Patrick Neale Consumer and Business Lawyer Blog

Our firm is tracking COVID-19 legislation, orders and benefits as they unfold.  We are open and actively serving existing and new clients. The CARES Act codified protections for some homeowners against foreclosure and some renters against eviction. We are tracking the legislation passed by Congress yesterday and will provide relevant details after it is signed into law by the President.

On December 21, 2020 the U.S. Treasury Department announced a two-month extension of the foreclosure and eviction moratorium on FHA loans through February 28, 2021. Fannie Mae and Freddie Mac also extended their moratoria, but only through January 31, 2021. 

THE LAST DAY FOR A LENDER TO OBTAIN A PPP LOAN NUMBER IS JUNE 30, 2020. IF YOU ARE CONSIDERING APPLYING AND HAVE NOT, DO IT NOW.

As has been the case with this program since its inception, the rules change very quickly and may or may not be retroactive to your particular situation.  There were eight major changes incorporated in the Paycheck Protection Program Flexibility Act of 2020 (PPPFA,) some of which were modified by subsequent Treasury Department guidance issued last week.

There are a number of different and sometimes conflicting measures that have been enacted by the U.S. Treasury department, Federal Housing Finance Agency, FHA, FNMA, Freddie Mac, GNMA, Florida Supreme Court, Florida Governor and the Chief Judge of the Twentieth Judicial Circuit, among others to respond to the COVID-19 pandemic. This communication will give a short description of the overall status of the various programs as of June 19, 2020.

SBA Payroll Protection Program Forgiveness Application

Greater Naples Chamber Back to Business Guide

New CDC Guidelines

There have been several significant updates on the COVID-19 recovery front in the last few days.

This morning, the Small Business Administration (SBA) issued an update to the Frequently Asked Questions (FAQ), which are the guidance provided to borrowers and lenders about the PPP.  There has been much discussion in recent days about the potential ramifications if the SBA determined that a PPP loan was not “necessary.” Today’s FAQs, question number 46, provides some comfort to both borrowers and lenders on the necessity issue.