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Today is: June 1, 2020  
 

 

Upcoming BCG Webinars

BCG Webinars are an optional resource offered once a month over the Web. Topics include Levies and Executions, New Accounts Documentation, Flood Insurance and Doing Business with Family Trusts. Additional Webinars will be posted below as their respective dates approach. To view past Webinar schedules and descriptions, click here or contact us if you have additional questions.  To order past Webinar CD's, click here.

Upcoming BCG Webinars        

  

 

SBA's Paycheck Protection Program Update:
Loan Forgiveness and SBA Guaranty

Wednesday, June 3, 2020

10:00 - 11:30 a.m.

 

The U.S. Small Business Administration’s Paycheck Protection Program (PPP) has provided much needed funds during the COVID-19 pandemic for businesses large and small across the country. The PPP has also provided lenders with another welcomed source of revenue. Once funding for the PPP is exhausted, borrowers and lenders alike will be turning their attention to the SBA’s promise to forgive PPP loans, which will be dependent on the borrower’s eligibility for a PPP loan and satisfying the SBA’s other requirements for loan forgiveness. Also, assuming a portion or all of a PPP loan is not forgiven, then the SBA’s guaranty will also be a point of concern for lenders.

In this webinar we will discuss the SBA’s requirements for forgiveness of PPP loans and its guaranty as provided in the SBA’s various interim final rules, FAQs and other releases. We will also discuss pitfalls and potential concerns for lenders with respect to these issues.

 

 

 

 

 
 
 
 
 
 
 

 

 

Alternatives to LIBOR - Current Issues Facing Lenders

Thursday, June 11, 2020

10:00 - 11:30 a.m.

 

For decades the London Interbank Offered Rate (LIBOR) has been a popular reference rate for commercial loans, residential mortgages, derivatives and swaps, as well as other credit instruments. However, due to past abuses in the manipulation and reporting of LIBOR rates, LIBOR will soon either no longer be published or will become a poor benchmark on which to base interest rates. It is anticipated that current participating banks will only continue to submit these rates through the end of 2021.

Therefore, the banking industry is preparing to move away from LIBOR to a new index or indices. Lenders should begin planning now to transition legacy loan agreements and other financial contracts to a successor index or indices. Fallback language which is currently found in many loan agreements, notes and other agreements may be insufficient to protect a lender from disputes or litigation regarding successor rates. Current loan modifications being requested by borrowers due to the COVIDÔÇÉ19 crisis pose an excellent opportunity to add clarifying language.

We will discuss the various approaches and contractual language that might be considered. Lenders should be inventorying the number and dollar amount of existing contracts which pose these issues, and develop a program addressing how to move these contracts to the new preferred indices. In this presentation, we will discuss the strategies and planning around this major effort now underway.

 

 

 

 

 
 
 
 
 
 
 

 

 

 

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