As the government revives its Paycheck Protection Program (PPP) with hundreds of billions of dollars in additional loans available to small businesses, there are fresh signs that government fraud investigations and whistleblower litigation related to the loan program are ramping up. DOJ’s first-ever settlement of violations of the civil False Claims Act related to the
Portal Opens for New PPP Loans With New SBA Guidance and Application Forms
The Small Business Administration (SBA) announced that they will begin accepting loan applications from community financial institutions for new “first draw” Paycheck Protection Program (PPP) loans beginning on January 11 and for “second draw” PPP loans beginning on January 13. Other lenders will be allowed to submit loan applications shortly thereafter.
New guidance and loan
New COVID-19 Relief Law Includes Limited Bankruptcy Protections Regarding PPP Loans
The latest COVID-19 relief legislation provided some additional aid and clarity for a select group of debtors and left many other questions unanswered. While most of the attention was directed to restarting the PPP payments and other benefits to individuals, the law makes changes to the Bankruptcy Code as well.
Small business debtors (plus family
Another Round of PPP Loans Approved by Congress, With Yet Additional Changes to the Program
Long-awaited action by Congress provides a refresh on the Paycheck Protection Program, allowing for new loans. Changes to the terms of PPP loans could benefit borrowers and additional lending ability includes the option for existing PPP borrowers to obtain a second loan.
COVID-19 Impacts on the Mortgage Industry: Response to Crisis and What to Expect in Enforcement, a Discussion With Craig Lackey
In this episode of White Collar Briefly, Perkins Coie’s David Biderman, firmwide chair of the Consumer Products & Services Litigation group, sits down with Craig Lackey, general counsel of Rushmore Loan Management Services, a major servicer of residential mortgages nationwide. Their discussion covers topics such as the COVID-19-related downturn on the economy and mortgage servicer
CDC Temporarily Halts Certain Residential Evictions
In the wake of the July 24 expiration of the moratorium on residential evictions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the U.S. Centers for Disease Control (CDC) issued an order (CDC order) temporarily halting residential evictions in the United States for lower-income tenants who are unable to pay rent because of
The Science Behind COVID-19 and Return to Work
Misinformation is rampant in our current COVID-19 world. Perkins Coie partners Ann Marie Painter and Jill B. Louis are joined by Carolee Estelle, M.D., an infectious disease specialist at UT Southwestern Medical Center and Parkland Hospital in Dallas, Texas, to provide some straight answers about the COVID-19 virus, what we know about its transmission
Barak Cohen Quoted in VIXIO PaymentsCompliance – CFPB Opens Gate to Regulated Open Banking in US
Perkins Coie Partner, Barak Cohen was quoted in VIXIO PaymentsCompliance “CFPB Opens Gate To Regulated Open Banking In U.S.” regarding the new rule on third-party access to consumer financial data the Consumer Financial Protection Bureau (CFPB) will begin developing in the United States.
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CRO Ben Purser Discusses Risk and Compliance in Mortgage Lending in a Financial Crisis
Ben Purser, chief risk officer for mortgage lender, Roundpoint Mortgage Servicing Corporation, and Barak Cohen, partner in Perkins Coie’s White Collar & Investigations practice and lead for the firm’s Commercial Litigation in Washington, D.C., discuss the challenges of legal compliance and risk in an industry that has been directly affected by two global financial crises
Oregon COVID-19-Related Borrower Protections Signed Into Law
On June 20, 2020, Oregon Governor Kate Brown signed House Bill 4204 into law. The bill requires lenders to defer loan payments and refrain from enforcing default remedies on certain secured obligations during the “emergency period” beginning March 8, 2020, and ending September 30, 2020, unless modified by the governor. In this update, we outline