Thursday, January 28, 2021
Congress has weighed in with another sign of relief for Paycheck Protection Program (PPP) lenders embroiled in court battles over agent-fee disputes by clarifying that no such fees are owed by lenders in the absence of a contract. The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), signed into law December 27, 2020, now clarifies that, retroactive to March 27, 2020, a PPP “lender shall only be responsible for paying fees to an agent for services for which the lender directly contracts with the agent.”
Following the enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, agent-fee lawsuits quickly became the fastest-growing category of PPP litigation in federal courts across the US and were poised for consolidation in multidistrict litigation.
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On December 27, 2020, the Consolidated Appropriations Act, 2021 ( CAA or the Act ) was signed into law. The 2,100+page CAA is made up of 32 Divisions. The significant business and individual taxpayer related provisions are in Division EE, known as the Taxpayer Certainty and Disaster Tax Relief Act of 2020, and Division N, which includes the COVID-related Tax Relief Act of 2020 and the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act ). This alert represents our high level summary of the items that most directly affect businesses, individuals and benefit plans.
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On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the “Economic Aid Act”) became law. The economy continues to struggle from the effects of the coronavirus pandemic. This new law provides additional support to many small businesses.
So far in the month of January alone, the Treasury Department (the “Treasury”) and the Small Business Administration (SBA) have issued over 200 pages of new interim final rules (the “Interim Rules”) and other written guidance related to modifications of the Paycheck Protection Program (PPP) by the Economic Aid Act. Except to the extent revised by the new Interim Rules, all previously announced Interim Rules and Frequently Asked Questions (FAQs) regarding the PPP continue to apply.
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Announces $0.115 Dividend per Share
Announces $10.0 million Stock Buyback Program
BOSTON, Jan. 27, 2021 (GLOBE NEWSWIRE) Brookline Bancorp, Inc. (NASDAQ:BRKL) (the Company ) today announced net income of $26.7 million, or $0.34 per basic and diluted share, for the fourth quarter of 2020, compared to $18.7 million, or $0.24 per basic and diluted share, for the third quarter of 2020, and $22.2 million, or $0.28 per basic and diluted share, for the fourth quarter of 2019.
For the year ended December 31, 2020, the Company reported net income of $47.6 million, or $0.60 per basic and diluted share. This compared to $87.7 million, or $1.10 per basic and diluted share, for the year ended December 31, 2019.
Paul Perrault, President and Chief Executive Officer, commented on the Company s performance in 2020, This past year was challenging in many respects, and I would like to recognize our employees for their hard work. Given the challenges of this past year, I am very p
On January 19, 2021, the Small Business Administration (the “
SBA”) in consultation with the Department of Treasury (“
Treasury”) posted new forgiveness application forms and the Interim Final Rule on Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act (“
2021 Forgiveness IFR”). The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “
Economic Aid Act” or “
PPP2 Act”) was enacted on December 27, 2020.
The forms and 2021 Forgiveness IFR are effective immediately, and the rules in the 2021 Forgiveness IFR apply to loans that were made in 2020 but for which the SBA had not yet remitted forgiveness to the lender.
To explore this new information, we created