Authors:
James W. Stevens, Partner, Troutman Sanders
Jeremy B. Tomes, Associate, Troutman Sanders
Mark Dabertin, Special Counsel, Pepper Hamilton
Richard Eckman, Of Counsel, Pepper Hamilton
On May 8th, the Office of the Inspector General (OIG) of the Small Business Administration (SBA) issued a report summarizing its review of the
Speakers:
James Stevens, Partner, Troutman Sanders
Richard Eckman, Of Counsel, Pepper Hamilton
Amy Williams, Partner, Troutman Sanders
Maryia Jones, Associate, Troutman Sanders
Richard Zack, Partner, Pepper Hamilton
Callan Stein, Partner, Pepper Hamilton
Join Troutman Sanders and Pepper Hamilton for a webinar on Friday, May 8, 2020 at 1:00 p.m. EDT
General
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created a new program within the U.S. Small Business Administration’s (SBA’s) flagship 7(a) Loan Program called the “Paycheck Protection Program” (PPP). Under the PPP, SBA will guarantee 100 percent of the amounts loaned by participating lenders to certain U.S. small businesses, nonprofit organizations, veterans
On November 19, 2019, the Federal Deposit Insurance Corporation issued a proposed a new rule to clarify that the interest rate on a loan extended by a state-chartered bank or savings association will not be usurious upon sale, transfer or assignment of the loan if such interest rate was valid when the loan was made.
On July 31, 2018, the Office of the Comptroller of the Currency (“OCC”) announced its intent to accept applications for special purpose national bank charters from eligible non-depository financial technology (“Fintech”) companies.[1] This announcement coincides with the release of a Treasury Department report supporting financial innovation and the regulation of nonbank financial entities.[2]