SBA Paycheck Protection Program: Compliance rules for forgiveness and necessity questionnaires to borrowers that received $2 million or more

$95.00

CLE credits earned: 1 General Credit (WA 1 Law and Legal)

The Small Business Administration began asking SBA Paycheck Protection Program lenders to issue over 50,000 loan necessity questionnaires to borrowers that received $2 million or more in funds from the PPP. The information collection is extensive and reaches to private and public company borrowers. Also, both non-profit and for-profit borrowers received questionnaires, for which there are two different forms: one for non-profit borrowers and another sent to for-profit firms. The SBA’s questionnaires raise concerns about whether the SBA is going beyond Congress’ intent and if this form creates additional regulatory burdens for already struggling small businesses. Borrowers have just ten business days from receipt of the questionnaire to return the completed form and required supporting documents to the borrower’s financial institution.

Key topics to be discussed:

• It appears that questionnaire responses may be used to determine loan forgiveness or further investigation.
• The information collection is extensive, but with the short timeframe to respond, borrowers should not expect their lender to offer proof-reading services or verifying that all requested information has been collected.
• The SBA forms seek updated and detailed financial information from borrowers, details concerning local COVID-19 shutdown orders, information about other CARES Act aid, and details about dividends and highly compensated owners or employees.

Date / Time: December 10, 2020

•   2:00 pm – 3:00 pm Eastern
•   1:00 pm – 2:00 pm Central
•   12:00 pm – 1:00 pm Mountain
•   11:00 am – 12:00 pm Pacific

Choose a format:

•   Live Video Broadcast/Re-Broadcast: Watch Program “live” in real-time, must sign-in and watch program on date and time set above. May ask questions during presentation via chat box. Qualifies for “live” CLE credit.
•   On-Demand Video: Access CLE 24/7 via on-demand library and watch program anytime. Qualifies for self-study CLE credit. On-demand versions are made available 24 hours after the original recording date and are view-able for up to one year.

Select your state to see if this class is approved for CLE credit.

Choose the format you want.

Clear

Original Broadcast Date: December 10, 2020

Sarah Auchterlonie | Brownstein Hyatt Farber Schreck, LLP

Sarah Auchterlonie is a shareholder with the law firm Brownstein, Hyatt, Farber, Schreck. A respected thought leader on consumer finance and banking, Sarah sits on the Colorado Banking Board, the supervisory authority over Colorado-chartered banks, trusts and money transmitters. She is also the co-author of the legal treatise, Consumer Finance Law and Compliance, published by BNA. Previously, she was a trial attorney with the U.S. Department of the Treasury’s Office of Thrift Supervision in Washington, D.C. during the financial crisis and an acting deputy enforcement director and one of the founding employees of the Consumer Financial Protection Bureau (CFPB).
 
 
 
Alissa Gardenswartz | Brownstein Hyatt Farber Schreck, LLP

Alissa Gardenswartz is a Shareholder at Brownstein Hyatt Farber Schreck LLP, where she leverages over 15 years of government service to help clients navigate inquiries from federal authorities and state attorneys general. Prior to joining Brownstein, Alissa served as the Deputy Attorney General for Consumer Protection in the Colorado Attorney General’s Office, where she supervised all of the office’s consumer protection and antitrust enforcement activities, including multistate actions. She frequently testified before the state legislature on consumer protection legislation and was one of the principal drafters of Colorado’s data protection and breach notification laws. Prior to being appointed Deputy Attorney General, Alissa litigated several high-profile financial fraud, false advertising and antitrust cases as an assistant attorney general. Alissa previously worked in private practice in both Denver and Washington, D.C., and began her career with the U.S. Federal Trade Commission Bureau of Competition.
 
 
 
Sarah Mercer | Brownstein Hyatt Farber Schreck, LLP

Sarah Mercer combines her litigation background with her experience navigating state and local government to develop creative political and administrative solutions for complicated legal issues. No stranger to high-profile policy matters, Sarah is at the forefront of some of the region and nation’s hottest issues—the Paycheck Protection Program, campaign finance, ballot initiatives, gaming and sports betting to name a few. Whether advising on navigating the regulatory environment of sports betting or representing a client in a lawsuit challenging a governor’s executive order, Sarah brings passion, grit and ingenuity. She gets results in situations where others have failed due to her ability to find creative solutions, weigh and balance risk, and align conflicting stakeholders.
 
 

Accreditation Policy
myLawCLE seeks accreditation for all programs in all states. (Accreditation for paralegals sought thru NALA and NFPA paralegal associations.) Each attending attorney/paralegal will receive a certificate of completion following the close of the CLE program as proof of attendance. In required states, myLawCLE records attorney/paralegals attendance, in all other states attorney/paralegal is provided with the approved CLE certificate to submit to their state bar or governing association.

    Automatic MCLE Approvals

All myLawCLE CLE programs are accredited automatically either directly or via reciprocity in the following states: AK, AR, CA, CT, FL, HI, ME, MO, MT, ND, NH, NM, NJ, NY, and VT. (AZ does not approve CLE programs, but accepts our certificates for CLE credit.)

    Live Video Broadcasts

Live video broadcasts are new live CLE programs being streamed and recorded for the first time. All of these programs qualify for “Live” CLE credit in all states except NV, OH, MS, IN, UT, PA, GA, and LA —these states require in-person attendance to qualify for “Live” CLE credit.

    “Live” Re-Broadcasts

“Live” Re-broadcasts are replays of previous recorded CLE programs, set on a specific date and time and where the original presenting speakers calls in live at the end of the event to answer questions. This “live” element allows for “live” Re-broadcast CLEs to qualify for “Live” CLE credits in most states. [The following states DO NOT allow for “live” CLE credits on re-broadcast CLEs: NV, OH, MS, IN, UT, PA, GA, and LA]

Reciprocity
Many states allow for credit to be granted on a 1:1 reciprocal basis for courses approved in another mandatory CLE jurisdiction state. This is known as a reciprocity provision and includes the following states: AK, AR, HI, CT, FL, ME, MO, MT, ND, NH, NM, VT, NJ, and NY. myLawCLE does not seek direct accreditation of live webinars or teleconferences in these states.

I. SBA Paycheck Protection Program background. 2:00-2:15
II. SBA compliance rules essential for borrowers to achieve forgiveness. 2:15-2:30
III. Purpose of the information collection 2:30-2:45
IV. Topics of the information collection 2:45-3:00