BankruptcyandRestructuringBlog

Updates on the Affiliation Rules Applicable to the Paycheck Protection Program (Title I of the CARES Act)

04/06/20

On April 3, 2020, the U.S. Department of the Treasury (Treasury) and U.S.

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Updates on the Paycheck Protection Program under the CARES Act: The SBA’s April 2, 2020 Interim Final Rule

04/03/20

On April 2, 2020, the U.S. Small Business Administration (SBA) released its Interim Final Rule[1], which provides further guidance on the Paycheck Protection Program (PPP) as enacted under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

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How Can the CARES Act Help My Tribe? A Briefing on Economic Stimulus for Tribes

04/01/20

Tribal leaders and federal officials this week will begin the task of implementing the economic relief programs of the Coronavirus Aid, Relief and Economic Security Act (or “Act”) passed by Congress on March 27, 2020.  The U.S. Department of the Interior will host the first consultations  with Tribes to discuss funding formulas and eligibility rules of the $8 billion Tribal Stabilization Fund through a teleconference on Thursday, April 2, and on Thursday, April 9.

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Funds Available to Businesses Under the Coronavirus Economic Stabilization Act (CARES ACT Title IV)

03/31/20

Major economic stabilization funds are made available to U.S. businesses (including nonprofits), states and municipalities under Title IV of the CARES Act. Title IV itself is titled the “Coronavirus Economic Stabilization Act of 2020” (referred to in this summary as “CESA”).[1]

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California’s DBO Updates its COVID-19 Guidance for Financial Institutions

03/30/20

On March 16, 2020, California Governor Gavin Newsom released an Executive Order (N-28-20) aimed at protecting renters and homeowners from losing their homes or suffering further financial hardship as a result of the COVID-19 pandemic.

 Coronavirus, CARES Act

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The CARES ACT – Tax Relief

03/30/20

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, or the “CARES Act” to provide nearly 2 trillion dollars in aid and relief to individuals, businesses, and other entities in the wake of the spread of COVID-19.  Included in the CARES Act are tax and loan provisions intended to provide financial relief to people and businesses suffering as a result of the disease.

The following summarizes certain key tax-related provisions in the CARES Act.

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Overview Of The Paycheck Protection Program Under The Cares Act (Title I)

03/27/20

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted, an economic relief package in response to the COVID-19 pandemic. The CARES Act provides economic support at the federal level to the business sector, employees, individuals and families, and specific industries that have been impacted, including air transportation, healthcare, and education.

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Troubled Debt Restructuring: Phase 3 Stimulus Bill

03/26/20

On March 25, 2020, the Senate passed an amendment to H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (as amended, the “CARES Act”), which (as of March 26, 2020) is being considered in the House.

The complete text of the current draft of the CARES Act can be found here.

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SFA Urges the Fed to Include Non-Qualified Mortgages, MSRs and Unsecured Consumer Loans in revamped TALF

03/24/20

In order to properly address the impact of the Covid-19 crisis on today’s capital markets, the Structured Finance Association (“SFA”) is urging the Board of Governors of the Federal Reserve System and the U.S.

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Update for Mortgage Lender Operations in California

03/23/20

On the evening of March 19, 2020, the Governor of California issued an order which requires all individuals living in the State to stay home or in their place of residence, except as needed to maintain continuity of operations of the federal critical infrastructure sectors, which include the financial services industry.  Governor Newsom issued a list of Essential Critical Infrastructure Workers “to help state, local, tribal, and industry partners as they work to prot

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