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Category: Firm News

Bankruptcy in the Era of COVID-19 - Part 2

Posted May 18, 2020 in Mitchell F. Green, Robert M. Kramer, Asset Protection, Estate Planning and Probate, Firm News, News

WHAT YOU NEED TO KNOW JUST IN CASE: BANKRUPTCY- PART 2 This is Part 2 of a series on Bankruptcy.  Our first article discussed the differences between Chapter 7 (Liquidation), Chapter 11 (Reorganization) and Chapter 13 (Wage Earner Plan). If you want to review Part 1, click HERE. This Part 2 will discuss residency, its effect on your ability to choose State or Federal exemptions and the Florida homestead exemption.  Florida has an extremely generous exemption statute.  Cash value life insurance, annuity contracts, qualified retirement plans, IRAs, wages payable to a head of household and disability benefits are exempt from general creditors without limit.  Florida also exempts the homestead without value limit, but there are size restrictions.

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PPP Loan Necessity Update

Posted May 14, 2020 in Mitchell F. Green, Robert M. Kramer, Corporate and Taxation, Firm News

Late yesterday, the SBA released the following FAQ, which states that if the PPP loan amount is less than $2,000,000, it is deemed to be necessary.  If it is over $2,000,000 and determined not to be necessary, the loan will need to be repaid. However, there will apparently be no penalty or criminal exposure, provided the borrower repays the loan after receiving notification from the SBA.  This should put borrowers at ease that, if they did not intentionally answer the question of necessity on their PPP loan application inaccurately, then they are likely safe from possible SBA administrative enforcement action!

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Additional Details Regarding $50 Billion Provider Relief Fund General Distributions

Posted May 13, 2020 in Mitchell F. Green, Robert M. Kramer, Corporate and Taxation, Firm News, Health Law
The Department of Health and Human Services (HHS) is in the process of completing a $50 billion general distribution (General Distribution) from the $100 billion available to health care providers through the Public Health and Social Services Emergency Fund (Provider Relief Fund) as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act. 

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