KEY TAKEAWAYS - 1. Covered Period and Alternative Payroll Covered Period extended from eight weeks to the earlier of twenty-four weeks or December 31, 2020. ...more
KEY TAKEAWAYS - 1. Borrowers that utilize bi-weekly and weekly payroll schedules may choose to use an Alternative Payroll Covered Period which begins the first day of the first pay period following the disbursement of the PPP...more
KEY TAKEAWAYS - 1. On May 13, 2020, the Treasury Department created a new safe harbor for borrowers regarding whether the required certification (see below) contained in the PPP Loan application was made in good faith. ...more
THREE KEY TAKEAWAYS: The Main Street Lending Program (the “Program”) will allow Eligible Lenders to make New Loans, Priority Loans or Expanded Loans on existing debt to Eligible Borrowers who have less than 15,000 employees...more
On April 24, 2020, President Trump signed legislation that provides $484 billion in additional funding for the SBA, hospitals, and coronavirus testing through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. ...more
KEY TAKEAWAYS - 1. The Main Street Lending Program will allow Eligible Lenders to either make New Loans or extend Existing Loans to Eligible Borrowers who have no more than 10,000 employees or no more than $2.5 billion in...more
KEY TAKEAWAYS - 1. Size standards have been established for most types of economic activity, or industry, generally under the North American Industry Classification System (NAICS). 2. In an effort to achieve the goals of the...more
THREE KEY TAKEAWAYS:
1. When determining if a business has fewer than 500 employees, the SBA considers the average number of employees for each pay period for the preceding 12 months. Part-time and temporary employees are...more
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law on March 27 2020. Among (many) other things, it provides for two types of attractive loans for small businesses. This summary,...more
As the economy continues to slow and business for many comes to a halt due to the spread and uncertainty of the coronavirus (COVID-19), tenants and landlords alike are faced with the inevitable question: what happens when the...more
By now you have probably seen that the Internal Revenue Service (the “IRS”) and the Treasury Department issued proposed regulations and Revenue Ruling 2018-29 on October 19, 2018, clarifying some of the big questions looming...more
11/8/2018
/ Capital Gains ,
Community Development ,
Economic Development ,
Investment Funds ,
IRS ,
Opportunity Zones ,
Proposed Regulation ,
Qualified Opportunity Funds ,
Real Estate Development ,
Real Estate Investments ,
Tax Cuts and Jobs Act ,
Tax Deferral
On March 21, 2018, Governor Ivey announced Alabama’s Opportunity Zones by submitting eligible census tracts to the U.S. Treasury Department for certification. Alabama has created 158 Opportunity Zones using the maximum number...more
Business people with legal disputes often expect that when their legal position is very strong, litigating it to victory should be relatively quick and painless. That’s often not the case, however, as illustrated by a recent...more
In a victory for creditors, the Alabama Court of Civil Appeals recently reversed a trial judge’s decision to exclude a copy of a promissory note from evidence simply because it was not an original. Without the promissory...more
The Alabama Department of Revenue (ADOR) currently provides a “good standing certificate” upon request that indicates whether a taxpayer is current on its business privilege tax. Lenders and others routinely request these...more
Lenders and their attorneys generally recognize that lenders who are engaged in collecting their own loans are not “debt collectors” under the Federal Debt Collection Practices Act (“FDCPA”). Debtors and their attorneys...more
It’s a common occurrence – a mortgagor or grantor signs the security instrument a day or two in advance of the loan, or perhaps a note is re-signed a couple of days after closing to correct an error in the original note....more
Today the Southeast Financial Litigation Monitor sat down with Balch Partner John Pickering, member of the Financial Industries Section and leader of the Real Estate, Credit and Commercial Practice Group, to discuss the...more