Blog

New SBA Guidelines

May 13, 2020

With the May 14, 2020 Safe Harbor date rapidly approaching, as expected, the SBA just released new guidance in the form of FAQ #46 regarding PPP loans in an amount less than $2 million. Based on the information contained in this document, it seems that PPP loans under $2 million will not be subject to…

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PPP Loan – Counting of Employees and Foreign Affiliates

May 8, 2020

As previously discussed earlier this Spring, the Paycheck Protection Program (“PPP”) enacted through the CARES ACT is a Federal Program that has been marked with more questions than answers. As the days pass and the implications of the program are evaluated by the government and public, the Small Business Administration (“SBA”) and Department of Treasury…

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The Pandemic is Raging and I Have a Commercial Lease– Now What?

May 6, 2020

Without doubt, by now, nearly every human being on the planet has been impacted by the Covid-19 pandemic to some degree. If you have a commercial lease, as either a landlord or tenant, how to proceed both now and after the pandemic is a real and present concern. Even as states begin to reopen businesses,…

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Does PPP need to be the last straw?

April 24, 2020

The rules for the Paycheck Protection Program (PPP) change daily, sometimes hourly. On April 23, 2020 the SBA issued a question whether an applicant can certify in good faith that the business needed the SBA loan as liquidity. Our suggestion is to avoid potential criminal charges to analyze the needs of the company and also…

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Immigration Update – Suspension

April 23, 2020

What appears to be clear at this time: 1. The White House is issued a Proclamation on April 22, 2020. 2. The effective date is April 23, 2020 at 11.59. PM. 3. This “temporary” immigration suspension is scheduled for 60 days. The suspension shall apply only to aliens who: (i) are outside the United States…

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Debt Relief beyond the PPP – Loans Eligible for the SBA to make Six Months of Payments

April 15, 2020

For anyone considering a business acquisition, now may be a great time to do it. Many buyers finance business acquisitions using 7(a) loans. A 7(a) loan is a general-purpose loan up to $5 million, which can be used to purchase a business, purchase equipment, or obtain working capital, among other uses. 504 loans are loans…

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Reduced Hours, Reduced Wages,and Layoffs during the COVID-19 Crisis

April 9, 2020

These general rules should be followed when considering a reduction in hours, a reduction in wages, or termination in North Carolina. If there is an employment agreement in place, the provisions of the agreement will generally take precedence over these rules. Reducing Hours An employer is free to adjust the hours of its employees regardless…

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Which Businesses are “Essential” or “Critical” under the South Carolina Executive Orders?

April 8, 2020

Beginning last week on Wednesday, April 1st, in South Carolina non-essential businesses, venues, facilities, and services were ordered to be closed to non-employees and the public. In the latest Executive Orders issued on April 3 rd & 6th, South Carolina Governor McMaster has further defined which businesses must be closed. The latest “Home or Work…

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E-2 visa and unemployment benefits eligibility

April 7, 2020

Many of our clients have employees with E-visa working here in the US. Due to the coronavirus outbreak, some of these employees may have been laid off. Their question may be: “Can I apply for unemployment benefits? If I apply for unemployment benefits, will the government determine that I am likely to become a public…

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Can my PPP loan be forgiven in whole or in part?

April 6, 2020

Payroll Protection Program After the Small Business Administration (SBA) applications under the CARES Act for the Paycheck Protection Program are now possible and many banks have opened their portals and applications are pouring in, the next question is: can the loan be forgiven? The quick answer is: Yes. We suggest that you open a new…

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