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Banking/Financial Services

Mar 28, 2020

Inside the CARES Act: Loan Payment Subsidies for Certain Loans as Part of the CARES Act of 2020

In addition to the expansion of the Small Business Act’s (“SBA”) business loan program and the SBA’s disaster loan program, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) authorizes loan payment subsidies for certain loans.» Read More

Mar 28, 2020

Inside the CARES Act: Emergency EIDL Grants as Part of the CARES Act of 2020

Emergency grants from the Small Business Administration (SBA) included as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 provide for immediate grants within three days of submitting the application of up to $10,000 for eligible entities.» Read More

Mar 28, 2020

Inside the CARES Act: COVID-19 Loan Forgiveness Relief—a Section 1106 Primer

Section 1106 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act provides loan forgiveness for certain qualifying Small Business Administration (SBA) loans. A “covered loan” is a loan added under new Section 7(a)(36) of the Small Business Act, which was added by the CARES Act itself.» Read More

Mar 18, 2020

COVID-19 Is Destroying Our Economy, Don’t Let It Destroy Your Businesses

As we all practice social distancing to avoid the spread of COVID-19, businesses cannot escape the economic impact of the pandemic. With an economic recession on the horizon, the depths of which cannot be fathomed, it is crucial that businesses act proactively to address their obligations owed to creditors.» Read More

Aug 30, 2019

SEC Stresses Attention to LIBOR Transition in Joint Statement

On July 12, 2019, the Securities and Exchange Commission (“SEC”) Staff published a major and unusual joint statement on “LIBOR Transition.”

The Divisions of Corporation Finance, Investment Management, and Trading and Markets, together with the Office of the Chief Accountant, issued a seven-page, single-space statement.» Read More

Jul 23, 2019

Oh How Will We Measure When the Ruler is Uncertain: More Observations on the LIBOR Saga

At the end of May, I wrote a piece titled “‘Measure for Measure’ LIBOR, SOFR, and the U.S. DOLLAR.  ICE BANK YIELD INDEX”.  As noted there, the U.S. Board of Governors of the Federal Reserve System (“FRB”) in 2014 created the Alternative Rates Reference Committee (“ARRC”) to develop alternatives to LIBOR. » Read More

Jun 03, 2019

“Measure for Measure:” LIBOR, SOFR, and the U.S. Dollar ICE Bank Yield Index

History

Until the 1980s, banks and especially banks located outside the United States (and even more, those in Europe) had to deal with ever-growing U.S. dollar deposits, known as Eurodollars. These Eurodollars arose from both the Marshall Plan expenditures after World War II and the climbing amount of imports into the U.S.» Read More