Although brief in length, the Paycheck Protection Program Flexibility Act (the “Act”) that was signed into law by President Trump on June 5, 2020, clarifies how borrowers can use Payment Protection Program (“PPP”) loans made pursuant to the CARES Act and grants borrowers much-needed flexibility in the requirements for PPP forgiveness.» Read More

The U.S. House of Representatives passed a bill on May 28, 2020, to relax the terms and conditions for forgiveness of Paycheck Protection Program (PPP) loans, just before the eight-week covered periods for early borrowers are coming to an end. The Paycheck Protection Flexibility Act, H.R.» Read More

This new normal, what will it look like in a few days, weeks, or months? Yes, some may physically be back at the office or having in-person meetings again, while others may be forever changing how they do business. The common factor between those returning physically to a pre-COVID existence, and those setting a new path for themselves will be a realization that our reliance on any outsourced service provider before the outbreak was nothing compared to what it will be moving forward.» Read More

In 1976, as our country was celebrating its Bicentennial, the American Legion was fittingly hosting its convention in Philadelphia, the birthplace of our nation. Tragically, many Legion convention attendees were sickened and some later died after contracting a mysterious respiratory ailment.» Read More

The COVID-19 pandemic is having a profound impact on both insurance companies and their insureds with a multitude of claims having already been made and denied. Parties that have been especially hard hit financially by the pandemic are the owners of retail shopping complexes that have multiple tenants, many of which have had to close because they are “non-essential” businesses under government emergency orders.» Read More

The COVID-19 pandemic is having a profound impact in numerous economic sectors including commercial loans. At this point, there are more questions than answers. Outlined below are key matters that both lenders and borrowers will need to consider.» Read More

Time to learn from the past. If COVID-19 taught us anything, it is that businesses need to be ready with alternative sources of supply and distribution. Yes, we can focus on what we discussed in our previous article, “The Pandemic Effect: Sale of a Business,” like force majeure, impossibility of performance, and frustration of purpose, but it is better (and healthier) to prepare your business as though this will happen again, because experts say it will.» Read More

For those who have been following the latest with the Paycheck Protection Program (PPP) loans, it was a busy end to last week! We’ve previously issued an analysis of the CARES Act of 2020 through our “Inside the CARES Act” series on the Norris McLaughlin Biz Law Blog, but this past week saw the passage of the Paycheck Protection Program and Health Care Enhancement Act (Paycheck II), as well as updated FAQs from the Treasury Department and additional guidance from the Small Business Administration (SBA) in another Interim Final Rule issued on Friday, April 24.» Read More

On April 10, 2020, the U.S. Securities and Exchange Commission (SEC) warned Main Street investors about COVID-19-related fraud. The SEC continues in its efforts to ferret out questionable capital raising initiatives as can be shown through an April 21, 2020, litigation release pertaining to an alleged fraud involving investments in marijuana-related companies.» Read More

Among the many transformational changes caused by the coronavirus (COVID-19) pandemic, the way lawyers and clients approach the sale or acquisition of a business unquestionably will change forever. This article is not about any business sale or acquisition disrupted by the pandemic but about looking forward.» Read More