A vessel is defined by Merriam Webster as “a watercraft bigger than a rowboat.”   There are many small businesses whose main assets consist of vessels, such as local fishermen,…

When SBA lenders encounter an applicant that is a trust or is owned by a trust, knowledge of SBA’s trust requirements is essential.  Understanding SBA guidance not only helps lenders…

The general purpose of the Cares Act, including the Payroll Protection Program (“PPP”), was to provide needed financial assistance to small businesses struggling with the economic chaos created by the…

In this, our third article on SBA Procedural Notice No. 5000-812316 (the “Procedural Notice”), we turn our attention to potential litigation scenarios involving PPP loans and the choices a lender…

When a Buyer is considering acquiring a new business, both the Purchaser and Lender should consider whether the Seller or any of its key employees could pose a threat to…

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…