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. 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