Eleventh Circuit Finds 小企业管理局 Can Deny Payment Protection Program Loans to Debtors in Bankruptcy

2020年12月30日 冠状病毒资源中心:返回业务 博客
作者: 安·玛丽·埃茨(Ann Marie Uetz) 安德鲁·麦克莱恩

第十一巡回赛 recently affirmed the U.S. Small Business Administration's (“SBA”)使破产债务人不符合付款保护计划(“PPP”)根据《冠状病毒援助,救济和经济安全法》(“CARES Act”).  In its comprehensive opinion, the Eleventh Circuit determined that the 小企业管理局’s rule is not an unreasonable interpretation of the 法案 and is not arbitrary and capricious.1  第十一巡回赛 joins the Fifth Circuit, which similarly held in June 2020 that a bankruptcy court exceeded its authority when it required the 小企业管理局 to make a 购买力平价 loan available to a debtor in bankruptcy.2

第十一巡回法院推翻了破产法庭’发现SBA在采用该规则时超出了职权范围,并采取任意行动。 破产法院裁定,该规则在使债务人无法参加PPP的范围内无法执行。 破产法院还发布了一项禁令,要求如果申请人满足所有其他要求(非破产除外),则SBA必须保证贷款,并限制SBA限制未破产的申请人免除贷款。第十一巡回赛’的分析侧重于SBA’有权采用该规则以及PPP贷款必须符合SBA贷款的现有资格要求这一事实。

The 法案 granted the 小企业管理局 emergency rule-making authority to issue regulations to carry out the 购买力平价.  At issue is the 小企业管理局’s rule that states “If the applicant or the owner of the applicant is the debtor in a bankruptcy proceeding, either at the time it submits the application or at any time before the loan is disbursed, the applicant is ineligible to receive a 购买力平价 loan.”The 小企业管理局’s explanation for this rule is that providing a 购买力平价 loan to a debtor in bankruptcy “存在未经授权使用资金或不偿还无法原谅的贷款的高风险。”

在推翻破产法庭时’s decision, the Eleventh Circuit emphasized that the Payment Protection Program is not a new standalone loan program for the 小企业管理局.  Rather, 购买力平价 loans fall under the existing category of 小企业管理局 loans known as “section 7(a) loans.”第7(a)条的贷款要符合既定的资格要求,其中一项是“sound value” requirement. 这意味着所有第7(a)条贷款“shall be of such 声音价值 or so secured as reasonably to assure repayment[.]”The 小企业管理局 considers a Section 7(a) applicant’的破产状况或历史记录作为此分析的一部分。 

尽管从技术上讲PPP贷款属于第7(a)节贷款的范围,但《 CARES法》既扩大了又放松了对PPP贷款的第7(a)节的某些要求。 例如,《 CARES法》豁免了申请人无法在其他地方获得信贷的要求。 重要的是,第十一巡回法院强调,《民事诉讼法》不“消除声音价值的要求。” 相反,国会将其交给SBA来确定如何将公允价值要求应用于PPP贷款,其中包括指定资格要求。 

第十一巡回赛’s的保持限于该电路中的状态。 但是,其他法院可能会参考此判决和第五巡回法院’遇到类似问题时,应做出指导性决定。 值得注意的是,特朗普总统于2020年12月27日签署的最新的两党-两院制综合巴士COVID救济协议并未明确提及SBA’s rule. 新法律确实临时修改了破产法,以允许在破产中向某些债务人提供PPP贷款。 但是,该修正案仅生效 if the 小企业管理局 agrees to allow 购买力平价 loans 在破产中。 可以对法律进行深入分析 这里.  For more information, please contact your 佛利 relationship partner or the 佛利 authors listed below.  

Companies in all sectors of the economy continue to be impacted by COVID-19. 佛利 is 这里 to help our clients effectively address the short- and long-term impacts on their business interests, operations, and objectives. 佛利 provides insights and strategies across multiple industries and disciplines to deliver timely perspectives on the wide range of legal and business challenges that companies face conducting business while dealing with the impact of the coronavirus. 点击这里 通过我们今天发表的重要出版物来保持最新和领先’的挑战和明天’的机会。要直接在收件箱中接收此内容, 点击这里 and submit the form.

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1 情况是 关于Gateway Radiology Consultants,P.A.,编号20-13462(2020年12月22日,11日),该意见的副本为 在这里可用 

2 第五巡回案件是 在伊达尔戈县紧急服务基金会中,第962 F.3d 838页(2020年5月5日),该意见的副本为 在这里可用

85美联储Reg。 23,450,23,451(2020年4月28日)。

U.S.C. 15§ 636(a).

U.S.C. 15§ 636(a)(6).

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