There has been considerable press coverage surrounding PPP, and borrowers and lenders may be wondering about their potential liability under the program. Particularly for borrowers that are broker-dealers, investment advisers, or public companies, there may be hard questions from investors and the SEC/FINRA about participation in the program or statements made in securities disclosures. This webinar discussed potential liability related to participation in PPP from the perspectives of bank and non-bank lenders, general commercial borrowers, and borrowers subject to regulation under the federal securities laws. Among other topics, it explored the making of statements that are subject to the False Claims Act and the risks of inconsistencies between statements made in loan documentation and securities disclosures.

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