TSL Feature Articles

Under Section 1106 of the CARES Act, Paycheck Protection Program (“PPP”) loans can be forgiven, in whole or part, under certain conditions.  The SBA has continued to release guidance with respect to the lender review process for loan forgiveness applications, most recently in the form of an Interim Final Rule published May 22, 2020. 

This new rule, the SBA Loan Review Procedures and Related Borrower and Lender Responsibilities (“Loan Review Process IFR”), provides important additional guidance with respect to a lender’s responsibilities for processing loan forgiveness applications in a timely and compliant manner.  The rule also describes the circumstances under which a lender may lose its processing fee, and potentially, the loan guaranty. 

While further guidance is expected, the Loan Review IFR outlines the general process for submission and processing of the loan forgiveness applications.

Franklin Capital’s Sue Duckett has seen a lot in her 25-plus-year career in the commercial finance industry. Her career has spanned several positions and two countries, but she has never seen anything such as the current crisis. It has been overwhelming at times, with constant changes and an unprecedented number of new inquiries relating to personal protection equipment (PPE). She pushed aside the mounting emails in her new home office to reflect on what she has seen over these past several weeks and where she thinks this might be going.

While we are all continually reminded how important networking is to our careers and business development, the reality is that the Covid-19 pandemic simply does not allow us to use traditional methods to network because activities such as attending in-person networking events and meeting face-to-face for coffees and dinners are on hold for now. 

Does this mean that your networking efforts can be (or need to be) put “on hold”?  The answer is a resounding no. 

Denise Albanese of Cost Reduction Solutions discusses the origin of her firm that was started by her husband, Michael F. Albanese, CPA, as a sole practitioner field examiner. 

Denise also discusses the new procedures implemented when the Covid-19 crisis began, what field exams in the future may look like and what makes a business successful. 

Ares Commercial Finance (“ACF”) announced that Mitch Drucker has joined as a Partner. Mr. Drucker will be a part of the ACF leadership team comprised of Mitch Goldstein, Ryan Cascade, John Nooney and Oleh Szczupak.  He will also sit on the Investment Committee for ACF and be involved in all aspects of the business from origination to portfolio management.

During the Secured Finance Network’s webinar on the healthcare finance sector, streamed May 15, Allen Wilen of EisnerAmper, described a future scenario affected by human longevity, geographic location and how COVID-19 affected you. New trends relevant to finance executives are accelerating out of necessity because of the sudden impact of the coronavirus pandemic and the weaknesses it illuminated.

The Post-COVID New Normal For Store Closing and Strategic Sale Events. Reflections by SB360’s Scott Bernstein.

“Why aren’t you in the water?  Nobody’s going in.  Please… get in the water.”  Those pleading words uttered in the 1975 blockbuster movie “Jaws” were part of an ill-fated effort by Mayor Larry Vaughn to save his fictional sleepy beach town from financial ruin.  Those of us who saw the movie or have binged watched Shark Week re-runs know how that worked out for the reluctant residents of Amity.

White Oak Commercial Finance is pleased to announce that Martin F. Efron has joined the firm as the portfolio manager in New York, serving the Northeast region. He will report to Bob Grbic, CEO and president of White Oak Commercial Finance.