Best Practices: Timing of Application for Forgiveness of PPP Loan
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), was signed into law, and the Paycheck Protection Program (“PPP”) was included as part of that legislation. Subsequently, on June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”), was signed into law. The Flexibility Act modifies ... Read More
Best Practices: Using An Internal Investigation To Your Advantage
As in any industry that is subject to government oversight and regulation, participants in SBA loan guaranty programs are subject to higher levels of scrutiny than most businesses. The consequences that may arise from internal wrongdoing are different from those found in unregulated industries. In the SBA world, the concept of program integrity is all ... Read More
Best Practices: Getting Back to SBA Loan Liquidations after the Easing of the Pandemic’s Restrictions
The ongoing pandemic has created unprecedented challenges for SBA lenders who are confronting a stressed 7(a) loan portfolio. In many states, we have seen court systems essentially shut down, halting civil actions across the country. The stay at home orders also have resulted in the postponement of auctions of business assets and real estate, while ... Read More
Best Practices: Overview of PPP Loan Forgiveness Process
The Paycheck Protection Program (“PPP”) was created to help small businesses impacted by the COVID-19 outbreak to be able to retain and pay their employees, and maintain their business operation. In return for complying with the PPP requirements set by U.S. Small Business Administration (“SBA”), the PPP loan would be forgiven. While lenders and borrowers ... Read More
Starfield & Smith Attorneys Named to Pennsylvania 2020 Super Lawyers and Rising Stars Lists
Starfield & Smith is proud to announce that six of its attorneys have been named to the 2020 Super Lawyers and Rising Stars Lists. The lawyers selected practice in the areas of banking; business and corporate; bankruptcy; civil, business, and securities litigation; criminal defense (white collar); creditor debtor rights, and real estate. 2020 Super Lawyers: ... Read More
Best Practices: PPP Loan Forgiveness — Lender Risks of Losing Processing Fees
On May 23, 2020, the SBA released two Interim Final Rules (“IFRs”) on loan forgiveness and its loan review procedures in order to inform borrowers and lenders of the SBA’s process for reviewing PPP loan forgiveness applications. The IFRs state, in part, that if the SBA reviews a PPP loan forgiveness application and determines that ... Read More
