June 4 2020
by Mark E. Ellinghouse
Over the past several months, the COVID-19 health crisis has affected everyday life by a magnitude that is hard to fathom. Routine tasks, such as going to the grocery store or walking the dog, suddenly necessitate precautions like face masks, social distancing, and excessive amounts of sanitizer. Unemployment is near record levels, businesses have shuttered, and most of us are confined to our homes to avoid further spreading the COVID-19 disease.
Yet while most of us have adjusted to the “new normal” and cities and counties begin to reopen,
May 18 2020
On Friday May 15, 2020, the Small Business Administration (“SBA”) released the application borrowers will use to request forgiveness of their Paycheck Protection Program (“PPP”) loans. On Friday May 22, 2020, the SBA and Treasury jointly issued an Interim Final Rule clarifying some portions of the forgiveness application. PPP borrowers have been awaiting additional guidance regarding the forgiveness portion of the program for well over a month. While the application and interim final provides some additional guidance,
May 14 2020
Small Business Administration (SBA) guidance published on May 13, 2020 adds clarity to the “necessity” certification that borrowers were required to make when applying for Paycheck Protection Program (PPP) loans. According to this guidance, borrowers that received PPP loans of less than $2 million will be deemed to have made the necessity certification in good faith. As to borrowers with loans greater than $2 million, if the SBA notifies the borrower that the SBA has determined that the borrower lacked an adequate basis for the necessity certification,
May 4 2020
The Paycheck Protection Program (“PPP”) was established by the recently enacted CARES Act. PPP allows approved lenders to make loans to small businesses operating the United States. The federal government guarantees the repayment of PPP loans while providing borrowers with favorable repayment terms. The loans may be forgiven if the proceeds are expended primarily on employee payroll costs and if certain other employment-related standards are satisfied (we will discuss these requirements in further detail in a future alert following receipt of additional guidance from the Treasury Department).
April 30 2020
If your business received a Paycheck Protection Program (PPP) loan, now may be a good time to look at the new guidance from the Small Business Administration (SBA) to see whether the business should consider returning the money if the business did not really “need” it. If, after considering the guidance, the business determines it does indeed need the loan, the business should ensure it has documentation demonstrating such need.
On April 24,
April 23 2020
by Carlena L. Tapella
Co-Authors: Thomas W. Shaver, Esq., John M. Andersen, Esq., and Agnieszka K. Adams
California Trusts and Estates Quarterly
This article was first published in Volume 26, Issue 1, 2020 of the California Trusts and Estates Quarterly, reprinted by permission.
In 2018, the Michigan Court of Appeals determined that an electronic note a decedent typed into his cell phone qualified as his last will and testament under Michigan law.
April 13 2020
Through various mechanisms, the federal government has issued several forms of tax relief to real estate and agricultural businesses impacted by the current COVID-19 pandemic. The majority of the tax relief was included in the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). However, the Internal Revenue Service has also issued guidance providing additional relief. This discussion is intended to serve as a high-level summary for professionals in the real estate and agricultural industries seeking tax relief.
March 25 2020
On Wednesday, March 25, the Senate and the White House reached a deal regarding a $2 trillion coronavirus economic stimulus package.
The Senate plans to vote on the legislation on March 25. Then the House will need to pass it before it goes to the President to sign it into law. For the House to pass it quickly on Wednesday, the vote would need to happen by a voice vote without any objections from any member of the House,
March 24 2020
by Jim Clarke
As COVID-19 imposes challenges on our communities, Weintraub is tracking developments to help you deal with the pandemic’s business and legal implications.
I. SBA Economic Injury Disaster Loans
The U.S. Small Business Administration (SBA) is providing low-interest working capital loans of up to $2 million to small businesses and nonprofits affected by COVID-19 in presidential and SBA-declared disaster areas. Borrowers can use the loans to cover accounts payable,
March 23 2020
by Josh H. Escovedo
As a result of the ongoing COVID-19 pandemic, on March 16, 2020, Governor Newsom issued an executive order authorizing local governments to halt evictions, slow foreclosures, and protect against utility shutoffs. In response, numerous California municipalities have passed emergency orders enacting moratoriums on evictions. These orders vary from entity to entity, with some protecting only residential tenants, and others including commercial tenants. The orders also vary from entity to entity to the extent that some constitute a blanket moratorium,