The Paycheck Protection Program (PPP), which was established by the federal government under the CARES Act earlier this year, has benefited some 700,000 businesses feeling the economic pressures resulting from the COVID-19 pandemic. As M&A activity starts to pick up, buyers and sellers need to be aware of new guidance from the Small Business Administration […]
SBA, Treasury Issue New PPP Guidance on Loan Forgiveness
Last week, the Small Business Administration (SBA), in concert with the Department of Treasury, published new FAQs to address four key aspects regarding forgiveness of Paycheck Protection Program (PPP) loans. The 10-page FAQs, published on Aug. 4, are designed to help borrowers calculate how much of their loan is forgivable and clarify the calculations and […]
Virginia’s New Workplace Safety Standards
In response to the coronavirus pandemic, Virginia’s Safety and Health Codes Board has adopted emergency temporary standards governing occupational health and safety (“Standards”) that will affect Virginia’s healthcare providers. The new Standards, which go into effect this week and will remain in effect for at least six months, are now available on the Department of […]
Virginia is the First State to Implement Workplace Safety Requirements Related to COVID-19
All Virginia employers should be aware that the state’s Safety and Health Codes Board has adopted emergency temporary standards for occupational health and safety requirements in response to the coronavirus pandemic. The standards are now available on the Department of Labor and Industry website. The Standards will be published the week of July 27, 2020, […]
Senate Approves Last-Minute Extension to Apply for PPP Funds
In a surprise move, the U.S. Senate last evening voted to extend the deadline to apply for a loan under the Paycheck Protection Program (PPP) to Aug. 8. The move came hours before the deadline for applying for a PPP loan was set to expire even though more than $100 million remain in the federal […]
SBA, Treasury Streamline Loan Forgiveness Application and Update Guidance
Last week, the Small Business Administration (SBA) and Department of Treasury streamlined the path to applying for loan forgiveness under the Paycheck Protection Program (PPP), the lifeline extended to small businesses suffering financial pressures resulting from the COVID-19 pandemic. A revised loan forgiveness application and a new EZ version of the form are designed to […]
Four Things to Know About the CARES Act and the New Small Business Bankruptcy Reorganization Act
In an attempt to make chapter 11 more streamlined and less expensive for debtors, Congress amended the bankruptcy code to add a brand new reorganization chapter: Subchapter V. Subchapter V is available exclusively to small-business debtors and provides a new option that is intended to be quicker and cheaper; it also offers less oversight and […]
New Paycheck Protection Program Flexibility Act
Last night, June 3, 2020, the Paycheck Protection Program Flexibility Act of 2020 (PPP Flexibility Act) was unanimously approved by the Senate, after overwhelming approval by the House last week. Under the PPP Flexibility Act, which is expected to be signed into law by the President, the CARES Act was amended to provide additional flexibility […]
Commercial Leases and COVID-19: Force Majeure, Frustration of Purpose, and Impossibility under the Laws of Maryland
As landlords and tenants in the DC Metro region navigate the COVID-19 climate and an unprecedented dip in the economy, provisions within commercial leases related to excusing nonperformance are being tested, and in some cases, for the first time. Force majeure clauses are front and center in the debate over excuses for nonperformance, opportunities for […]