You are buying a business. You have begun negotiating with the seller and have agreed to a purchase price for the assets of the business and some general terms. Maybe your seller gives you an agreement to review or maybe you will have your attorney draft an agreement for you. Either way, you should require these three things be included in that agreement.…
The Small Business Administration (SBA) has approved $200 billion in disaster loans to 3.7 million borrowers since the COVID-19 Economic Injury Disaster Loan (EIDL) program began last year[1]. Unlike the forgivable loans made through the larger and more prominent Paycheck Protection Program (PPP Loans), the disaster loans must be paid back. But they carry a low interest rate and a long repayment term. Currently the disaster loans borrowing limit is capped at $150,000,…
Congratulations on the new addition to your family. Have you been asked the question yet? Maybe the question came from a friend, or your accountant, or your dad. “Do you have a will?” your dad asks. “We don’t have enough money to worry about a will,” you respond. “I don’t have time to sleep, let alone to deal with a lawyer,” your spouse cries. Here is why getting an estate plan done will be worth…
Right up there with labor, the leasing of commercial space is a huge cost for the typical business owner. Commercial space is expensive, and leases often run for five to seven years or more. The total lease obligation on even a modest commercial space can often run into the millions of dollars. And landlords typically aren’t lining their pockets with these monthly rent checks. They’ve got mortgages to pay, and depend on their tenants paying…
M&A deals have declined by 13% in the first half of 2020 compared to this point in 2019. The dollar value of deals has declined by 43% since last year at this time. Companies in today’s uncertain environment due to the Covid-19 pandemic, global economic uncertainty, the upcoming US election, and racial unrest, must find creative ways to capitalize on opportunities and must adapt to survive long-term.…
These are uncertain times and COVID 19 has impacted all deal sectors. The buying and selling of development land has not been spared from this uncertainty.  Land development transactions often take years to close. Due diligence in these deals is centered around environmental testing, surveying, market analysis, and most importantly obtaining the necessary entitlements to the land from the local governing body so the land is fit for the development purposes. Given this extended time…
Application and purpose of PPP. The goal of the Payroll Protection Program (PPP) is to allow businesses and their employees to weather this storm.  The forgiveness provisions all relate to continuing employee payroll, and allowing businesses to pay rent/mortgages/utilities.  This forgiveness program is not designed to help businesses buy new equipment or pay off existing debt.  At the time of application, the applicant must certify that the business intends to use to funds to cover…
COVID-19 or the “Coronavirus” has forced all of us to act individually for the collective good but to think globally. It has forced law firms, large and small, and clients, large and small, to adapt and to plan. We are all in this fight together, and new issues will arise everyday as the repercussions continue. Our transaction team has already come across several issues including one we will discuss in depth below, force majeure clauses.…