On August 26, 2020, the Securities and Exchange Commission (SEC) adopted amendments to the “accredited investor” definition in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended, that update and improve the accredited investor definition. The purpose of the amendments is to better identify investors that have sufficient knowledge and expertise to participate in investment opportunities that do not have the rigorous disclosure and procedural requirements and related investor protections, provided by registration under the Securities Act. The amendments are substantially as proposed by the SEC on December 18, 2019.

If you have already received a PPP loan, the PPP Flexibility Act will not allow you to apply for or receive a second loan. With respect to loans applied for after enactment of the PPP Flexibility Act, although the covered period has been extended to 24 weeks, there has been no change to the maximum loan amount that can be borrowed under the PPP - it remains 2.5 times a borrower's one-month average payroll cost, as determined under the existing PPP application.

Partners Lori Anne Czepiel, Marilyn Selby Okoshi and Steve Semian, and Counsel Kyle Taylor, attended the panel program, which featured senior executives from Warshaw clients and contacts such as ShopKeep, Kashable, Silicon Valley Bank, Zelkova Ventures and Barron's. 

Published by Thomson Reuters Practical Law Company as part of its Global Guide on Finance series, the article provides a high-level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge, guarantees and loan agreements.  It also covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform.
The Thomson Reuters Practical Law Company Global Guide Series covers all business law areas across all major economies.  Global Guides are written by leading lawyers and provide high level overviews of key regulatory laws in different jurisdictions with detailed practical overviews of legislation and developments. 

To request a copy of “Lending and Taking Security in the United States: Overview” please click here.