SBA Paycheck Protection Program Loan
In 2020, the world was impacted by the Coronavirus pandemic. During this time the Small Business Administration (SBA) and the U.S. Department of the Treasury, responded to the economic crisis by implementing the Paycheck Protection Program under the CARES Act to provide small businesses with funds to support employers, their employees and communities. From the inception of this program, Jellum Law was front and center to assist lenders with implementation of the program, guidance on the governing regulations and providing support to fund the large volumes of loans for all sizes of financial institutions. Hear what clients are saying about the expertise provided during the Paycheck Protection Program: “Jellum Law has been instrumental in helping our SBA Division become one of the top 10 lenders in MN. Their service is top notch and they are highly reliable. I truly appreciate having them as a trusted partner on our team.” – Manager of SBA Lending, Falcon National Bank “The wonderful folks at Jellum Law have been extremely valued partners and service providers in the handling of all facets of our SBA Lending processes. We rely upon the guidance, feedback and interpretation of SBA procedures, IFR’s, and program updates that we receive from Jellum Law’s experienced staff. Their knowledge of all SBA lending programs and SOP’s is second to none. Jellum also provided wonderful service as part of our tremendous success with the PPP Program for our clients!” – Rick Zonts, Blackhawk Bank “As always, working with Nick Jellum and team throughout the SBA PPP process was a pleasure. We received sound advice, prompt responses, and first-class service. Nick’s SBA knowledge is second to none and he helped us gain a solid understanding of the confusing and ever-changing PPP process. By closely working with Jellum Law, we were able to better service our clients.” – Mike Kapps, Tradition Capital Bank “During the sudden onset of the CARES Act, we like most of our fellow bankers were charged with learning everything we could about the Paycheck Protection Program. Our concerns were understanding the program, setting expectations and efficiently processing applications for our customers all while protecting the bank. We turned to you for our answers. Your team helped us design our process from application to loan docs. The result was a seamlessly smooth process for our customers & staff and the processing of over 300 applications in less than 60 days! Thank you for your guidance, advise and for exceeding our expectations. We truly value our relationship with your firm. Thank you for your expert consulting and over the top service.” – Troy Weathers, Roundbank “Without the team at Jellum Law, our bank would not have handled these PPP loans as smoothly as we did!! The Jellum team is so knowledgeable about PPP and all things related to SBA lending.” – Tanya Strasser, Roundbank For more information on the Paycheck Protection Program, please visit: Small Business Administration SBA U.S. Department of the Treasury Access the Communications from Jellum Law Regarding Implementation of the CARES Act: Full list of links to newsletters →
Read moreCommercial Lending and Loan Documentation
Jellum Law has extensive experience handling each phase in the loan process. In fact, several members of our team joined us after beginning their careers at banks, which insight allows us to bring our knowledge and your perspective to anticipate, plan, and adapt to the closing schedules necessary to get deals done. We regularly represent national, regional, and community lending institutions through a wide variety of financial transactions. Our attorneys thrive on strong management skills and a clear vision to focus on the details of each transaction to ensure you are properly protected. Our Commercial Lending Clients: Bank Holding Companies National Banking Associations Community Banks State Banking Institutions Trust Companies Mortgage Lenders Insurance Companies Asset-Based Lenders Governmental Entities Our Commercial Lending Practices: Secured and unsecured revolving credit and term loans Syndicated loans Secured transactions Tax-exempt financing Tax increment financing Construction and real estate financing SBA financing Equipment financing Credit enhancement/letters of credit Loan workouts and restructuring Foreclosures and receiverships Bankruptcy Successfully closing a deal often involves coordinating activities with government agencies at all levels. On behalf of financial institutions, members of our team regularly interact with local and national redevelopment authorities including: United States Small Business Administration United States Department of Agriculture Federal Home Loan Banks Minnesota Housing Finance Agency Minnesota Pollution Control Agency Metropolitan Airports Commission (MAC) The United States Coast Guard The National Transportation Safety Board, and The Federal Aviation Administration (FAA)
Read moreCompliance
Jellum Law has extensive experience advising financial institutions on how to effectively comply with the applicable banking regulations and consumer laws as issued by various federal and state agencies. In this capacity, we regularly counsel federal and state banks, bank holding companies, regional banks, community banks, and credit unions on maintaining regulatory compliance, navigating the examination process, and promptly addressing any agency findings. Our financial institution attorneys assist clients in resolving matters related to: Regulation O and other insider transactions Regulation CC Regulation E Electronic Funds Transfers and Internet Banking RESPA Fair Credit Reporting NACHA Documentary Drafts Check Collection Uniform Commercial Code (UCC) Secured Transactions Garnishment, Levy, Execution, and Setoff Truth-in-Lending Truth-in-Savings Privacy issues State and federal lending limit issues Account Closings Dormant Accounts and Abandoned Property Death and Incompetency of Customers Bankruptcy and Insolvency Holding company formation Management and governance policies Financially troubled entities
Read moreFinancial Institution Operations
Given Jellum Law’s close working relationships with owners, executives, boards of directors, and credit committees, our attorneys have served as trusted advisors during the most challenging of circumstances impacting financial institution operations, including: Mergers and acquisitions FDIC takeovers Corporate restructurings Employee and management issues Shareholder matters Issues with branch operations Asset transfers Deposits Branch acquisitions and sales
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