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Key Points for Lenders -
Paycheck Protection Program Under the CARES Act
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As a federal legislative response to the COVID-19 crises, the CARES Act was enacted on March 27, 2020, and has created a brave new world for lenders to serve their business clients during uncertain economic times. The United States Small Business Administration ("SBA") is creating guidance on implementing the Paycheck Protection Program under the CARES Act. Some of the relevant details for lenders are covered in the attached document linked below.
- Lenders need to qualify to process, close, disburse, or service loans made under the Paycheck Protection Program
- Application for Approval as Lender
- Amount of the SBA loan guaranty under the Program
- Required due diligence prior to extending loans under the Program
- Terms and conditions of Program loans
- Capital, reserves, and fees incentives for lenders to participate in the Program
- Sale of the loans on the secondary market
- Required documents for a loan forgiveness
This is a rapidly evolving program. We remain available to provide guidance to lenders and borrowers as the program details are further defined. Please contact us at 503.228.6044 or at any of the e-mail addresses below.
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Farleigh Wada Witt Business and Financial Services Attorneys
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David Ludwig has more than 35 years of experience handling complicated business and financial matters. He represents small- and mid-sized companies and financial institutions in business transactions, corporate finance, commercial lending, and real estate matters. David recently served on the executive committee of the Business Law Section of the Oregon State Bar. He was by his peers for inclusion in the
Best Lawyers in America® 2019-2020 for Business Organizations (including LLCs and Partnerships).
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Brian Jolly
's
law practice focuses on corporate and general business matters, as well as estate and succession planning. With more than a decade of experience representing families, closely-held businesses, and non profit organizations, Brian brings considerable working knowledge in the areas of business formation, mergers and acquisitions, and internal and external disputes in a multitude of business and estate planning matters. Brian is a member-at-large on the Executive Committee for the Business Law Section of the Oregon State Bar.
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Dean Sandow
assists business owners, executives, professionals, families, family enterprises, and individuals plan for all stages of business and life, with an emphasis on creative use of entities, trusts, and planning techniques to maximize efficiency and tax savings and minimize administration. With a keen understanding of entity structure and management, Dean creates plans to enhance and manage assets for the client and for next generation or beyond. Dean was selected by his peers for inclusion in the Best Lawyers in America® 2018-2020 for Trusts and Estates and 2019-2020 for Corporate Law.
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Paul Migchelbrink
maintains a diverse business practice advising clients in a number of industries on corporate and general business matters, real estate, intellectual property, commercial finance, and lending. He utilizes his broad and extensive experience to help his clients make sound strategic decisions and grow their businesses.
Paul advises clients on matters throughout the business life cycle, including the formation and financing of new business ventures, ownership and ownership transitions, mergers and acquisitions, equity and debt financing, business contracts, and the protection of trademarks and other intellectual property rights. Paul was selected by his peers for inclusion in the Best Lawyers in America® 2020 for Corporate Law.
Contact Paul at 503.228.6044 or pmigchelbrink@fwwlaw.com
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Marisol McAllister's practice focuses on real estate, financial services, and business law. In her financial services practice she represents financial service providers on complex commercial lending and leasing transactions and with judicial and non-judicial real estate foreclosures. In addition, she was designated as one of the
Best Lawyers in America
® 2018-2020 for Real Estate Law.
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Brian Witt represents credit unions and CUSOs on corporate, operational, compliance, executive compensation and financial service delivery matters. Practicing law for more than 30 years, Brian has vast experience working with credit unions at all levels from the teller line to the Board room. Brian has developed extensive compliance resources for member response management, vendor management and contract review, information security programs, security response guidelines, online delivery of financial services, and credit union consumer and business lending. He was s
elected by his peers for inclusion in the
Best Lawyers in America
®
2016-2020 for Financial Services Regulation Law
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Hal Scoggins has been providing legal advice to credit unions since 1991, focusing on state and federal regulatory compliance, deposit and lending operations, contract and business matters, corporate governance, CUSOs, and all other aspects of financial service delivery. He frequently conducts seminars on legal matters for the Northwest Credit Union Association, Credit Union National Association councils, local chapters, and other trade groups.
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Gustavo (Tavo), Cruz, Jr. has more than 25 years of experience documenting and negotiating complex commercial loan transactions and workouts. Prior to law school, Tavo worked as a commercial lender and in commercial credit approval. He also has experience working in the special assets group of a major financial institution, so Tavo knows how important it is to properly document the loan on the front end. Tavo also has extensive experience in corporate, securities, and mergers and acquisitions transactions.
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| Copyright © 2020 Farleigh Wada Witt. All Rights Reserved. The contents of this publication are intended for general information only and should not be construed as legal advice or opinion on specific facts and circumstances. |
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