Insights

On May 20, 2020, the Federal Reserve Bank of New York (the “New York Fed”) announced June 17, 2020 as the first subscription date and June 25, 2020 as the first closing date of the Term Asset-Backed Loan Facility (“TALF 2.0”). The Board of Governors of the Federal Reserve System first authorized TALF 2.0 on March…

Client Alerts | May 21, 2020 | Investment Management | Special Situations and Credit

Last Friday night, the Department of Treasury (“Treasury”) released the loan forgiveness application (“Application”) for the paycheck protection program (“PPP”). The Application is consistent with the CARES Act provisions and the Treasury’s guidance that Kleinberg Kaplan previously summarized in a client alert, available here. The form of Application can be found here. Applications must be completed by…

Client Alerts | May 18, 2020 | Securities and Corporate Finance | Hedge Funds | Private Equity Funds

On May 12, 2020, the Federal Reserve Board (the “Fed”) updated its term sheet of the Term Asset-Backed Loan Facility (“TALF 2.0”) that it authorized on March 23, 2020 and updated on April 9, 2020. The full updated term sheet can be found here. The Fed also released a list of frequently asked questions (“FAQs”)…

Client Alerts | May 13, 2020 | Special Situations and Credit | Private Equity Funds

On May 3 and May 5, 2020, the Department of Treasury (“Treasury”) updated its frequently asked questions (“FAQs”) related to the paycheck protection loan program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). You can find our previous client alerts on the program here and the full text of the…

Client Alerts | May 7, 2020 | Hedge Funds | Private Equity Funds | Securities and Corporate Finance

Late last week, the Department of Treasury (“Treasury”) released a new interim final rule (the “Interim Final Rule”) relating to the administration of the paycheck protection program (“PPP”) under the CARES Act. The Interim Final Rule limits the amount any corporate group can receive under the PPP to $20,000,000. The full text of the Interim…

Client Alerts | May 6, 2020 | Hedge Funds | Private Equity Funds | Securities and Corporate Finance

On April 30, 2020, the Federal Reserve Board (the “Fed”) released new term sheets for the $600 billion Main Street Lending Program, which was initially announced on April 9, 2020. In addition to changing terms to the two existing facilities, the Main Street New Loan Facility and the Main Street Expanded Loan Facility, the Fed…

Client Alerts | May 4, 2020 | Hedge Funds | Private Equity Funds | Securities and Corporate Finance

In a prior Kleinberg Kaplan client alert, we noted that COVID-19 related economic disruptions have caused both landlords and tenants to consider restructuring their commercial lease arrangements. Tenants that enter into discussions with landlords seeking rent relief may be successful. However, landlords and tenants should be aware that they could run into unexpected tax consequences in…

Client Alerts | April 30, 2020 | Business Advice and Planning | Leasing

The COVID-19 crisis presents unique challenges, as well as opportunities, for tax-exempt organizations. The Coronavirus Aid, Relief and Economic Security (“CARES”) Act provides some relief to tax-exempt organizations who may be experiencing difficulties funding their operations and charitable projects as a result of the current situation. In addition, the Internal Revenue Service has postponed tax…

Client Alerts | April 29, 2020 | Nonprofit and Tax-Exempt Organizations

On April 24, 2020, the Department of Treasury (“Treasury”) issued a new interim final rule (the “Interim Final Rule”) and guidance, which materially changes portions of the existing guidance on the paycheck protection loan program (“PPP”) in a way meaningfully detrimental to hedge funds and private equity funds in particular. You can find our previous…

Client Alerts | April 24, 2020 | Securities and Corporate Finance | Hedge Funds | Private Equity Funds