The SEC is easing restrictions on reporting requirements and will also accelerate the approval of crowdfunding listings; the goal is to help main street businesses as well as startups get access to capital from investors; companies will need to provide disclosures that funds are using to pay for COVID-related expenses; SEC Chairman Jay Clayton wrote, “In the current environment, many established small businesses are facing challenges accessing urgently needed capital in a timely and cost-effective manner…Today’s action responds to feedback we have received from our Small Business Capital Formation Advisory Committee and others about the difficulties these companies may face in conducting an offering within a time frame that meets pressing capital needs, while continuing to provide appropriate protections for investors.” TechCrunch
