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Client Alert

Paycheck Protection Program: Treasury Guidance on Processing Fees

By: Anton J Moch

Yesterday, Treasury released an updated set of rules that finally provide guidance on how banks and other lenders participating in the SBA’s Paycheck Protection Program (“PPP”) can report disbursements of funds and collect on PPP processing fees.  The newly updated rules make it clear that any PPP lender must make a one-time disbursement of funds ...

Client Alert

CARES Act Summary: Changes for Banks and Other Financial Service Providers

By: Amber L. Kraemer

Expanded Authority of Lenders to Enter The CARES Act established the authority of the U.S. Department of Treasury, the Farm Credit Administration, and other federal financial regulatory agencies to authorize bank and non-bank lenders to participate, including insured credit unions in loans made under the Paycheck Protection Program. For financial institutions under this section, Treasury ...

Client Alert

CARES Act Summary: Expanded Access to Capital for Businesses

By: Benjamin J. Klassen

Paycheck Protection Program The CARES Act increases the federal guarantee of loans made for the Payment Protection Program under section 7(a) of the Small Business Act to 100 percent through December 31, 2020. Eligibility for loans is defined as a small business, 501(c)(3) nonprofit, a 501(c)(19) veteran’s organization, or Tribal business concern described in section ...

Client Alert

SBA Interim Final Rule: What Lenders Need to Know

By: Jonathan W.J. Armour

Yesterday, April 2, the Small Business Administration issued an interim final rule providing additional guidance on implementing its Paycheck Protection Program. While questions still remain, here is the new information that lenders need to know: Lenders who are already SBA 7(a) lenders may begin accepting and processing applications today.  Other lenders can become eligible upon ...

Client Alert

Paycheck Protection Program: Q&A For Lenders

By: Anton J Moch

By now most banks have been alerted to the fact that a significant part of the Coronavirus Aid, Relief and Economic Security Act (“CARES ACT”), is comprised of the Paycheck Protection Program (PPP), which was signed in to law on March 27, 2020. The CARES Act authorizes $349 billion in forgivable Section 7(a) SBA loans to small and mid-size businesses (“PPP Loans”). What Banks may not have seen is how it may impact their organization directly. Below are some of the relevant questions we have received and what we know today as a result of the CARES ACT.

Client Alert

Minnesota Stay At Home Order: Implications for Banks

By: Anton J Moch

As you are probably aware, yesterday afternoon, March 25, 2020, Minnesota Governor Tim Walz announced Executive Order 20-20 (the “Order”), directing Minnesotans to stay at home. As set forth in the order, beginning at 11:59 pm on Friday, March 27, 2020 through 5:00 pm, Friday, April 10, 2020, all persons currently living within the State ...

Client Alert

Wisconsin Safer At Home Order: Implications for Banks

By: Anton J Moch

Governor Evers’ Safer at Home order took effect in Wisconsin at 8:00AM  on Wednesday, March 25, and will remain in effect until 8:00AM on April 24.  Every person is ordered to remain at home, though exception is made for the following permitted reasons: Essential Activities Essential Government Functions Essential Business and Operations Minimum Basic Operations ...

Article

Relevant Considerations for Banks in Light of COVID-19

By: Anton J Moch

The COVID-19 virus has impacted the world in unforeseen ways, and all businesses are balancing many questions as a result of these unique times. Below is a summary of some key considerations for banks in particular, including branch operations, bank hours, regulatory requirements, employment concerns and board and shareholder meetings.

Article

M&A pro tip: Have a master contract list

Community Banking attorneys Anton Moch and Amber Kraemer published an M&A article on BankBeat.biz on August 23, 2019.

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