On March 16, 2022, the Federal Reserve (“the Fed”) raised interest rates by 25 basis points (or “bps”) in an effort to tamp down inflationary pressures. The Fed also indicated…
As reported in an earlier edition of Best Practices, it has been estimated that at least 15% of all PPP loan disbursements have at least one indicia of fraud. Until…
On March 3, 2022, through its PPP Lender Platform, SBA provided informal guidance to lenders on several issues, including whether lenders “should” consider offset as a remedy for borrowers who…
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…
An employee stock ownership plan (“ESOP”) is a type of employee benefit plan in which company stock is acquired by, and held in accounts for, the employees of the company. …
Effective March 9, 2022, SBA set forth revised procedures for SBA lenders and Certified Development Companies (CDCs) concerning the verification of financial information for the small business applicant. See SBA…