On Wednesday, June 17, 2020 New York Governor Andrew Cuomo announced that New York City, the Mid-Hudson Region, and Long Island are all expected to move forward an additional level under the State’s reopening plan within the next week. Currently, New York City is in Phase One, and the Mid-Hudson and Long Island are in
Recent Developments
Federal Reserve Expands the Main Street Lending Program
Posted in Recent Developments
The Federal Reserve recently expanded its Main Street Lending Program (the “Program”) to three separate loan facilities: the Main Street New Loan Facility, the Main Street Priority Loan Facility and the Main Street Expanded Loan Facility (each, a “MSLP Facility” and collectively, the “MSLP Facilities”). The MSLP Facilities are aimed at providing up to $600…
COVID-19 Alert: Paycheck Protection Program Flexibility Act of 2020
Posted in Recent Developments
On June 5, 2020, the President signed the Paycheck Protection Program Flexibility Act of 2020 (the “Act”), a bipartisan measure aimed at providing additional flexibility and extended relief to small business borrowers under the Paycheck Protection Program (“PPP”). Below is a summary of the key provisions of the Act, highlighting material deviations from those terms…
New York Forward Loan Fund – Relief for New York’s “Small-er” Businesses
By Jordan J. Metzger & Jennifer Horowitz on
Posted in Recent Developments
On May 22, 2020, New York Governor Andrew Cuomo announced the launching of the New York Forward Loan Fund (NYFLF), a loan program providing relief for small businesses or non-profits located in New York State or small landlords with properties located in New York State which did not receive loans under the SBA’s Paycheck Protection…
COVID-19 Alert – SBA Releases PPP Loan Forgiveness Application and Related Guidance
Posted in Recent Developments
On Friday, May 15, 2020, the Small Business Administration (“SBA”) released the Paycheck Protection Program Loan Forgiveness Application (the “Application”) and instructions (the “Instructions”), which, together with applicable rules, will govern loan forgiveness under the Paycheck Protection Program (“PPP”). Despite varying predictions, and with only limited exception, the Application and Instructions are generally consistent with…