Williams Mullen's COVID-19 Comeback Plan: Preparing Today for Tomorrow's PPP Audit
On March 5, 2024, the Supreme Court of the State of New York, ruled that an obvious scriveners error in a guaranty, exempting a guarantor from full recourse liability for the loan’s debt, could be corrected to impose personal...more
The Department of Veterans Affairs (VA) made significant changes to its loss mitigation program this month, launching its awaited Veterans Affairs Servicing Purchase Program, and implementing a 40-year loan modification term....more
Heads I Win, . . . - When closely held corporations that are under common control engage in any intercompany transaction, it is prudent for the corporations and their shareholders to ensure that the transaction is being...more
On November 1, the OCC issued Bulletin 2023-34 addressing the topic of “venture lending,” referred to as “commercial loans to early-, expansion-, and late-stage companies.” According to the Bulletin, venture lending is often...more
Today’s high interest rate environment presents a challenge to many commercial real estate borrowers whose loans are now reaching maturity. Some borrowers are unable to repay their loans, while others are approaching the loan...more
The Federal Housing Administration recently issued Mortgagee Letter 2022-23, establishing a new COVID-19 Home Equity Conversion Mortgage Property Charge Repayment Plan. The COVID-19 HECM Property Charge Repayment Plan would...more
On September 8, 2022, the U.S. Court of Appeals for the Second Circuit reversed a judgment entered for a group of lenders (or their representatives) of cosmetics company Revlon, Inc. in a case over entitlement to $500 million...more
On April 29, 2022, the U.S. Bankruptcy Court for the District of New Jersey avoided a debtor’s $2 million loan obligation and returned $592,875.03 in repayments on that loan—with pre- and post-judgment interest—to the...more
Under the Federal Election Campaign Act, any candidate that incurs personal loans in connection with their election campaign may only use up to $250,000 of campaign contributions to repay those loans after the election. On...more
Mr. Sims is a retired veteran living on a fixed income in California. Last year, he " "responded to online marketing" on a website maintained by OppLoans, a Delaware limited liability company with an Illinois address. Mr....more
A closely held business may come to our firm for any number of reasons. The owners may be selling the business, for example, or they may be thinking about spinning off a division. In some cases, the owners are considering the...more