September 30, 2020

Volume X, Number 274

September 30, 2020

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September 29, 2020

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September 28, 2020

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Senate Approves Paycheck Protection Program Expansion; House to Vote Thursday

This afternoon the Senate voted to approve legislation expanding amounts allocable under the Paycheck Protection Program (the “PPP”). The expansion allows for an additional $310 billion in available funds, increasing the total amount under the PPP from $349 billion to $659 billion. Of the additional amounts available for loans, $30 billion will be set aside for loans made by Insured Depository Institutions and Credit Unions that have assets between $10 billion and $50 billion and $30 billion will be set aside for loans made by Community Financial Institutions, Small Insured Depository Institutions, and Credit Unions with assets less than $10 billion.

The legislation also included an expansion of the Economic Injury Disaster Loss (“EIDL”) program, increasing the available funds thereunder from $10 billion to $20 billion. Additionally, agricultural enterprises (as defined in the Small Business Act), are now eligible for EIDL grants and loans.

The House currently is scheduled to consider the measure on Thursday. House Democratic leadership advised Members at the beginning of this week that a recorded vote would be likely and asked Members who could return to Washington to be present. Similar to passage of the CARES Act last month, the House is expected to establish a quorum to overcome Republican objections to a voice vote and pass the bill.

Read the full text of the legislation here.

© Polsinelli PC, Polsinelli LLP in CaliforniaNational Law Review, Volume X, Number 112

TRENDING LEGAL ANALYSIS


About this Author

Phil Feigen of the Polsinelli Law Firm Corporate Transaction Attorney, in Washington DC
Office Managing Partner

Phil Feigen brings a unique perspective to providing general corporate advice, as well as complex business counsel to clients in ever-changing regulatory environments.  For more than 20 years, Phil has been providing guidance with respect to Small Business Investment Companies and other Small Business Administrative regulations, federal and state banking laws and federal securities laws. 

Phil focuses on helping clients through the SBIC licensing process so that they may realize the benefits of the program and increase the amount of investment...

202-626-8330
Sara C. Ainsworth Securities & Corporate Finance Attorney Polsinelli Washington, D.C.
Associate

As an associate in the Securities & Corporate Finance practice, clients rely on Sara Ainsworth to work with Polsinelli’s team of attorneys to analyze each transaction matter to develop a strategic approach to representation based on the client’s immediate and long-term business and operational goals.

Working closely with seasoned Polsinelli attorneys in the Securities & Corporate Finance practice, Sara helps deliver a range of legal services during the life cycle of the client’s business—from selecting the appropriate choice of entity through to exit strategy.  Her practice focuses on:

  • Planning and executing capital-raising transactions
  • Drafting and negotiating key commercial agreements
  • Money service business and banking applications and registrations
  • Mergers and acquisitions and other strategic transactions
  • Fund formation, including regulated funds such as Small Business Investment Companies

Sara supports clients in a variety of industries, including the financial technology and mobility industries. Collaborating with attorneys from other related practices allows Sara and the entire attorney team to provide clients with comprehensive legal advice designed to minimize liability, maintain flexibility, and advance the client’s objectives.

202.772.8495