Updated July 8, 2020

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, which established, in relevant part, the Paycheck Protection Program (PPP), a loan program that offers eligible borrowers the potential for loan forgiveness. For more information on the PPP and other CARES Act lending programs, click here, and for information about applying for PPP loans, click here.
Continue Reading Changes to PPP Loans by the Paycheck Protection Program (PPP) Flexibility Act of 2020

Updated August 31, 2020

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, which established, in relevant part, the Paycheck Protection Program (PPP), a loan program that offers eligible borrowers the potential for loan forgiveness. For more information on the PPP and other CARES Act lending programs, click here, and for information about applying for PPP loans, click here.

On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (the Flexibility Act), which amends the CARES Act to make certain changes to PPP loans and to provide more flexibility to borrowers. For an overview of the changes made by the Flexibility Act, click here. To the extent available, this blog post has been updated to incorporate the changes made by the Flexibility Act.


Continue Reading Applying for Loan Forgiveness under the Paycheck Protection Program (PPP)

In addition to the SBA’s Payment Protection Program (PPP) and Economic Injury Disaster Loans (EIDL), on April 9, 2020, the Federal Reserve announced that it was going to provide up to $2.3 trillion in loans to support the economy through various programs, including the Main Street Lending Program (“MSLP”).  The MSLP will support credit flow to small and mid-sized businesses by providing support to businesses that were in good financial standing prior to the COVID-19 crisis.  This is a new loan program authorized by the CARES Act.  We will continue to update this summary as more information becomes available.


Continue Reading Main Street Lending Programs

Background

The Coronavirus Pandemic has wreaked havoc on small and mid-sized businesses (“SMBs”) throughout Texas and the rest of our country.  Many SMBs have had to close their doors due to mandatory stay-at-home orders and other social distancing orders and requirements.  The CARES Act and other recent legislation passed by Congress and signed into law by President Trump contain several programs designed to assist these businesses in their efforts to make it through the hardships of the next several months.  But what about the longer-term capital needs for SMBs as the pandemic subsides and these businesses emerge from the mandatory stay-at-home and other orders and begin to move forward again?


Continue Reading Emerging on the Other Side of the Coronavirus Pandemic: Raising Structured Capital for Small and Mid-Size Businesses

Updated August 31, 2020

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, which provides for various economic stimulus measures, including a new loan program regulated by the U.S. Small Business Administration (SBA) called the Paycheck Protection Program (PPP). You can read more about the PPP and the other stimulus programs here.

On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (the Flexibility Act), which amends the CARES Act to make certain changes to PPP loans and to provide more flexibility to borrowers. For an overview of the changes made by the Flexibility Act, click here. This blog post has been updated to incorporate the changes made by the Flexibility Act.

On July 4, 2020, President Trump signed into law a bill that extends the application period for PPP loans from June 30, 2020, to August 8, 2020, which provides eligible borrowers additional time to contact participating lenders to facilitate a PPP application.


Continue Reading Applying for a Loan under the Paycheck Protection Program (PPP)

Day-to-day life has been dramatically impacted by the coronavirus disease 2019 (COVID-19), and many businesses have been forced to close or limit their service to slow the spread of COVID-19. In response, Congress has passed several pieces of legislation to assist individuals and businesses affected by the virus.


Continue Reading COVID-19 Federal Legislative Response

The SEC announced on March 25, 2020 additional regulatory relief for investment advisers impacted by the Coronavirus.  The SEC extended relief from May 15 until June 30, 2020 for filing an amendment to Form ADV Part 1A and the Brochure (ADV Part 2A) and related delivery obligations.  https://www.sec.gov/rules/other/2020/ia-5469.pdf.  The annual amendments for ADV are normally due March 30, 2020 for most firms.  The SEC originally extended these deadlines in an order issued March 13, 2020.  In the new order, the SEC also relaxed the requirements for qualifying for the extension.  Under the new rule, the adviser no longer has to give an estimated date of compliance or to explain the circumstances of the delay.


Continue Reading SEC Gives Advisers Additional COVID-19 Regulatory Relief

The SEC announced on March 13, 2020 that investment advisers affected by Coronavirus are exempted from filing an amendment to Form ADV Part 1A and the Brochure (ADV Part 2A) for up to 45 days.  https://www.sec.gov/rules/other/2020/ia-5463.pdf.  The annual amendments for ADV are due March 30, 2020 for most firms.  In addition, the SEC exempted advisers affected by Coronavirus from the requirements to deliver amended brochures, brochure supplements or summary of material changes to clients where the disclosures are not able to be timely delivered because of circumstances related to Coronavirus.


Continue Reading SEC Gives Advisers COVID-19 Regulatory Relief

ADV Amendments

The annual amendment for ADV Parts 1A (and 1B for state-registered advisers) and the Brochure (ADV Part 2A) is due March 30, 2020 (for firms with year-end fiscal years).  These must be filed with the SEC and with the State of Louisiana (or other state[s] of registration) through the IARD.  There is no annual amendment required for the Brochure Supplement (Part 2B).  However, you should amend the Brochure Supplement, as well as the other ADV Sections, when it becomes materially inaccurate (some items in the ADV, such as changes in assets under management, do not require interim amendments).

If there is a material change to your Brochure (ADV Part 2A) from the last annual update, you are required to deliver the updated brochure to your clients within 120 days of the end of your fiscal year-end.  You are also required to promptly deliver to your clients an updated Brochure Supplement if there is updated disciplinary information.


Continue Reading 2020 Louisiana Investment Adviser Update