Today, the Federal Reserve (the Fed) announced that the Main Street Lending Program (MSLP) is now fully operational. The Fed confirmed that the MSLP special purpose vehicle is ready to purchase 95% participations in eligible loans that are submitted to the program by registered lenders. The Fed encouraged lenders to begin submitting qualifying MSLP loans. […]
This week, by unanimous consent of the United States Senate and House of Representatives, Congress approved an extension of the deadline for eligible borrowers to apply for a Paycheck Protection Program (PPP) loan from June 30, 2020 until August 8, 2020. The President is expected to sign the bipartisan legislation into law shortly. Approximately $129 […]
On June 30, 2020, Governor Whitmer issued Executive Order 2020-142 (“Executive Order”), detailing the steps K-12 schools must take in order to resume in-person instruction this fall. The Executive Order was accompanied by the release of the Michigan Return to School Roadmap, which provides “required,” “strongly recommended,” and “recommended” safety and other protocols for schools […]
On June 22, 2020, President Trump issued a “Proclamation Suspending Entry of Aliens Who Present a Risk to the U.S. Labor Market Following the Coronavirus Outbreak.” https://www.whitehouse.gov/presidential-actions/proclamation-suspending-entry-aliens-present-risk-u-s-labor-market-following-coronavirus-outbreak/ That Proclamation suspends the entry of certain categories of foreign nationals seeking to temporarily enter the United States. Additionally, the Proclamation continues the April 22, 2020 Proclamation suspending […]
Late on June 22, 2020, the U.S. Small Business Administration (SBA) and Treasury Department (Treasury) published updated rulemaking regarding loan forgiveness under the Paycheck Protection Program (PPP). The latest rulemaking amends previous interim final rules (IFRs) published by SBA and Treasury in May. As with the updated PPP loan forgiveness applications made available last week, […]
On May 27, 2020, the Department of Labor (DOL) finally entered the 21st century by issuing its final rule permitting plan sponsors to provide certain retirement plan disclosures to participants electronically. The final rule updates the DOL’s October 22, 2019 proposed rule with minimal changes. The final rule provides a safe harbor for retirement plan […]
On June 17, 2020, in furtherance of their efforts to update various Paycheck Protection Program (PPP) rules, guidance and forms to implement the PPP Flexibility Act, the U.S. Small Business Administration (SBA) and Treasury Department (Treasury) made available updated PPP loan forgiveness applications and instructions. There are now two forms of PPP loan forgiveness application: […]
On June 15, 2020, the Federal Reserve (the Fed) announced that it is seeking public feedback on a proposal to expand its Main Street Lending Program (MSLP) to provide access to credit for non-profit organizations (NPOs). Consistent with the already announced for-profit MSLP facilities, the Fed’s proposed expansion would offer loans to small and medium-sized […]
On June 15, 2020, the U.S. Small Business Administration (SBA) announced that it had reopened its Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants. Over the previous month, the EIDL portal had been accepting applications only from certain agricultural businesses that had initially been ineligible to participate in the […]
On June 15, 2020, the United States Supreme Court issued a landmark ruling and held that an employer who fires an employee merely for being homosexual or transgender violates Title VII. Justice Neil Gorsuch wrote the Court’s majority opinion, in which Chief Justice Roberts and Justices Ginsburg, Breyer, Sotomayor, and Kagan joined. Justices Alito, Thomas, […]
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