June 2020

Federal Reserve Further Revises and Expands Main Street Lending Program for Small and Mid-sized Businesses

On June 8, 2020, the Federal Reserve further revised the Main Street Lending Program to facilitate lending to more small and mid-sized businesses. The Federal Reserve also released a revised set of Frequently Asked Questions that provide additional details…

New Paycheck Protection Program Law Provides Greater Flexibility for Borrowers

Update: On June 5, the President signed the PPPFA into law.Update: On June 3, the PPPFA was passed unanimously by the Senate without amendment. It now goes to President Trump, who has indicated support for the bill’s aims, for signature.On May 28, 2020, …

May 2020

New SBA Guidance on PPP Loan Forgiveness and Review of Forgiveness Applications

On May 22, seven days after releasing the Paycheck Protection Program (“PPP”) loan forgiveness application and instructions, the Small Business Administration (“SBA”) released an Interim Final Rule on Loan Forgiveness (the “Forgiveness Rule”) a…

Increases in Paycheck Protection Loan Amounts for Partnerships and Seasonal Employers

On Wednesday, May 13, 2020, the SBA released an Interim Final Rule regarding increased loan amounts for partnerships and seasonal employers. This rule allows lenders to make a second disbursement of loan proceeds to a partnership or seasonal employer that …

Reopening Massachusetts — A Four-Phased Approach

On May 18, 2020, Governor Baker released a Reopening Massachusetts Report along with an executive order implementing a four-phased reopening plan.Each phase will last a minimum of three weeks and could last longer before moving to the next phase. Additiona…

SBA Releases PPP Loan Forgiveness Application – Key Takeaways and Instructions for Borrowers

This publication was featured in New England Real Estate Journal on June 16, 2020.On May 15, the Small Business Administration (“SBA”) released the much-awaited Paycheck Protection Program (“PPP”) loan forgiveness application and instructions (“S…