Small Business Administration Issues New Guidance That Impacts M&A Transactions Involving PPP Loan Recipients

By Matthew L. Mitchell and Scott R. Bleier     On October 2, 2020, the Small Business Administration (SBA) announced new guidelines that apply the SBA “Change of Ownership” procedures to the PPP context. As a 7(a) loan program, the PPP loans are subject to the same regulations that apply to 7(a) loans. These regulations …

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PPP Loan Update: “Forgiveness Portal” Open; FAQs Posted

By Matthew L. Mitchell and Scott R. Bleier     On August 10, 2020, the Small Business Administration (the “SBA”) opened the “Forgiveness Portal," permitting lenders of Payroll Protection Program (“PPP”) loans to accept forgiveness applications from PPP loan recipients. In addition, Frequently Asked Questions (FAQs) on PPP Loan Forgiveness (the “FAQs”) were published, and …

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PPP Flexibility Act Passes; Fundamentally Changes Forgiveness Rules

By: Matthew Mitchell and Scott Bleier               On June 3, 2020, the Senate passed, by unanimous consent, the Payroll Protection Program Flexibility Act (the “Act”), which eases certain forgiveness requirements to the favor of PPP loan recipients.  Specifically: Forgiveness Period Extended: The Act extends the Forgiveness Period of the …

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CARES Act Payments are Public Assistance and Exempt From Seizure by Creditors and Debt Collectors Under Massachusetts Law

By: Timothy P. Manning On April 13, 2020, the Massachusetts Attorney General issued guidance concerning payments received by Massachusetts residents pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and the exemption of such payments from garnishment or attachment by creditors or debt collectors. The CARES Act provides cash assistance to …

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