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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.

Showing 11 posts in Loans.

The Paycheck Protection Program Flexibility Act

Stay up to date on recently released guidance and the tools you will need to make sure you properly apply for PPP loan forgiveness. 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 ›

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 ›

Living with a PPP Loan (Part II)

As the U.S. Small Business Administration and lenders deploy resources from the Paycheck Protection Program ("PPP") businesses owners need to know what they need to do to ensure the loan is forgiven so they are not saddled with unnecessary debt. Stay up to date on recently released guidance and the tools you will need to make sure you properly apply for PPP loan forgiveness.

This PowerPoint presentation will provide an overview of PPP loan forgiveness, documents you will need to prepare, and pitfalls to avoid to ensure your loan is forgiven.  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 ›

CMBS Loan Restructurings: COVID 19 Causing Immediate Need for Loan Workouts

COVID-19 has caused immediate and severe disruption in commercial real estate. Common sense deferrals and restructurings will be needed.  In this client alert, we discuss some of the unique dynamics of CMBS loan restructurings. 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 Update – SBA Adds New Restrictions on Access

On April 23, 2020, the Small Business Administration issued new guidance apparently intended to severely restrict access to Paycheck Protection Program (PPP) loans. Although apparently issued in response to large PPP loans made to several publicly traded companies, the new guidance is not limited to public companies and applies to all PPP loan applicants. This client alert explains the new guidelines and related considerations. Read More ›

"Main Street” Loan Facilities under the CARES Act

On April 9, 2020, the Federal Reserve announced the details of a new program established under the  CARES Act, the Main Street Lending Program, intended to assist small and medium-sized businesses impacted by the COVID-19 pandemic by making up to $600 billion in loans available for eligible borrowers. The program is designed for businesses with up to 10,000 employees or up to $2.5 billion in 2019 revenues. This client alert summarizes the terms of the loans available under this new program. Read More ›

SBA Loans Available under the CARES Act (Updated April 4, 2020)

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is a $2.2 trillion economic relief package enacted to provide financial assistance to U.S. individuals and businesses in response to the impact of the COVID-19 pandemic. Among the key features of the relief package are the creation of the Paycheck Protection Program (PPP), a $349 billion Small Business Administration (SBA) loan guarantee program, designed to help small businesses keep employees on the payroll and meet other necessary expenses, and the expansion of the types of borrowers eligible to apply for Emergency Injury Disaster Loans (EIDLs). This client alert discusses the loans available under the CARES including the Paycheck Protection Program, loan forgiveness available under the PPP, and the expansion of the EIDL program. Read More ›

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