CARES Act

Fed takes big step toward launch of Main Street Lending Program

05/28/20

The Federal Reserve Bank of Boston published details on the terms for lenders and borrowers to participate in the facility intended to provide coronavirus relief funds to middle-market firms.

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Paycheck Protection Program: Loan Forgiveness Estimator Workbook

05/28/20

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 property of Sheppard Mullin.

COVID-19, Workbook

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Senate bill would ban garnishment of relief funds by debt collectors

05/24/20

The new legislation directs the Treasury Department to protect electronic payments that Americans receive through the pandemic rescue package.

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Paycheck Protection Program: Key Features of the Loan Forgiveness Application

05/19/20

On May 15, 2020, the U.S. Department of Treasury (Treasury) and U.S.

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4 takeaways from Senate grilling of Mnuchin, Powell on relief plans

05/19/20

Members of the Banking Committee pressed the Treasury secretary and Fed chief to ensure CARES Act funds are deployed as Congress intended. They also debated the need for more stimulus to ease the economic effects of the coronavirus.

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Cheat sheet: 7 measures in House coronavirus bill that matter to banks

05/15/20

Democrats’ latest proposal to back debt collectors, enable loans for nonprofits and provide other relief could help steer negotiations with the Senate on more stimulus.

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FDIC tool to prevent bank runs goes unused vs. coronavirus

05/14/20

Congress authorized the Federal Deposit Insurance Corp. to intervene if the pandemic caused a liquidity scare, but nearly two months later deposits are through the roof and the agency has not acted on the expanded authority.

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FHFA extends eviction and foreclosure moratorium to June 30

05/14/20

The agency's announcement came one day after the agency said it would provide borrowers struggling to stay current with an additional payment deferral option.

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Is Fed taking too long on middle-market loan relief?

05/11/20

The agency is being methodical in its rollout of the Main Street Lending Program in hopes of avoiding missteps that followed the launch of other coronavirus relief efforts. But observers say delaying aid brings its own risks.

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