Northeast Bank entered into a loan purchase and sale agreement with The Loan Source to sell all loans originated by the bank under the current round of the Small Business Administration’s Paycheck Protection Program.
The U.S. Small Business Administration extended the deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 pandemic disaster declaration to Dec. 31, 2021. The deadline extension comes as a result of the recent COVID-19 relief bill.
The American Bankruptcy Institute wrote to Congress formally requesting that debtors who have filed bankruptcy cases remain eligible for Paycheck Protection Program loans, notwithstanding their respective bankruptcy filings, in any future amendments or legislation addressing PPP funding.
The U.S. Small Business Administration provided fiscal year 2020 summary loan data, reporting that loans guaranteed through traditional SBA lending programs exceeded $28 billion while the Paycheck Protection Program provided an additional $525 million.
The U.S. Small Business Administration named Spell Capital Mezzanine SBIC Partners II of Minneapolis the 2020 Small Business Investment Company of the Year as part of National Small Business Week.
The U.S. Small Business Administration issued a “green light” or “go forth” letter inviting Hercules Capital to finalize its application process to obtain a license to form and operate a third small business investment company subsidiary.
Companies in bankruptcy do not have access to the Paycheck Protection Program, at least according to the letter of the law. However, the issue has become less clear as illustrated by the decisions in In re Hidalgo and In re Cosi Inc. Howard M. Berkower and Franklin Barbosa Jr. of McCarter & English take a closer look at those decisions and how their inconsistencies muddy the waters.
U.S. Bank ended the 2016 Small Business Administration (SBA) fiscal year on September 30, 2016 with $838 million in SBA loan volume, an increase of 7.9% compared to fiscal 2015.
Trinity Capital Investment launched a third fund, Trinity Capital Investment Fund III, which is expected to provide $600 million of additional capital