Knowledge and Insights: Newsletters

The lender portal for the Federal Reserve’s Main Street Lending Program (MSLP) has opened as the alternative to the Paycheck Protection Program (PPP). Unlike the PPP, the Main Street Lending Program’s loans are not forgivable, although they are at low interest rates. The program is being offered through the Federal Reserve rather than the SBA…

On June 10, 2020, the Small Business Administration (SBA) and Treasury Department issued an interim final rule to address changes made by the Paycheck Protection Program Flexibility Act (PPPFA).  Streamlined PPP loan application forms for borrowers and lenders for loans made on or after June 5, 2020 were also updated and published. The interim final…

On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (PPPFA).  The PPPFA provides flexibility to borrowers attempting to maximize the benefits provided by the Paycheck Protection Program (PPP) established under the CARES Act. For existing PPP loans, the PPPFA provides the following: Extends the period for PPP…

Similar to the private sector, state and local governments have not been immune to the impacts of the Coronavirus (COVID-19) pandemic. Statewide stay at home orders have limited staffing to essential employees and alternate work schedules, causing many governmental entities to struggle with managing public services while also dealing with the many financial uncertainties the…

On May 22, 2020, new interim final rules were released by the Small Business Administration (SBA) providing guidance to borrowers and lenders regarding the SBA’s review process under the Paycheck Protection Program (PPP), including the loan forgiveness calculation and eligibility. Highlights from the May 22, 2020 interim final rules are as follows: The SBA review…

Since the beginning of the COVID-19 pandemic and the issuance of stay at home orders and business shutdowns eight weeks ago, there have been many Federal and State moratoriums, executive orders and updates to governmental guidelines to lessen the impacts of the pandemic. Businesses grappling with decisions made, or to be made, will need to…

While New Jersians and Pennsylvanians alike are eager to return to work and life, their plans for normalcy seem to have been thwarted by recent orders by both states extending the stay at home orders in New Jersey and the eastern part of Pennsylvania. However, despite the delay, both states have announced reopening plans, with…

The COVID-19 quarantine has been going on in the tri-state region since the first week of March, and is nothing like we have ever experienced before.  For most of us that means we’ve been home-bound for seven weeks give or take. For those of you like me, that’s a long time to be stuck in…

Whether it’s a cyber-attack, an executive’s misconduct or the health and economic crisis resulting from COVID-19, the Board of Directors plays an important role in helping its organization navigate and survive the challenges ahead.  In response to the COVID-19 pandemic, certain government-mandated restrictions and limitations have triggered sudden and profound economic impacts that have forced…

The PPP Loan Program Evolution Owners of numerous small businesses, including those who are self-employed, applied for potentially forgivable loans under the Paycheck Protection Program (PPP) created as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act. This program was designed to incentivize employers to maintain payroll and employee headcount throughout the COVID-19…