In a bipartisan vote, the House of Representatives passed the Paycheck Protection Program Flexibility Act on May 28, loosening some restrictions on borrowers and making it easier to qualify for loan forgiveness. Under the bill, businesses would be given more time to use the loans and greater ... READ MORE >
Paycheck Protection Program
Main Street Lending Program should be attractive to eligible family offices
(This was originally published May 19 but was updated June 15 when the Federal Reserve announced the immediate launch of the Main Street Lending Program and on June 8 when the Fed announced expanded program terms.) In the last few weeks, family offices in the United States have gone through a number ... READ MORE >
As SBA accepts new applications for Paycheck Protection Program, private equity is not eligible
As the Small Business Administration began accepting applications on Monday for loans under the second round of financing for the Paycheck Protection Program, private equity firms and hedge funds will not be eligible. The SBA released additional guidance for the program on April 24, settling the ... READ MORE >
For real estate companies, the new Paycheck Protection Program funding is not a cure-all
It took about two weeks for the $349 billion Paycheck Protection Program, a federal aid package aimed at shoring up small and medium-size businesses, to run out of money after it was launched on April 3. Now, the Senate has approved another $310 billion for the program. The new round of financing ... READ MORE >
New relief is approved for hospitals, but challenges remain
Over the past few weeks, we have been reaching out to our clients as well as hosting several virtual CFO Forums. Through those interactions, our clients in the health care sector have been painting a grim picture of the financial effects of the coronavirus. As patients infected with the virus have ... READ MORE >
Government devotes another $484 billion in aid, much of it for small businesses. But it may not be enough.
Aid to small business and hospitals comprise the bulk of the $484 billion aid package passed by the Senate on Tuesday to mitigate the economic fallout from the COVID-19 public health emergency. This measure, which is expected to be approved by the House on Thursday and signed into law, brings total aid ... READ MORE >
Paycheck Protection Program: Demand for aid far outstrips policy package
The Small Business Administration’s Paycheck Protection Program, the signature policy response to provide bridge financing to small firms with 500 or fewer employees in one location, has exhausted the first $349 billion tranche in aid provided by Congress and the Trump administration. Based ... READ MORE >
Construction sector uncertainty shows up in labor, loans and demand data
Slow and uncertain—that is the state of the construction ecosystem right now. The unstable environment for builders has resulted in huge layoffs for their workforce, a disproportionate amount of loans taken under a new SBA lending relief program and a downturn in demand. Many states have shut down all ... READ MORE >
How private equity firms might qualify for SBA financing
In early 2012, The Atlantic published an article, “Private Equity Is a Force for Good” that gave a clear-eyed look at the industry and its impact on the economy.. Eight years later, the private equity industry, with billions in capital ready to put to work, is in a position to help the economy recover ... READ MORE >
Companies tap $247.5 billion in loans under Paycheck Protection Program
Small to midsize business seeking relief from economic woes due to the Covid-19 pandemic have tapped $247.5 billion from the government’s Paycheck Protection Program through April 13, less than two weeks after the program began accepting applications, according to data released by the Small Business ... READ MORE >