Community Banks and the CARES Act: Ten Things Lenders Should Do in 2020 to Minimize Lawsuits in 2021

Thursday, December 31, 2020 2:00 PM - 3:00 PM   iCalendar Central Standard Time

This webinar makes several observations about how to approach, document and manage CARES loan files now so that community banks can minimize the risk of becoming the scapegoat for any problems with the CARES program later. Recorded May 19, 2020

Community banks are and will continue to be the first responders to the economic crisis created by the COVID-19 pandemic, working literally 24 hours a day to process applications and fund loans under the CARES Act and any subsequent stimulus programs enacted as part of the COVID-19 response. Unfortunately, using history as a guide, we know that these lifeline loans documented and made at a lightening pace now will inevitably result in litigation relating to how lenders gathered information to process the loans and how lenders confirm that borrowers have complied with the requirements for forgiveness of the loans later.

We also know in the name of due process that courts will take an expansive view of the counterclaims available to borrowers who do not meet the forgiveness requirements, and that this tension between the CARES Act and certain borrowers will put community banks squarely between the federal government and small businesses trying to survive.

FEE: M $99 | NM $199

SPEAKERS: Joseph B. VanFleet, Joseph E. Silvia and Donna M. Goelz, Partners, Howard & Howard Attorneys PLLC