On December 27, 2020, the President signed into law the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, an integral portion of the Consolidated Appropriations Act of 2021 (the “Act”). As detailed in our Alert released on December
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Alert: Continuation and Expansion of the Paycheck Protection Program
Congress has reached a bi-partisan agreement on the Consolidated Appropriations Act of 2021 (the “Act”), which includes a supplemental relief package aimed at mitigating the continued economic impact of COVID-19 on American businesses, individuals and families, and includes expansion of
The Southern District of New York Finds that COVID-19 Is A “Natural Disaster”
The Southern District of New York has recently issued a decision that could ultimately have a significant impact on the enforceability of contracts that required performance during the COVID-19 pandemic. In JN Contemporary Art, LLC v. Phillips Auctioneers LLC, (20-cv-04370),
PPP Alert: SBA Issues Additional Guidance on Loan Necessity Questionnaire
The U.S. Small Business Administration (the “SBA”), in consultation with the Department of the Treasury, has further updated its Frequently Asked Questions (“FAQs”) regarding the issuance of Loan Necessity Questionnaires to certain Paycheck Protection Program (“PPP”) borrowers (“PPP Borrowers”). Such
PPP Alert: SBA Issues Loan Necessity Questionnaires
The U.S. Small Business Administration (the “SBA”) is requiring lenders to obtain completed “economic need” questionnaires (the “Questionnaire”) from Paycheck Protection Program for-profit and nonprofit borrowers (“PPP Borrowers”) who borrowed $2 million or more in Paycheck Protection Program (“PPP”) loans.
SBA Clarifies Treatment of PPP Loans in M&A Deals
Earlier this month, the U.S. Small Business Administration (the “SBA”) issued Procedural Notice Control No. 5000-20057 (the “Guidelines”), providing guidance with respect to M&A transactions involving entities with outstanding Paycheck Protection Program (“PPP”) facilities. This Alert summarizes the Guidelines as
SEC Proposes Conditional Exemption from Broker Registration Requirements for Finders Assisting Small Businesses with Capital Raising Efforts
Easing of restrictions may be on the way for smaller issuers seeking to rely on “finders” to assist with their capital raising efforts. On October 7, 2020, the U.S. Securities and Exchange Commission (the “SEC”) proposed a new limited, conditional
SEC Expands Definition of Accredited Investor
On August 26th, the Securities and Exchange Commission (“SEC”) adopted amendments to the “accredited investor” definition in Rule 501(a) of Regulation D, a key determinant for eligibility to invest in unregistered securities.
The amended definition expands access to private capital
Delaware Offices Permitted to Reopen with Restrictions
As Delaware operates in Phase 2 of its economic reopening, the following are general guidelines applicable to offices which are not otherwise subject to industry-specific guidance. The following applies as of June 15, 2020, the date that Delaware began Phase
NYC Offices Permitted To Open With Restrictions
On Monday, June 22nd, New York City –reopened to Phase Two businesses – including offices (including law firms, real estate and many other professional services). New York City is the final region in New York State to have entered this