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Today, just one day before the safe-harbor deadline for returning Paycheck Protection Program (PPP) loans, SBA released new guidance (FAQ # 46) on the good-faith certification of economic uncertainty. While this new guidance does not provide the clarity that many borrowers were seeking, it appears to reduce the risks associated with this certification by adopting a new safe harbor for loans under $2 million and limiting the potential penalties for loans above $2 million.
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Continue Reading New SBA Guidance May Reduce the Risks to Borrowers Making the Certification of Necessity for Paycheck Protection Program Loans

On May 12, 2020, the Federal Reserve (Fed) published updates to the term sheet for the Term Asset-Backed Securities Loan Facility (the TALF), and FAQs regarding the TALF, including additional details regarding borrower and collateral eligibility.

Continue reading on Mayer Brown’s Retained Interest blog.

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Any day now, maybe even today, Ginnie Mae will announce the details on its Pass-Through Assistance Program (“PTAP”), through which Ginnie Mae will provide a liquidity facility for issuers that need help meeting their obligation as issuers to pass-through payments of regularly scheduled payments of principal and interest, regardless of whether the loans are subject …

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The practical applications for utility tariff bonds (UTBs) continues to expand.[1] One additional use for UTBs may well be the recovery of COVID-19 pandemic costs (COVID-19 Costs) incurred by utilities. UTBs are an efficient way to finance costs over which a utility has little practical control and where the recovery of such costs would likely otherwise cause rate “shock” for customers.
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Continue Reading Recovery of COVID-19 Costs by Utility Tariff Bonds?

To contain COVID-19 and save lives, the government has required many people to stay home and not report to work.  To help those people manage their financial obligations, the government is also mandating different types of payment forbearance relief.  That relief resembles a stay or moratorium on enforcement and is increasingly pervasive and generally unprecedented.…

The disruptions in economic conditions caused by COVID-19 are reaching the commercial paper and longer term debt capital markets. The Board of Governors of the US Federal Reserve System has already set into motion three separate facilities as part of its effort to facilitate credit and help alleviate collateral volatility that are expressly available to…

On March 23, 2020, the Federal Reserve Bank of New York (“FRBNY”) established the Term Asset-Backed Securities Loan Facility (“TALF 2.0 Program”) to support the flow of credit to consumers and businesses. The FRBNY expects that the TALF 2.0 Program will enable the issuance of asset-backed securities (“ABS”) backed by underlying credit exposures in specified …