Through the CARES Act, Congress has appropriated $349 billion for forgivable loans under the Paycheck Protection Program (“PPP”). These “loans” are effectively grants to employers, including sole proprietors, independent contractors and non-profits that have 500 or fewer employees together with their affiliates. Treasury and SBA guidance indicates that lenders may begin accepting applications under the program beginning April 3, 2020. Please join us for a discussion and Q&A session with Renée Bender on these loans and the related provisions of the CARES Act. Topics we will explore include:

  • Is the program really ready to go?
  • What are the risks and benefits for lenders that make PPP loans?
  • What is the process for making a PPP loan and what documents are required?
  • Do lenders use an SBA-created promissory note or their own note form?
  • Why does SBA guidance state that interest rates will be 0.5% rather than 4%?
  • What verification steps must lenders implement in processing applications and requests for forgiveness?
  • How can discrepancies between the CARES Act and SBA guidance and application materials be reconciled or addressed?

Date & Time

Friday, April 3, 2020
12:00 PM - 1:30 PM ET 

Speakers

Jeremy T. Rosenblum, Co-practice Leader, Consumer Financial Services
John D. Sadler, Partner, Consumer Financial Services
Renée Bender, Senior Professional Staff, Chairman Marco Rubio, Senate Small Business and Entrepreneurship Committee

This program is open to Ballard Spahr clients and prospective clients. There is no cost to attend. This program is not eligible for continuing education credits.

For more information, contact Cheresnowskyl@ballardspahr,com.

Register