Buckley Webcast: Where we are now: Exploring potential risks and rewards for lenders under CARES Act’s Paycheck Protection Program
The Coronavirus Aid, Relief, and Economic Security Act signed by President Trump on March 27 provides $349 billion for a new Paycheck Protection Program (PPP) intended to help small businesses facing economic hardship from the coronavirus pandemic by providing loan forgiveness, guarantees, and subsidies from the Small Business Association (SBA). By all accounts, the initial demand for this program has been overwhelming. However, as with many government-backed lending programs, the new PPP loans, which will be offered by private lenders but 100% guaranteed by the SBA, present potential risks and rewards for lenders that participate in the program.
Buckley attorneys Michelle Rogers, Dan Alonso, Katy Ryan, and Moorari Shah discussed what entities participating in the PPP should be thinking about, including state licensing implications, SBA approval and protocols, and the potential for future civil and criminal liability.
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