Bankruptcy Courts are Easing Traditionally Rigid Lease Payment Requirements for Commercial Tenants In COVID-Related Filings
Bankruptcy courts in multiple jurisdictions have granted tenant-friendly relief to companies that have filed for Chapter 11 bankruptcy in recent months. While the Bankruptcy Code typically requires timely performance of lease obligations under 11 U.S.C. § 365, bankruptcy courts have employed…
The SBA Is Accepting New CARES Act Applications; Can Businesses Apply For More Than One Loan?
The President signed the Paycheck Protection Program and Health Care Enhancement Act into law on April 24, 2020, injecting an additional $484 billion in aid to supplement the SBA business loan programs created under the CARES Act. In particular, the new Act dedicated the following SBA funds: An…
CARES Act Main Street Loan Facilities Now In Place
Under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), the Federal Reserve System was given the discretion to create a Main Street Lending Program to support small and mid-sized businesses. On Thursday, April 9, 2020, the Federal Reserve released the terms of the Main Street New…
COVID-19 UPDATE: SBA Issues Updated Lender and Borrower PPP FAQs
The Paycheck Protection Program (the “PPP”) established under the Coronavirus Aid, Relief and Economic Security (CARES) Act authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. We have published information on PPP here. The U.S…
Earnings Releases and Investor Calls in Light of COVID-19: SEC Chairman and Director of Corporation Finance Issue Joint Public Statement
On Wednesday, April 8, 2020, the SEC Chairman, Jay Clayton, and Director of the SEC’s Division of Corporation Finance, William Hinman, released a joint public statement emphasizing the importance of disclosures from public companies in light of COVID-19. As noted in the statement, “In the coming…