Browse below for news, legal insights, information on presentations and events, and other resources from the Weintraub Tobin legal team.
Published: January 4, 2021
In December 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (the CAA).
In total, the CAA provides $900 billion in COVID relief, including $284 billion for additional Paycheck Protection Program (PPP) loans for new borrowers and “second draw” loans for existing borrowers.
Published: December 23, 2020
This past Monday, December 21, a $900 billion pandemic relief bill came out of the U.S. House and Senate. It is called the Consolidated Appropriations Act, 2021. If President Trump signs it, it will become law. Weighing in at 5,593 pages in length, it addresses many areas, including vaccines, education, childcare, jobless benefits, energy, and national security.
A video archive for this event is available at this link: https://bit.ly/BusinessFocus2020
On October 28, 2020, Weintraub Tobin partnered with BFBA, Chase Bank, and CVF Capital Partners to present Business Focus 2020: Helping your Business Survive and Thrive Through COVID-19. The virtual and interactive event addressed the “new normal” business landscape brought about by the economic and social changes of the COVID-19 pandemic.
Business Focus 2020 featured a panel of professional advisors who have assisted small- and medium-sized businesses through the unprecedented challenges presented by the pandemic, followed by a panel of owner-CEOs who shared their experiences navigating 2020’s business disruptions. Both panels were moderated by Scott Syphax.
The video archive is organized by chapters, so you can choose to watch any aspect of the event on its own.
Advisor Panelists were Weintraub attorney Chris Chediak (Shareholder), Ben Brown (Managing Partner) with BFBA, Erik Langeland (Market President) with Chase Bank, and Ed McNulty (Managing Partner) with CVF Capital Partners.
CEO Panelists were Tony Powe (Interim CEO & Board Chair) with Cool Mountain Transport, Haru Sakata (CEO) with Mikuni Restaurant Group, Pete Engelken (Chief Operating Officer) with Allworth Financial, and Jason Johnson (CEO & Founder) with Quick Quack Car Wash.
Click here to view the event flyer.
Please keep in mind that the COVID-19 pandemic is a fluid situation and information is constantly being updated. We recommend that you check with your professional advisors to make sure you have the most current information.
What is the Main Street Lending program, and how is it different than the PPP and other business loans?
On June 30, 2020, Justin Borrowdale and Dan Franklin of River City Bank discussed the Main Street program – what businesses are eligible, unique program features, and documentation needed.
Topics:
• Program Overview
• Borrower Eligibility
• Loan Terms and Documentation
• Borrower certifications, covenants, and restrictions
A recording of this webinar can be viewed on the Weintraub Tobin YouTube page. Please keep in mind that the COVID-19 pandemic is a fluid situation and information is constantly being updated. We recommend that you check with your professional advisors to make sure you have the most current information.
Published: June 12, 2020
On June 4, 2020, the Internal Revenue Service published Notice 2020-39 (Notice) which provides relief to qualified opportunity funds (QOFs) and their investors in light of the COVID-19 pandemic. Here is a summary, and more details follow below:
Published: June 5, 2020
On June 5, 2020, President Trump signed into law H.R. 7010 – the Paycheck Protection Program Flexibility Act of 2020 (“PPPFA”). The PPPFA makes significant borrower favorable amendments to the Paycheck Protection Program (“PPP”).
Published: 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, many questions remain.
Published: 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, the borrower will be able to avoid enforcement action by repaying the loan.
Published: May 1, 2020
Like most estate planners, we always remind clients that tax and estate planning laws are subject to change and frequently do. As busy practitioners, it is impossible for us to reach out to every client when a change might affect him or her, so we remind all clients to come back to see us if they have questions or are concerned about how recent developments affect their plans (and in any event, at least every three to five years).
Published: 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.
