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News & Resources

Category: Asset Protection

PPP Funding Extended to August 8! What’s Next?

Posted July 6, 2020 in Mitchell F. Green, Robert M. Kramer, Asset Protection, Corporate and Taxation, Estate Planning and Probate, News

Late Wednesday, Congress voted to extend funding for the Paycheck Protection Program (PPP), which was scheduled to end on June 30, until August 8. It was signed into law on the 4th of July. To date, the PPP has distributed over $500 billion in forgivable loans to more than 4.7 million American businesses. This extension will give many small businesses, which did not initially file for the PPP, additional time to evaluate their needs. With PPP money already running low for many borrowers which availed themselves of the funding and the ongoing  spread of the coronavirus continuing threatening their business, there appears to be some consensus in Washington, as to what to do with the $125 billion that remains in the program. In recent weeks, lawmakers have been increasingly voicing support for the Prioritized Paycheck Protection Program Act (P4), which, among other things, would further extend the application deadline for PPP loans to Dec. 30, or longer. The final deadline as well as administration of P4 would be left up to the SBA. P4 would be open only to companies that have already exhausted or are about to exhaust their PPP loans. It calls for stricter eligibility requirements and creates additional carve-outs for companies hardest hit by the pandemic. Publicly traded companies would be barred from participating.

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New PPP Rules Answer 8/24 Week Question; Others Still Remain!

Posted June 29, 2020 in Mitchell F. Green, Robert M. Kramer, Asset Protection, Corporate and Taxation, Estate Planning and Probate, News

On June 22, the SBA released new Interim Final Rules (IFR) relating to Loan Forgiveness. The IFR updates prior IFRs to conform to the PPP Flexibility Act (PPPFA), specifically relating to the maturity of PPP loans, the deferral of PPP loan payments, and the PPP loan forgiveness process.

The highlights of the IFR are as follows:

1.  Borrowers can file for forgiveness during the 24-week period immediately after they have spent their PPP loan proceeds on “eligible expenses.” They do not have to wait until the end of their 24-week period, which is what was originally thought under the PPPFA. As addressed in a prior Legal Beat, under the PPPFA, borrowers who received their loans on or after June 5, 2020 have a 24-week forgiveness period, while those who received the loan prior to such date, could elect, instead, an 8-week forgiveness period.

The IFR specifically provides that a borrower may submit a loan forgiveness application any time on or before the maturity date of the loan – including before the end of the covered period – if the borrower has used all of the loan proceeds for which the borrower is requesting forgiveness. So long as a borrower has spent all of their loan proceeds, they will be able to apply for forgiveness at any point.

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PPP Update – PPP Flexibility Act, New Interim Rules and PPP Loan Forgiveness Application

Posted June 21, 2020 in Mitchell F. Green, Robert M. Kramer, Asset Protection, Corporate and Taxation, Estate Planning and Probate, News
As addressed in previous Legal Beats, the Payroll Protection Program (PPP) Flexibility Act included a number of revisions to intended to increase the likelihood that borrowers will receive full loan forgiveness. More recently, new interim rules, together with a new PPP loan forgiveness application, both issued by the SBA, provide additional guidance, further increasing the likelihood of loan forgiveness! The highlights of these pronouncements include the following: Extension of the 8-week covered period applicable to loan forgiveness to 24 weeks (borrowers that received loans prior to June 5th, 2020, the date of enactment of the PPP Flexibility Act, can elect to use the original 8-week period covered period). The maximum allowable cash compensation (including salary, wages, and tips) eligible for forgiveness is $100,000 annualized per employee (equivalent to $15,385 per employee if the 8-week covered period is selected or $46,154 per employee if the 24-week covered period is selected). 

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I DON’T CARE IF MY COMPANY GETS SUED…I WILL JUST FORM ANOTHER ONE-BANKRUPTCY- PART 5

Posted June 15, 2020 in Robert M. Kramer, Asset Protection, Corporate and Taxation, Estate Planning and Probate, News

This Part 5 of our bankruptcy series.  So far, we have covered what you need to know if the event of bankruptcythe premise of bankruptcy in the era of COVID-19, protecting your LLC and/or Limited Partnership, and what to do with a lease.

Many people are under the impression that they are free to form a new company at any time to cut off legal problems with an old company.

This gets into an area in the law known as “successor liability.” When a business is sold, it depends upon what was sold and whether or not the successor expressly or by implication, accepted the old company’s liability.  If just the assets were sold, ordinarily the purchaser has not assumed the liabilities.

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Treasury/SBA Clarification on PPP Flexibility Act

Posted June 12, 2020 in Mitchell F. Green, Robert M. Kramer, Asset Protection, Corporate and Taxation, Estate Planning and Probate, News
U.S. Treasury Secretary Steven T. Mnuchin and Small Business Administration (SBA) Administrator Jovita Carranza issued a joint statement addressing and clarifying various aspects of the Paycheck Protection Program (PPP) Flexibility Act. SBA, in consultation with Treasury, will promptly issue rules and guidance, a modified borrower application form, and a modified loan forgiveness application implementing these legislative amendments to the PPP.  These modifications will implement the following important changes:

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