What Companies Should Know About SIGPR Oversight By
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Primary area of interest Law360 (March 11, 2021, 6:01 PM EST)
Monday, March 1, 2021
A year after the COVID-19 pandemic hit the U.S., it remains to be seen how the Biden Administration will approach enforcement against businesses who received pandemic relief through the CARES Act and other federal spending packages. Nonetheless, patterns of enforcement related to pandemic assistance in 2020 may provide insight into potential enforcement trends in 2021. While initial cases have largely focused on small businesses that submitted fraudulent applications for relief funds (i.e. low-hanging fruit), these cases may set the stage for DOJ enforcement against larger companies.
Enforcement cases in 2020 focused on the most obvious cases of fraud. The vast majority of enforcement cases concerned fraudulent applications and use of stimulus funds for small businesses, including the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL). Many of these enforcement actions alleged that individuals submitted applications for nonex
HUNTINGTON â Just over a week ago, West Virginia Gov. Jim Justice increased the maximum capacity limit for all restaurants and bars from 50% seating to 75%.
Justice made the executive order effective Feb. 20, and while it was welcome relief, according to Chris and Laura Dixon, private owners of two local restaurants in the area, more needs to be done. Now they are working on a way to help state officials help them.
âWe very much appreciate the help from the governor on easing restrictions, but now we are asking state lawmakers and the governor to look at a next phase of restaurant and bar relief in West Virginia,â said Chris Dixon, owner of Christopherâs Eats on U.S. 60 near Huntington.
Up On Main Street this post authored by Donald P. Morgan and Steph Clampitt
The Main Street Lending Program was the last of the facilities launched by the Fed and Treasury to support the flow of credit during the COVID-19 pandemic. The others primarily targeted Wall Street borrowers; Main Street was for smaller firms that rely more on banks for credit. It was a complicated program that worked by purchasing loans and sharing risk with lenders.
Despite its delayed launch, Main Street purchased more debt than any other facility and was accelerating when it closed in January 2021. This post first locates Main Street in the constellation of COVID-19 credit programs, then looks in detail at its design and usage with an eye toward any future programs.