News + Insights

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FAQ: Paycheck Protection Loans and Economic Injury Disaster Loans

Written By Joanne H. Badr

April 3, 2020

Here we will address frequently asked questions we are receiving from our business and lending clients about the Paycheck Protection Loan Program ("PPP") created by the CARES Act and the Economic Injury Disaster Loans ("EIDL"). These programs are different, and we will highlight the most important differences.

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For Existing SBA Loans, the SBA Will Make Your Payments for Six Months

Written By Lance P. Martin

April 1, 2020

While much of the focus of the CARES Act has been on the Paycheck Protection Program, which allocates $349 billion for new SBA loans to cover qualified expenses, the Act contained a key provision related to existing SBA lo…

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SBA Allows Scanned Copies of Documents During COVID-19 Crisis

Written By Lance P. Martin

March 27, 2020

The SBA permits SBA Lenders to use electronic signatures on SBA forms and other documents requiring signatures on 7(a) and 504 business loans provided they comply with Standard Operating Procedure 50 10. But with so…

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COVID-19 Relief Package to Include Small Business Loans

Written By Joanne H. Badr

March 26, 2020

On March 25, 2020, the U.S. Senate unanimously voted to advance legislation titled Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") to respond to individuals, families, and businesses affected by the co…

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Understanding the New "Fast-Pass" Small Business Bankruptcy Process

Written By Lance P. Martin

March 24, 2020

With COVID-19 and the attempts to contain it causing cataclysmic business interruption, many small businesses may find themselves on the brink of insolvency. While we hope that lenders, landlords, suppliers, and fed…

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Servicing SBA Loans During the COVID-19 Crisis

Written By Lance P. Martin

March 18, 2020

With COVID-19 shutting down whole swaths of the economy, the SBA has issued a notice to SBA 7(a) Lenders and 504 Certified Development Companies (CDCs), reminding them of their unilateral authority to provide borrowers wit…

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How to Write an Effective SBA Litigation Plan

Written By Lance P. Martin

October 16, 2019

When an SBA loan goes into default, the SBA requires a lender to commence litigation when the lender concludes that (1) defensive action is necessary to protect the collateral or ability to collect from the obligor or (2) …

Best Practices When Liquidating Real Estate-Secured SBA Loans

Written By Lance P. Martin

September 25, 2019

For several years, the United States Small Business Administration (SBA) has experienced continuous growth with its flagship 7(a) and 504 business loan programs. For fiscal year 2018, the SBA made over $24 billion i…