Active Members - Illinois Venture Capital Association
CARES Act Updates

CARES Act Updates

(Updated 5/19/2020)

Locke Lord - May 18, 2020 - Locke Lord QuickStudy: Saving Our Small Businesses: 10 Takeaways from PPP Forgiveness Application and Instructions

White & Case - April 30, 2020 - Fed Announces Expansion of Scope and Eligibility for Main Street Lending Program - The Federal Reserve Board this morning issued the attached press release, revised and new term sheets, and FAQs for the Main Street Lending Program. The press release includes the following explanation of the changes being made.  Download Press release here.

KRD - Kutchins, Robbins & Diamond - April 24, 2020 - Additional Funding for Payroll Protection Program (PPP) Approved  Last evening, Congress approved an additional $310 billion dollars for the Paycheck Protection Program (PPP). If you have not already applied for a PPP loan, we recommend applying for one as soon as possible.  Click here to access the PPP Borrower Application Form.

BDO - April 23, 2020 - Portfolio Companies’ COVID-19 Economic Stimulus Relief Incentives

White & Case - April 15, 2020 - We have created an app which can help determine an applicant's eligibility for CARES Act Title IV loans and loan guarantees, CARES Act Title IV payroll grants for aviation workers, and loans under the Main Street Loan Facilities recently established by the Federal Reserve ("MSLFs").  The app provides an easy-to-use step-by-step process to make an initial assessment of an applicant’s eligibility for such support, and the conditions imposed under the CARES Act or under the MSLFs for receiving such support.  The app can be accessed by clicking this link on a laptop, a desktop or a smartphone.

Winston & Strawn - April 11, 2020 - Federal Reserve – Main Street Loan Facilities




Ropes & Gray - April 11, 2020 - Federal Reserve Issues Guidance on new “Main Street Lending Program


Latham & Watkins - April 11, 2020 - FAQs: Federal Reserve’s Main Street Lending Facilities for Small and Mid-Sized Businesses


White & Case - April 10, 2020 - Earlier yesterday (4/9/2020), the Federal Reserve released term sheets (see below) for a slew of new programs. Notably for your purposes, two new facilities that constitute the “Main Street Lending Program” were outlined.  These programs facilitate up to $600 billion of lending to small and medium-sized businesses by eligible lenders: (1) the Main Street New Loan Facility (the “New Facility”) and (2) the Main Street Expanded Loan Facility (the “Expanded Facility”, and together with the New Facility, the “Facilities”). The Expanded Facility is the one that is more likely to be useful for your members given it fits in with an existing term loan from an eligible bank, and the leverage ratio cap is 6x rather than 4x.


white & Case - April 10, 2020 - Latest “State-by State Shelter in Place Matrix”

SVB - April 7, 2020 - SVB COVID-19 Response: Credit Relief & Community Support

White & Case - April 7, 2020 - CARES Act: Mid-Sized Business Lending Program

White & Case - April 7, 2020 - Decision Tree: Title IV Loans and Loan Guarantees and Payroll Grants

Ropes & Gray - April 6, 2020 - Illinois’s Expansion of Access to Health Care via Telehealth Executive Order 2020-09 & Medicaid Emergency Rulemaking

Ropes & Gray - April 6, 2020 - Small Business Administration and Treasury Provide Additional Information on Paycheck Protection Program

Neal, Gerber & Eisenberg - April 2, 2020 - Client Alert: Details on Relief Loans and Other Financial Assistance for Businesses

KRD - Kutchins, Robbins & Diamond - April 1, 2020 -UPDATE Forgivable Loans:  SBA Paycheck Protection Program (PPP Loans)

From KRD - Kutchins, Robbins & Diamond:  In our initial alert regarding the SBA Paycheck Protection Program (PPP Loans) on Monday of this week, we noted that guidance would be forthcoming from the SBA, the Treasury Department, and participating lending institutions. The SBA has released an information sheet for borrowers and a draft copy of the loan application, both of which can be found below. We expect banks to release their lists of required documentation shortly. Please carefully review the documents below and let us know if you have any questions.

White & Case - March 31, 2020 - "Summary Matrix of $500 Billion Funding for Distressed Sectors"

White & Case - March 31, 2020 - "CARES Matrix Sections 4001 - 4004"

Plante Moran - March 30, 2020 - CARES Act: Senate passes $2.2 trillion bill to support economy during the pandemi

Ropes & Gray - March 30, 2020 - Bipartisan Proposal for Coronavirus Aid, Relief, and Economic Security Act (CARES Act) – Summary of Key Provisions

Plante Moran - March 30, 2020 - Paycheck Protection Program provides forgivable SBA loans

Locke Lord - March 27, 2020 - "Locke Lord QuickStudy: Saving Our Small Businesses: Lender Considerations for Participating in the New Forgivable Paycheck Protection Program Loans to Small Businesses"

Locke Lord - March 27, 2020 - "Locke Lord QuickStudy: Saving Our Small Businesses: CARES Act Expands Economic ‎Injury Disaster Loan Program to Provide Additional Financial ‎Relief to Small Businesses"

Locke Lord - March 26, 2020 - "Locke Lord QuickStudy: Saving Our Small Businesses: Congress Reaches Agreement on New Forgivable Paycheck Protection Loans to Small Businesses"

Baker Tilly - March 26, 2020 - "Senate Passes Massive Stimulus Program"