Accounting For PPP Loans

The Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Paycheck Protection Program (PPP) to provide eligible entities, including small businesses and not-for-profit (NFP) organizations, with liquidity to support their operations and to keep their employees paid. PPP loans may be forgiven, in whole or in part, if certain conditions are satisfied including spending the PPP funds on qualifying expenses and maintaining specified levels of payroll and employment. Entities who borrow PPP funds […]

By | July 25th, 2020 ||

Social Distancing For Distressed Loan Negotiations: The Role Of Reservation Of Rights Letters

In the wake of the global COVID-19 pandemic and the related economic fallout, Borrowers and Lenders have found themselves in a novel and challenging business environment. Commercial mortgage Lenders have been, and will continue to be for the foreseeable future, inundated with loan modification and workout requests from Borrowers who have defaulted under their loans, are facing an imminent Default or just need some “breathing room.” In light of the difficulties facing many commercial […]

By | July 15th, 2020 ||

SIFMA Asks FINRA To Allow Remote Branch Office Inspections

SIFMA requested that FINRA allow member firms to rely on remote inspections of branch offices for the duration of the COVID-19 pandemic.

In a comment letter on FINRA proposed amendment to Rule 3110 (“Supervision”) to temporarily extend the annual office inspection deadline for member firms until March 31, 2021 (see previous coverage), SIFMA asked that FINRA member firms “be permitted to rely on remote branch inspection programs that leverage existing, proven processes and technology to ensure that sales practice risks, […]

By | July 5th, 2020 ||