RECENT DEVELOPMENTS -
May 20, 2020: Vermont Governor Phil Scott announced a $400 million economic relief and recovery package for Vermont. The proposed package is funded by the $1.25 billion Vermont received from Federal...more
5/22/2020
/ CARES Act ,
Economic Injury Disaster Loans ,
Eviction ,
Federal Funding ,
Financial Assistance Policies ,
Foreclosure ,
Government Assistance ,
Governor Scott ,
Relief Measures ,
Rental Assistance Programs ,
State Grants
The Small Business Administration (“SBA”) has released the much-anticipated application and instructions for how Paycheck Protection Program (“PPP”) borrowers can seek loan forgiveness. A link to the application and...more
RECENT DEVELOPMENTS -
May 15, 2020: Vermont Governor Phil Scott extended the Stay Home, Stay Safe order until June 15, pursuant to Addendum 14 to Executive Order 01-20 (“Be Smart, Stay Safe”). Governor Scott encouraged...more
5/16/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Executive Orders ,
Financial Assistance Policies ,
Governor Scott ,
Governor Sununu ,
Hotels ,
Main Street Lending Programs ,
Personal Protective Equipment ,
Re-Opening Guidelines ,
Remote Working ,
Retailers ,
Shelter-In-Place ,
Travel Restrictions
The first PPP loans now near the end of their eligible 8 week period: significant questions persist and pressure is mounting on the SBA and Treasury to implement program revisions. ...more
CARES Act: Paycheck Protection Program Loans -
In guidance issued in late April, after many Paycheck Protection Program (“PPP”) loans had already been funded and the proceeds were being spent, the SBA said borrowers needed...more
5/14/2020
/ CARES Act ,
Certification Requirements ,
Coronavirus/COVID-19 ,
Eligibility ,
Good Faith ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Safe Harbors ,
SBA ,
Small Business Loans ,
Time Extensions
SBA Extends Certification Safe Harbor Repayment Date By One Week -
On May 5, 2020, the Small Business Administration (“SBA”) newly issued limited guidance on the Paycheck Protection Program (“PPP”) extending the safe...more
What happens to Paycheck Protection Program (“PPP’) forgiveness amounts if the borrower lays off an employee and then offers to rehire the employee, but the employee declines the offer?...more
Prompted by the public clamor surrounding the participation of large, publicly traded and deeply capitalized companies in the Paycheck Protection Program (“PPP”), on April 23, 2020, the Small Business Administration (“SBA”)...more
4/30/2020
/ Audits ,
Business Necessity ,
Eligibility ,
Federal Loans ,
Good Faith ,
Liquidity ,
New Guidance ,
Privately Held Corporations ,
Returned Funds ,
Safe Harbors ,
SBA ,
Time Extensions
A rule change released by the Treasury Department will allow seasonal businesses to choose a different 12-week expense period when applying for a Paycheck Protection Program (“PPP”) loan under the CARES Act — a period that...more
Disbursement of PPP Loan Proceeds -
Questions persist regarding how loans under the Paycheck Protection Program (“PPP”) are to be funded by lenders. Specifically, some Borrowers have sought multiple draws hoping to achieve...more
Following criticism that large restaurant chains were able to obtain funds before the loan program had been depleted - seemingly shutting out much smaller restaurants - Shake Shack has publicly announced that it is returning...more
4/23/2020
/ Borrowers ,
Certifications ,
Eligibility ,
Franchises ,
Good Faith ,
Midsize and Large Business Loans ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Publicly-Traded Companies ,
Restaurant Industry ,
Returned Funds ,
Safe Harbors ,
SBA
SBA issues interim final rule -
Confronted with loud dissension from the lending community on the eve of the program’s launch, including an email notice from the largest U.S. bank, JP Morgan Chase to its customers on April...more
April 3, 2020:
SBA Issued Interim Final Rule On Thursday, April 2 To Facilitate The Implementation Of The Paycheck Protection Program....more
With information concerning the Coronavirus (COVID-19) rapidly evolving, DRM is committed to providing you relevant and timely guidance on how to navigate this challenging time....more
4/3/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Families First Coronavirus Response Act (FFCRA) ,
Family and Medical Leave Act (FMLA) ,
Federal Loans ,
Filing Deadlines ,
Financial Stimulus ,
Intellectual Property Protection ,
Operators of Essential Services ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Shelter-In-Place ,
Sick Pay ,
Small Business ,
USPTO
Keep your business in the know during the COVID-19 outbreak.
With information concerning the Coronavirus (COVID-19) rapidly evolving, DRM is committed to providing you relevant and timely guidance on how to navigate this...more
3/31/2020
/ Business Closures ,
Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Cybersecurity ,
Executive Orders ,
Families First Coronavirus Response Act (FFCRA) ,
Family and Medical Leave Act (FMLA) ,
Federal Loans ,
Financial Stimulus ,
Force Majeure Clause ,
Intellectual Property Protection ,
Operators of Essential Services ,
Relief Measures ,
Restaurant Industry ,
Shelter-In-Place ,
Sick Pay ,
State and Local Government ,
Tax Credits ,
Trump Administration