Finance

The Paycheck Protection Program reopened for applications on July 6, 2020 and will remain open (pending availability of funds) through August 8, 2020. As of July 6, 2020 roughly $521 billion in Paycheck Protection Program Loans had been disbursed out of the $659 billion allocated.

The precipitating events causing the current economic instability are unlike any we have seen in recent history.

On April 30, 2020, in response to more than 2,200 letters from individuals, businesses and nonprofits, the Federal Reserve announced changes and more program details for the Main Street Lending Programs. There will be three Main Street loan facilities available.

On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”) was enacted, amending key provisions of the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”).

As a result of tax and other revenue deferrals and other Coronavirus-related stressors affecting state and local governments, the Board of Governors of the Federal Reserve announced on April 9, 2020, the establishment of the Municipal Liquidity Facility, to be funded with appropriations under the CARES Act.

The SEC's Rule 15c2-12 requires an underwriter in a primary offering of certain municipal securities to reasonably determine that an issuer or obligated person (as such terms are defined in the Rule) has entered into a continuing disclosure agreement or undertaking.

On May 4, 2020, the SEC released a Public Statement from Chairman Jay Clayton and Rebecca Olsen, Director of the SEC’s Office of Municipal Securities, directed primarily to issuers of municipal securities and is intended to parallel the Corporate Issuer Statement issued by the SEC on April 8, 2020 in response to the uncertainties created by COVID-19.

As a result of tax and other revenue deferrals and other Coronavirus-related stressors affecting state and local governments, the Board of Governors of the Federal Reserve System announced on April 9, 2020, the establishment of the Municipal Liquidity Facility, to be funded with appropriations under the CARES Act.

On March 12, 2020, the Superintendent of New York State’s Department of Financial Services (“DFS”) issued an Order granting persons and entities impacted by COVID-19 temporary relief from certain requirements under New York State Banking and Financial Services Laws and regulations.