Earlier this month, the U.S. Small Business Administration (the “SBA”) issued Procedural Notice Control No. 5000-20057 (the “Guidelines”), providing guidance with respect to M&A transactions involving entities with outstanding Paycheck Protection Program (“PPP”) facilities. This Alert summarizes the Guidelines as they relate to change of control and M&A transactions,

On August 26th, the Securities and Exchange Commission (“SEC”) adopted amendments to the “accredited investor” definition in Rule 501(a) of Regulation D, a key determinant for eligibility to invest in unregistered securities.

The amended definition expands access to private capital markets to a broader swath of potential investors, such as “knowledgeable employees” (with

On Monday, June 22nd, New York City –reopened to Phase Two businesses – including offices (including law firms, real estate and many other professional services).  New York City is the final region in New York State to have entered this phase which comes three months after the closure of all non-essential businesses under

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

The Small Business Administration (“SBA”) has further updated its Frequently Asked Questions (“FAQs”) regarding implementation of the Paycheck Protection Program (“PPP”), to extend the repayment date for purposes of the safe harbor set forth in prior SBA guidance.

As we have discussed in previous alerts, in submitting a PPP application, borrowers must carefully review and