Lenders and borrowers only have a few days left to take advantage of the subsidy loan payments provided by Section 1112 of the Coronavirus Aid, Relief, and Economic Security Act…
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.…
Best Practices: PPP Loan Program – Financing Business Acquisitions Lender Considerations Part 2 of 2
As discussed in last week’s article, many uncertainties exist when the owners of a business who received a Paycheck Protection Program (“PPP”) loan wish to transfer their business to a…
When an Original Borrower has received a Paycheck Protection Program (“PPP”) Loan and, prior to loan forgiveness, wishes to transfer ownership to a new purchaser, lenders often find themselves uncertain…
On July 28, 2020 SBA issued Procedural Notice 5000-20041 (“PN 20041”) which provides additional guidance to Lenders on implementation of Section 1112 of the CARES Act. Section 1112 provides a subsidy…
This year has brought a lot of uncertainty and SBA lending is no exception. The Paycheck Protection Program (“PPP”) expired on August 8th, and the SBA’s loan forgiveness portal opened…