Paycheck Protection Programs Ends – What Next?
The Paycheck Protection Program under the CARES Act ended June 30, 2020, and with over $520 billion loaned to nearly 4.9 million self-employed individuals and…
Blog Articles
Supreme Court Issues Blow to CFPB, Requires Restructuring of Bureau
On June 29, 2020, the United States Supreme Court held that the structure of the Consumer Financial Protection Bureau (“CFPB”) is unconstitutional. Specifically, the Court…
Is the South Carolina Department of Revenue’s Administrative Interpretation of Tax Laws Entitled to Deference by the Courts?
In disputed tax cases in South Carolina, the South Carolina Department of Revenue (SCDOR, DOR, or Department) will often argue that our courts should defer…
DOJ Announces Trio of PPP Fraud Prosecutions
This week the US Department of Justice (“DOJ”) announced a trio of criminal prosecutions for fraudulent PPP loan applications. Each involved inter-agency investigations involving the…
CFTC Final Guidance on “Actual Delivery” CEA Exemption for Cryptocurrency
The Commodity Futures Trading Commission’s (“CFTC”) Final Interpretive Guidance on the “actual delivery” exception to regulatory jurisdiction for digital assets became effective June 24, 2020. …
United States Department of Justice Opens Investigation Into PPP Loans and Borrowers
The U.S. Justice Department has opened an investigation into businesses and self-employed individuals that applied for loans under the Paycheck Protection Program. Over $500 million…
Bankruptcy Court Declares Prohibition Against Debtors in Bankruptcy from Participating in Paycheck Protection Program Unenforceable
In March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in effort to provide support and economic relief to organizations and…
CFTC Final Guidance on “Actual Delivery” CEA Exemption for Cryptocurrency
The Commodity Futures Trading Commission’s (“CFTC”) Final Interpretive Guidance on the “actual delivery” exception to regulatory jurisdiction for digital assets became effective June 24, 2020. …
SEC Temporarily Allows Municipal Advisors to Solicit Direct Placements
On June 16, the SEC issued a temporary exemptive order, allowing registered municipal advisors to solicit banks, their wholly-owned commercial lenders and credit unions in…
Supreme Court Limits SEC Civil-Action Disgorgement; Raises More Questions
The Supreme Court allowed the SEC to seek “disgorgement” as a form of “equitable relief” in civil-actions, but limited the remedy to net profits for…