Updates
April 6, 2020
We have heard from many of our lending clients asking for assistance with understanding, taking applications for, and documenting loans made under the new SBA 7(a) “Paycheck Protection Program.” The SBA reports that more than $5.4 billion in loans have been made, but we’re still seeing that many lenders, including large banks such as Wells Fargo, Bank of America and JP Morgan are either not making loans or making them on a limited basis due to uncertainty with respect to application, eligibility or documentation. 
 
While the regulations and lending criteria have been changing quickly and often, Polsinelli has been working hard to track and inform our clients about these changes and stands ready to assist you as you are helping your borrower clients. 
 
We have also worked alongside our partners on the ground in our Washington D.C. office to prepare form loan documents and supplemental documents that conform to and satisfy the PPP guidelines and specifications.
 

We can assist with:

Overall guidance on eligibility, structure and forgiveness rules. Click here for more information

Providing the latest SBA sanctioned applications and forms (view application below)

Preparing simple loan documentation customizable yet conforming to PPP guidelines

Supplemental documents that can be used with internally prepared forms for PPP compliance

Consent and waiver language for existing lenders permitting new indebtedness which may otherwise be restricted under current facilities

As you work to provide these solutions for your customers, please do not hesitate to reach out to our team for up to date and accurate information on these  and other products introduced under the CARES Act.

View Paycheck Protection Program Application