By: Lawrence J. Glusman These days you can’t have a conversation with a business owner without mentioning the Paycheck Protection Program. It’s like the weather. Everybody knows something about it, but nobody knows everything about it. Not even the government. As businesses and their lawyers, accountants and bankers collectively await guidance...
By: Sherry D. Coley and Tiffany E. Woelfel The United States Chamber of Commerce Foundation has established the Save Small Business Fund to provide short-term relief to small employers affected by the COVID-19 crisis. The Save Small Business Fund will provide a one-time grant of $5,000 to small businesses to use for business expenses. In order to...
By: Ryan M. Spott, Danielle S. Fadel and Kathy L. Nusslock On March 25, 2020, the United States Senate approved the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), a $2 trillion stimulus deal that aims to provide emergency assistance and health care response for individuals, families and businesses affected by the 2020...
By: Timothy J. Feldhausen On March 23, 2020, the co-directors of the Division of Enforcement of the U.S. Securities and Exchange Commission (SEC) issued a statement regarding market integrity during the COVID-19 pandemic[1]. Specifically, the statement serves to remind public companies of their obligations to maintain disclosure controls and...
By: Lawrence J. Glusman and Michael Van Someren To address temporary business interruptions, U.S. Small Business Administration (SBA) lenders nationwide have authority to defer payments of principal, interest and servicing fees for up to six months. Borrowers with existing loans under the SBA 504 Loan (Certified Development Company) program and...
By: Michael Van Someren and Lawrence J. Glusman The Senate is currently considering a bill that could greatly increase the ability of employers to retain their employees. The Coronavirus Aid, Relief, and Economic Security Act or “CARES Act” is currently being considered by the U.S. Senate. While it has not yet passed and includes a number of...
By: Sherry D. Coley and Tiffany E. Woelfel On March 18, 2020, the Wisconsin Department of Financial Institutions (“DFI”) issued emergency guidance to licensed lenders and payday lenders cautioning them from increasing customary interest rates, fees, or any costs of borrowing in response to the COVID-19 crisis. DFI explicitly warned that increases...
By: Thomas V. Rohan Most terms and conditions of commercial contracts are important, but, if you pay attention to no other provisions, carefully review the indemnification clause. An indemnification clause is a provision by which one party agrees to protect the interests of another party, including paying all damages and usually expenses, e.g.,...
By: Michael Van Someren & Danielle Snyder Fadel A 1031 Tax-Deferred Exchange (“§ 1031 Exchange”) is an extremely useful tax strategy for taxpayers that maintain real property for productive use in trade, business or for investment. It allows a taxpayer to defer payment of capital gains tax on investment properties that are sold. A taxpayer...
By: Michael Van Someren and Joseph E. Tierney IV On December 18, 2019, the Securities and Exchange Commission (SEC) released a proposed amendment to 17 CFR Parts 230 and 240 that would expand the definition of “accredited investor” in the U.S. securities laws, which can be found here. This expanded definition has the potential to have a profound...
