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…
On August 28th the Small Business Administration (“SBA”) released the SOP 50 10 6, which seeks to modernize and streamline the SBA’s rules and policies for 7(a) and 504 loans.…
As we move through the second round of Paycheck Protection Program (“PPP”) approvals and disbursements, recent developments remind lenders and borrowers that forgiveness may not be guaranteed, and lenders have…