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Finance & Bankruptcy Law Blog

Paycheck Protection Program: Updated Loan Forgiveness Estimator Workbook

By William Ziegelbauer, Peter Carson, Bijal Vira, Nirav Bhatt & Jarred Ramo

July 10, 2020

Below please find a link to a newly-updated version of the Sheppard, Mullin, Richter & Hampton LLP (Sheppard Mullin) Paycheck Protection Program (PPP) Loan Forgiveness Estimator Workbook (the Workbook), which was created by and is the property of Sheppard Mullin.…

Finance & Bankruptcy Law Blog

PPP Updates: Extension of the Application Deadline, Disclosure of PPP Borrowers Receiving Greater than $150,000 in PPP Loans, and the “Owner-Employee” Dilemma

By Nirav Bhatt, Bijal Vira & William Ziegelbauer

July 8, 2020

On July 4, 2020, President Trump signed into law a bill passed by the U.S. Congress that extends the application deadline for the Paycheck Protection Program (PPP)[1] from June 30, 2020 to August 8, 2020. The extension of the PPP application deadline comes on the heels of the latest PPP report issued by the U.S. Department of Treasury (Treasury) and U.S. Small Business Administration (SBA) stating that, as of June 30, 2020, approximately $131…

Finance & Bankruptcy Law Blog

Interplay of Main Street Lending Program Documents (the Rights and Role of the Main Street SPV)

By Charbel Lahoud, Peter Carson, Elliot Hinds & Peter Park

July 8, 2020

The $600 billion Main Street Loan program has been highly anticipated to provide financial support in the form of loans to small and medium-sized U.S. businesses affected by the COVID-19 pandemic. The Federal Reserve Bank of Boston that is administering the Main Street Loan program has released term sheets and various other program documents for the three types of loans, “New,” “Priority” and “Expanded,” as well as over 70 pages of Frequently Asked Questions (FAQs)…

Finance & Bankruptcy Law Blog

CFPB Issues Factsheet On TRID Title Insurance Disclosures And Updates TRID FAQ

By Sherwin Root & John Dineen

July 1, 2020

On June 9 the Consumer Financial Protection Bureau (CFPB) published a Factsheet on how to disclose title insurance on the Loan Estimate and Closing Disclosure, including when a negative owner’s title insurance cost disclosure is appropriate, and updated the TRID FAQs to include guidance on the total of payments disclosure, using the optional signature line on the Loan Estimate and Closing Disclosure, and the requirement to include seller information on the consumer’s disclosures if providing…

Finance & Bankruptcy Law Blog

Updates to the PPP Loan Forgiveness Application Form

By Nirav Bhatt & Bijal Vira

June 19, 2020

On June 16, 2020, the U.S. Department of Treasury (Treasury) and U.S. Small Business Administration (SBA) published an updated Loan Forgiveness Application for borrowers to complete in order to apply for loan forgiveness under the Paycheck Protection Program (PPP)[1] to conform with the changes to the PPP pursuant to the Paycheck Protection Program Flexibility Act (PPPFA). The Loan Forgiveness Application is composed of a loan forgiveness calculation form, a related Schedule A worksheet,…

Finance & Bankruptcy Law Blog

[UPDATED] Paycheck Protection Program Flexibility Act: Major Changes to the PPP

By Nirav Bhatt & Bijal Vira

June 12, 2020

[Update: This is an updated version of an article published on June 5, 2020] On June 5, 2020, the U.S. President signed into law the Paycheck Protection Program Flexibility Act (PPP Flexibility Act or Act) to provide businesses with greater flexibility and more time to maximize forgiveness of loans received under the Paycheck Protection Program (PPP), as enacted under the Coronavirus Aid, Relief, and Economic Security Act (as amended, supplemented or otherwise modified from time…

Finance & Bankruptcy Law Blog

Fed Provides Further Updates to Main Street Lending Program, Expanding Availability in Advance of Program Launch

By Sheppard Mullin, Elliot Hinds, Peter Carson, Charbel Lahoud, Bobby Chipman & Nicole Danesh

June 11, 2020

On June 8, 2020, the Federal Reserve Bank of Boston, the administrator of the Federal Reserve’s Main Street Lending Program, released updated term sheets for the three types of loans, “New,” “Priority” and “Expanded,” that will be available under Main Street as well as an updated extensive Frequently Asked Questions (FAQ) (https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm). The Main Street Lending Program is a $600 billion loan program to provide support to small and medium-sized businesses established, with…

Finance & Bankruptcy Law Blog

Ninth Circuit Affirms that Liens Pass Through Bankruptcy Even if Underlying Claim is Disallowed

By Richard Brunette

June 10, 2020

The Ninth Circuit on June 1 affirmed a key bankruptcy principle that liens may survive and “pass through” the bankruptcy process even if the underlying claim secured by the lien is disallowed. The facts in Lane v. The Bank of New York Mellon (Ninth Cir. Ct. Of Appeals, No. 18-60059, June 1, 2020) are all too familiar – a mortgage loan originated by Countrywide Home Loans wound up in a huge pool of securities with…

Finance & Bankruptcy Law Blog

CFPB Issues Proposed Amendment to Regulation Z and Guidance to Deal with LIBOR Transition

By Sherwin Root

June 10, 2020

On June 4 the Consumer Financial Protection Bureau (CFPB) issued proposals to address issues arising from the required transition away from the London Interbank Offered Rate (LIBOR) scheduled for the end of 2021. LIBOR has been widely used as a benchmark in consumer financial products such as adjustable rate mortgage loans, home equity lines of credit (HELOCs), student loans and credit cards. The CFPB released a more than 200 page rulemaking proposal calling for changes…

Finance & Bankruptcy Law Blog

AB 2501 – COVID-19 Homeowner, Tenant, and Consumer Relief Law of 2020

By Colleen McDonald & Nicholas Dugdale

June 9, 2020

UPDATE (June 22, 2020): COVID-19 Homeowner, Tenant, and Consumer Relief Law of 2020”, last Thursday the bill failed in Assembly. Many mortgage loan market participants breathed a sigh of relief as the bill would have enacted sweeping new forbearance standards beyond federal CARES Act mandates for residential and multifamily mortgages. *** A proposed piece of COVID-19 relief legislation could have major implications for California lenders and servicers, particularly in the mortgage lending industry, if passed…

Finance & Bankruptcy Law Blog

Up-to-date Information on Finance, Bankruptcy, & Creditors Rights

Blog Authors

Paycheck Protection Program: Updated Loan Forgiveness Estimator Workbook

PPP Updates: Extension of the Application Deadline, Disclosure of PPP Borrowers Receiving Greater than $150,000 in PPP Loans, and the “Owner-Employee” Dilemma

Interplay of Main Street Lending Program Documents (the Rights and Role of the Main Street SPV)

CFPB Issues Factsheet On TRID Title Insurance Disclosures And Updates TRID FAQ

Updates to the PPP Loan Forgiveness Application Form

[UPDATED] Paycheck Protection Program Flexibility Act: Major Changes to the PPP

Fed Provides Further Updates to Main Street Lending Program, Expanding Availability in Advance of Program Launch

Ninth Circuit Affirms that Liens Pass Through Bankruptcy Even if Underlying Claim is Disallowed

CFPB Issues Proposed Amendment to Regulation Z and Guidance to Deal with LIBOR Transition

AB 2501 – COVID-19 Homeowner, Tenant, and Consumer Relief Law of 2020

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