Recently, the Small Business Administration and the Treasury Department released its latest guidance in the form of two interim final rules on loan forgiveness: “Business Loan Program Temporary Changes; Paycheck Protection Program –Requirements – Loan Forgiveness” and “
Corporate & Commercial
Paycheck Protection Program Flexibility Act of 2020
With an almost unanimous vote in both the House and Senate, President Trump recently signed into law the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”). The Flexibility Act makes modifications to, and provided further guidance about, the…
Knowledge Is Key: Recent Decision Addresses Aiding and Abetting Claims Against Board Advisors And Buyer
In an important decision for M&A professionals and other board advisors, the Delaware Court of Chancery addressed a stockholder plaintiff’s claims that the target board’s financial advisor and law firm, as well as the private equity buyer, aided and abetted…
Coronavirus Stimulus, Lessons and Predictions from TARP Insiders
In 2008, Congress passed the Troubled Asset Relief Program (TARP), which awarded approximately $700 billion in stimulus funds to companies reeling from one of the greatest financial crises to strike the U.S. The TARP included oversight provisions, particularly the creation…
FinCEN Issues Notice on SARs Filing Figures
On May 26, 2020, the Financial Crimes Enforcement Network, (“FinCEN”) issued a notice in the Federal Register updating cost estimates related to compliance with filing suspicious activity reports (SARs). Under the Bank Secrecy Act, 31 U.S.C. § 5311 et…
Keeping Eyes Wide Open When New Members Join the Pack: A Cautious Approach to the Addition of New Business Partners
There are many reasons for business owners to consider adding new partners, including to secure additional capital, to add needed expertise to help grow the company, to bring family members or close friends to join in building the business and…
Legal Update: Modification of Intra-Group Debt Instruments
Just as with debt instruments between unrelated parties, the current economic downturn may cause related parties to want to modify the terms of debt instruments existing between them. And as with debt instruments between unrelated parties, modification of debt instruments…
Another Perqs Related Order from the SEC
The Securities and Exchange Commission announced the entry of an order settling charges against a registrant relating to the failure to disclose fully perquisites and benefits provided to the former chief executive officer. In proxy statements from 2014 through 2018,…
Commerce Initiates New Administrative Reviews on AD/CVD Cases
On June 8, 2020, the U.S. Department of Commerce published a notice initiating new Administrative Reviews for antidumping duty (AD) and countervailing duty (CVD) orders with April anniversary dates. Listed below are the countries and products named in the notice:…
DOL Issues Guidance about Private Equity Investments in 401(k) Plans
The Department of Labor’s recent pronouncement on the permissibility of investing 401(k) and other defined contribution plan assets in private equity has gotten wide-spread attention. Yet the guidance, which was issued in the form of an information letter, does not…