In the evening of April 2, the SBA provided much-needed clarity via an Interim Final Rule regarding the Paycheck Protection Program (“PPP”). The rule is effective immediately and can be relied on by lenders in accepting and processing applications as that process begins on April 3.
The Coronavirus Aid, Relief, and Economic Security Act – or the CARES Act – contains several provisions that are designed to aid community banks during these challenging times. This client alert summarizes and provides some analysis of the more important provisions of the Act.
As the unprecedented governmental response to the COVID-19 pandemic continues to develop, it is important that banks and their customers are up to date on the latest governmental assistance and regulatory relief that is available to them. This client alert briefly describes some of the latest developments.
As banks across the country grapple with market and economic dynamics heavily influenced by COVID-19, or the new coronavirus, separating data from speculation will become difficult.