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 […]
Commercial Leases and COVID-19: Force Majeure, Frustration of Purpose, and Impossibility under the Laws of Virginia
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 […]
Commercial Leases in the Time of COVID-19: Force Majeure, Frustration of Purpose, and Impossibility under the Laws of the District of Columbia
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 […]
New Certification Requirements for WOSBs and EDWOSBs
The Small Business Administration (SBA) is changing how small businesses seek the award of federal contracting dollars designated for concerns owned and controlled by women. Self-certification for WOSBs and EDWOSBs seeking new contracts will be phased out beginning this summer and eliminated entirely this fall. On Oct. 15, 2020, small businesses seeking new set-aside, sole […]
SBA AND TREASURY RELEASE PPP LOAN FORGIVENESS APPLICATION
As has been much discussed, loan forgiveness is a key feature of the CARES Act’s Paycheck Protection Program (PPP) administered by the Small Business Administration (SBA), but there has been little guidance regarding the process and criteria for seeking forgiveness. Late Friday, May 15, 2020, the SBA and Department of Treasury released the PPP loan […]