in navigating the national and New York states of emergency.

We will continue to prepare updates during this fluid situation. Clients and friends are encouraged to contact us with specific legal or operational questions or issues.

Photo of COVID-19 Legal Resources Kenneth A. Schlesinger kschlesinger@olshanlaw.com View Bio

Showing 13 posts by Kenneth A. Schlesinger.

PPP Loan Forgiveness Application Revised

On June 16, 2020, the Small Business Administration revised the loan forgiveness application for loans issued under Paycheck Protection Program and issued a new interim final rule, to reflect changes made by the Payroll Protection Program Flexibility Act of 2020.  This blog post outlines important changes in the new guidance. Read More ›

Main Street Loan Facilities (June 8th Update)

On June 8, 2020, the Federal Reserve released additional guidance on the Main Street Lending Program, completely replacing earlier set of FAQs (April 30, 2020 and May 27, 2020) with new FAQs and revised term sheets.  Read More ›

The Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010)

On June 5, 2020 (the Enactment Date), the President signed the Paycheck Protection Program Flexibility Act of 2020 (the Flex Act), after the Senate approved the House bill without change. While the Flex Act makes welcome improvements to the Paycheck Protection Program (PPP), implementing administrative guidance remains necessary. On June 8, the SBA issued a press release clarifying a key Flex Act provision on loan forgiveness and outlining its initial regulatory priorities (the Press Release). Read More ›

Main Street Loan Facilities

On May 27, 2020, the Federal Reserve released additional guidance on the Main Street Lending Program, completely replacing an earlier set of FAQs (April 30, 2020) with new FAQs and issuing model loan documents.  This post reflects the new guidance. Read More ›

PPP LOAN UPDATE: Extension of Safe Harbor Repayment Date to May 18

Following up on the certification relief announced May 14 in Q&A-46, the SBA issued new Q&A-47, extending the safe harbor repayment date for a PPP loan from May 14 to May 18 for a borrower that determines that it can no longer certify that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations.”  While welcome, this extension does not add much on the certification issue, because a borrower can obtain the same protection afforded under the safe harbor (as announced in Q&A-31 and Q&A-43) by taking advantage of the certification relief announced in Q&A-46 (which allows a borrower to repay a PPP loan upon notification from the SBA in the event of a certification failure after SBA loan review). Read More ›

PPP Loan Update – SBA Allows LLCs and Partnerships to Seek PPP Loan Increase

Well after the Paycheck Protection Program (PPP) loan window opened, the Small Business Administration (SBA) unexpectedly changed the treatment of limited liability company members and partners, essentially recharacterizing them as employees (instead of self-employed individuals) for PPP loan purposes.  Because this regulatory change came so late in the game, many partnerships and LLCs did not take into account member/partner compensation on their PPP loan applications, causing these early birds to understate their requested loan amount. Read More ›

Important Update: SBA Eases Certification Requirements for PPP Loan

In a welcome move, the Small Business Administration ("SBA") issued a new FAQ protecting a borrower under a Paycheck Protection Program (“PPP”) loan from draconian government enforcement if the SBA finds the borrower’s “necessary” certification to be invalid after loan review. Read More ›

Update On PPP Loans - Major Change to Employee Counting Rules and Due Date Extension

The Small Business Administration (“SBA”) issued important new guidance, changing the rules for counting employee towards the 500-employee limit and extending the due date for the repayment of Paycheck Protection Program (“PPP”) loans. This client alert explains the new guidelines and related considerations. Read More ›

Main Street Loan Facilities

In recently released FAQs (April 30, 2020), the Treasury Department (“Treasury”) announced a new third loan facility under the Main Street Lending Program — the Main Street Priority Loan Facility (the “Priority Loan Facility”). In addition, the new FAQs revise the terms of the two previously announced loan facilities — the Main Street New Loan Facility (the “New Loan Facility”) and the Main Street Expanded Loan Facility (the “Expanded Loan Facility” and, collectively, the “Main Street Loan Facilities”). The FAQs include new and revised term sheets (the “Term Sheets”) for the Priority Loan Facility, the New Loan Facility and the Expanded Loan Facility and are outlined in the client alert Read More ›

Paycheck Protection Program Loans Capped at $20 Million per Single Corporate Group

In new guidance issued on April 30, 2020, the Small Business Administration (“SBA”) stated that businesses that are part of a “single corporate group” may not receive Paycheck Protection Program (”PPP”) loans exceeding $20 million in the aggregate for the “single corporate group.”  This cap is effective immediately with respect to any PPP loan that has not been fully disbursed by April 30, 2020. This client alert explains the new guidelines and related considerations. Read More ›

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