New Guidance for PPP Loan Holders Concerned About the Certification of Necessity In our May 1, 2020 Bulletin, we reported on the Small Business Administration’s increased scrutiny of Paycheck Protection Program (“PPP”) borrowers’ certifications that their PPP loans were “necessary,” and Treasury Secretary Mnuchin’s announcement that the SBA will audit every loan over $2 million. […]
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Has COVID-19 Made Your Contract Unenforceable? Contracts and written agreements between people or entities are a common part of everyday life. What happens when an unforeseeable event, commonly referred to as “force majeure” or “an act of God” occurs and makes it either difficult or impossible for you to do what you agreed to do? […]
New Guidance Issued: Required Support for Borrower “Certifications of Necessity” for Paycheck Protection Program Loans Applicants for Paycheck Protection Program (“PPP”) loans are required to make a good faith certification that “current economic uncertainty makes this loan necessary to support the ongoing operations of the Applicant.” Following several high-profile media stories about how large publicly […]
Business Interruption Insurance – Does It Cover Losses Associated with COVID-19? As California’s shelter-in-place order is likely to extend past May, many businesses are beginning to explore whether their insurance policies include “business income” or “business interruption” coverage. Such coverage is a feature of commercial property insurance policies and is designed to protect against the […]
President Trump Signs New Act Authorizing Additional Funding for Paycheck Protection Program and Economic Injury Disaster Loans Today President Trump signed the “Paycheck Protection Program and Health Care Enhancement Act” which is largely dedicated to replenishing funds for the Paycheck Protection Program (“PPP”) and the Economic Injury Disaster Loans (“EIDL”) program. The new law adds […]
Small Employer Exemption Under the FFCRA: Does it apply to my business? Although the Families First Coronavirus Response Act (FFCRA) contains an exemption for employers with fewer than 50 employees, employers should be aware that this exemption is 1) optional and 2) extremely limited. Specifically, the FFCRA allows small employers to elect an exemption from […]
Estate Planning in a Challenging Time To our Clients and Friends: It is not uncommon for estate planners to be contacted by near-frantic clients hoping to quickly update their estate plans as they prepare to leave home for a vacation. But we are not used to clients contacting us in a similarly panicked state because […]
COVID-19: Assistance to Small Businesses and Workers Under the CARES Act The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted on Friday, March 27, 2020, creates a half-dozen new programs to help distressed businesses and workers deal with COVID-19 and related shutdowns. These programs include forgivable loans, tax credits, and expanded unemployment insurance. While […]
County Health Officers Extend and Tighten Shelter in Place Orders Yesterday, several Bay Area County Health Officers extended their Shelter in Place (SIP) orders to May 3, 2020 (beyond the original April 7, 2020 expiration date). The Orders further clarify, strengthen, and extend certain terms of the prior SIP orders to increase social distancing and […]
U.S. Department of Labor Clarifies Employer’s Obligations Under the FFCRA The United States Department of Labor (DOL) recently issued guidance about the emergency paid sick leave and emergency family medical leave benefits required by the Families First Coronavirus Response Act (FFCRA). You can find them at https://www.dol.gov/agencies/whd/pandemic/ffcra-questions. While FAQs are not binding precedent, they are […]