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
Finance & Bankruptcy Law Blog
Up-to-date Information on Finance, Bankruptcy, & Creditors Rights
The Finance & Bankruptcy Law Blog, published by Sheppard, Mullin, Richter & Hampton LLP, covers legal developments and regulatory issues related to finance, bankruptcy, and restructuring. Topics include bankruptcy court rulings affecting sovereign immunity, regulatory enforcement actions in financial services, securities regulations impacting asset-backed securities and hedging, benchmark rate transitions such as LIBOR, and financial institution compliance requirements. The blog addresses the intersection of bankruptcy law with financial regulations, corporate finance transactions, and risk management practices, providing insights into legislative changes, court decisions, and regulatory sweeps affecting financial institutions, creditors, and debtors.
Latest from Finance & Bankruptcy Law Blog - Page 7
Paycheck Protection Program Flexibility Act: Major Changes to the PPP
By Nirav Bhatt & Bijal Vira
[Update: An updated version of this article was published on June 12, 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…
Paycheck Protection Program: Loan Forgiveness Estimator Workbook
*This post was updated on July 10, 2020.
Below please find a link to 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…
Paycheck Protection Program: Key Features of the Loan Forgiveness Application
By Bijal Vira & Nirav Bhatt
On May 15, 2020, the U.S. Department of Treasury (Treasury) and U.S. Small Business Administration (SBA) issued the Loan Forgiveness Application for borrowers to complete in order to apply for loan forgiveness under the Paycheck Protection Program Paycheck Protection Program…
Post-COVID-19 Appraisals And The Burden Of Proof In Bankruptcy Cases
In the aftermath of the 9/11 attacks, the Appraisal Institute issued guidance to its MAI appraisers regarding the new challenges and limitations on rendering an opinion of real estate value in the wake of a disaster when markets are unstable or…
Paycheck Protection Program: SBA Issues Further Guidance on its Review of the Economic Uncertainty Certification made by PPP Borrowers
By Nirav Bhatt & Bijal Vira
On May 13, 2020, the U.S. Department of Treasury (Treasury) and U.S. Small Business Administration (SBA) issued an updated Frequently Asked Questions fact sheet (FAQ)[1], which provides interpretative guidance on the Paycheck Protection Program (PPP), as enacted under…
Paycheck Protection Program: SBA Extends Prepayment Safe Harbor To May 14, 2020 and Issues Further Interpretive Guidance on Employee Head Count and Affiliation
By Nirav Bhatt & Bijal Vira
The U.S. Department of Treasury (Treasury) and U.S. Small Business Administration (SBA) issued further interpretative guidance on the Paycheck Protection Program (PPP), as enacted under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), via (i) an updated…
Update on the Paycheck Protection Program Liquidity Facility
On Thursday April 30, 2020, the Board of Governors of the Federal Reserve Board released a new revised term sheet for the Paycheck Protection Program Liquidity Facility (“PPPLF”). Under the facility, the Federal Reserve Banks will lend to eligible borrowers…
Paycheck Protection Program: SBA Issues an Aggregate $20 Million Limit for Entities within a “Single Corporate Group”
By Bijal Vira & Nirav Bhatt
On April 30, 2020, the U.S. Small Business Administration (SBA) issued its Seventh Interim Final Rule[1] with respect to the Paycheck Protection Program (PPP), as enacted under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).[2]…
The SBA and U.S. Treasury Announce Full “Review” of Businesses Receiving PPP Loans Greater than $2 Million
By Bijal Vira & Nirav Bhatt
On April 28, 2020, U.S. Department of Treasury (Treasury) Secretary Steven T. Mnuchin and U.S. Small Business Administration (SBA) administrator Jovita Carranza issued a Joint Statement stating that a “review” will be conducted for businesses seeking loan forgiveness for loans…