On SBA 7(a) loans, it is common for sellers of small businesses to offer the buyer a promissory note to pay some of the purchase price for the business. Seller…
In response to COVID-19, the Small Business Administration (“SBA”) was given the authority to make low-interest fixed-rate long-term COVID-19 Economic Injury Disaster Loans (“EIDL”) to help small businesses and other…
On September 1, 2021, the Consumer Financial Protection Bureau (CFPB and/or Bureau) issued a notice of proposed rulemaking (NPRM) requesting public comment on its proposed rule to implement Section 1071…
Mechanic’s lien laws are statutes that exist in every state to protect contractors, subcontractors and material suppliers that furnish work or materials to construction projects. As the name suggests, these…
Effective July 15, 2021, SBA issued Procedural Notice 5000‑812316, “SBA Guaranty Purchases and Lender Servicing Responsibilities for PPP Loans.” The Notice provides critical guidance on how lenders should service their…
Best Practices: New Bill Delivers Another Round of PPP Loans and Payment Relief for Small Businesses
On December 27, 2020, a new relief bill intended to provide economic support to businesses was passed into law. This bill, entitled the Consolidated Appropriations Act 2021, establishes various programs to provide…