small business – Page 4 – Coronavirus (COVID-19)

April 10, 2020August 31, 2020 by Duane Morris

Fed Provides Guidance on Main Street Lending Program

The Federal Reserve on April 9, 2020, released anxiously awaited guidance regarding the Main Street Lending Program that was authorized under the Coronavirus Economic Stabilization Act (Title IV of the CARES Act). Two releases were provided: the Main Street Expanded Loan Facility, dealing with additional loan tranches under existing credit facilities; and the Main Street New Loan Facility, dealing with origination of new lending facilities. Each facility under the lending program, authorized under section 13(3) of the Federal Reserve Act, is intended to promote lending to small and medium-sized businesses, but has slightly different eligibility requirements. Though the Main Street Lending Program is backstopped by the Federal Reserve, the loans thereunder will be made directly by U.S. banks and savings and loan companies.

To read the full text of this Duane Morris Alert, please visit the firm website.

April 8, 2020August 31, 2020 by Duane Morris

SBA and Treasury Release FAQs on Paycheck Protection Program Loans

On April 6, 2020, the Small Business Administration (SBA), in consultation with the U.S. Department of Treasury, provided brief answers to frequently asked questions (FAQs) on the Paycheck Protection Program (PPP) established under the Coronavirus Aid, Relief and Economic Security Act (CARES Act).

To read the full text of this Alert, which highlights the further clarifications provided by the FAQs for borrowers working their way through the PPP, please visit the firm website.

April 8, 2020September 3, 2020 by Duane Morris

A Landlord’s Primer For An Uncertain Retail Environment

Landlords are often among the very first to feel the impacts of their tenant’s financial woes. In today’s unpredictable economic environment, many businesses are forced to shut their stores temporarily while the risks of COVID-19 continue to play out. Within the last few days many large and small retailers have unilaterally announced publicly that they would not be paying upcoming rent. In these unprecedented times, landlords must be aware of the risks they face in light of what is certain to be a previously unheard of level of tenant defaults.

To read the full text of this post by Duane Morris partner Rick Hyman, please visit the Duane Morris Business Reorganization and Financial Restructuring Blog.

April 6, 2020August 31, 2020 by Duane Morris

Countering Layoffs, Lessons From The First Week Of The CARES Act

(This is the fourth in a series on the impacts of the coronavirus on employment and the workplace. Read part one, part two and part three.)

Government and private sector businesses are moving so rapidly during the first week of the $2 trillion CARES Act, that we can already draw some lessons going forward. This is so especially for the $349 billion Paycheck Protection Program (PPP), the main vehicle rushing funds to small businesses to stem additional layoffs and permanent business closures.

To read the full text of this article by Duane Morris attorney Michael Bernick, with comments from Nanette Heide and Sandra Stoneman, please visit the firm website.

April 6, 2020September 1, 2020 by Duane Morris

New Jersey Economic Development Authority Announces Application Launch Date for Loan Program for Small Businesses impacted by COVID-19

The New Jersey Economic Development Authority (NJEDA) will launch the application for its Small Business Emergency Assistance Loan Program on Monday, April 13, 2020 at 9:00 a.m. A link to the program application will be posted on the State’s COVID-19 Business Information Hub. To provide business owners the opportunity to prepare to apply for the loan, a .pdf version of the application will become available on Monday, April 6, 2020.

To read the full text of this blog post by Duane Morris partner Brad Molotsky, please visit the Duane Morris Project Development/Infrastructure/P3 Blog.

April 4, 2020August 31, 2020 by Duane Morris

Affiliation Rules Applicable to U.S. Small Business Administration Paycheck Protection Program

On April 3 2020, the SBA released an interim rule with additional guidance regarding the affiliate rules applicable to the SBA Paycheck Protection Program (PPP). The U.S. Department of Treasury also released interim guidance regarding the affiliation rules applicable to the PPP. As previously reported in our Alert, the program is intended to support small businesses, sole proprietors and independent contractors that have been disproportionately impacted by COVID-19.

To read the guidance and the four tests for affiliation, please review the interim rule from the SBA and the U.S. Treasury.

About Duane Morris

Duane Morris has created a COVID-19 Strategy Team to help organizations plan, respond to and address this fast-moving situation. Contact your Duane Morris attorney for more information. Prior Alerts on the topic are available on the team’s webpage.

For Further Information

If you have any questions about this Alert, please contact Nanette C. Heide, Sandra G. Stoneman, any member of the COVID-19 Strategy Team or the attorney in the firm with whom you are regularly in contact.

April 3, 2020August 31, 2020 by Duane Morris

Paycheck Protection Program Opens with Updated Guidelines

On April 3, 2020, the Paycheck Protection Program (PPP) application opens to borrowers. As previously reported in our Alert, the program is intended to support small businesses, sole proprietors and independent contractors that have been disproportionately impacted by COVID-19.

To read the full text of this Duane Morris Alert, please visit the firm website.

April 3, 2020September 3, 2020 by Duane Morris

New Jersey: NJEDA Small Business Emergency Assistance GRANT Program Opens April 3

The New Jersey Economic Development Authority (NJEDA) will launch the application for its Small Business Emergency Assistance Grant Program on Friday, April 3, 2020 at 9:00 am. If you are thinking of applying, a link to the grant program application will be posted on the State’s COVID-19 Business Information Hub. The grant program is part of a package of initiatives announced last week to support businesses and workers facing economic hardship due to the outbreak of the novel coronavirus COVID-19.

This Grant program is a $5M program that will provide grants up to $5,000 to small businesses in retail, arts entertainment, recreation, accommodation, food service, repair, maintenance, personal and laundry services.

To read the full text of this post by Duane Morris partner Brad Molotsky, please visit the Duane Morris Project Development/Infrastructure/P3 Blog.

April 2, 2020August 31, 2020 by Duane Morris

Ohio Supreme Court Order Complements COVID-19 Relief Measure

By J. Colin Knisely and Matthew Caminiti

On March 27, 2020, the Ohio Supreme Court issued an Order “in response to” Am. Sub. H.B. 197, which Governor DeWine signed into law the same day. Am. Sub. H.B. 197 is a COVID-19 relief measure, which, among other things, waives state testing requirements for the remainder of the school year, extends professional licenses for those who cannot get them renewed, extends the income tax deadline to July 15, and provides funding for affected small business, such as day care. Continue reading “Ohio Supreme Court Order Complements COVID-19 Relief Measure”

April 2, 2020August 31, 2020 by Duane Morris

Pennsylvania Offers Economic Relief Programs for Businesses and Nonprofits

In response to the current COVID-19 pandemic, federal, state and local governments are ushering in an array of programs and tax relief measures to help mitigate the adverse economic impact of COVID-19 on business and nonprofit entities.

To read the full text of this Duane Morris Alert, which identifies and provides an overview of available economic programs, tax relief measures and deadline extensions for applicable Pennsylvania and Philadelphia organizations affected by the COVID-19 pandemic and closures, please visit the firm website.