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Paycheck Protection Program: Understanding Key Terms and Zealous Advocacy Likely to Lead to Additional Loan Forgiveness for Many Businesses

As participants in the Paycheck Protection Program (“PPP”) begin to organize information for their loan forgiveness applications, they are likely to be blindsided by a significant number of technical definitions and questions.  On top of that, many are starting to understand that significant amounts of these loans may not actually be forgiven – even if…

Congress to the Left, the SBA to the Right, Here Business Owners and Banks Are, Stuck in the Middle of Impending Conflicts Created by the Paycheck Protection Program

In March 2020, Congressional leaders “got the feeling that something ain’t right.”  Mass hysteria was building and government-imposed quarantines were all but guaranteed.  Health officials expected millions to potentially perish from the ravages of COVID-19.  Financial experts predicted that businesses would be shuttered for a year or longer and the United States would be set…

COVID-19 Updates: State of Maryland

June 3, 2020 Yesterday afternoon, the Governor announced the State is now entering Phase Two of the economic recovery.  The Governor noted that while all Counties and Baltimore City have entered Phase One, the decision to enter Phase Two is at the discretion of the local governments.  Effective on Friday, June 5, Maryland will be…

COVID-19 Updates: Baltimore City

May 28, 2020 In a press release, Baltimore City Mayor Bernard C. “Jack” Young announced that the restaurants with outdoor dining permits would be permitted to begin serving patrons for outdoor dining starting Friday, May 29th at 5:00 pm.  The Mayor’s press release emphasized that restaurants must abide by Governor Hogan’s order setting forth the…

Baltimore City Council passes the COVID-19 Rent Increase Protection Act

UPDATE: The City Council’s website indicates that the Mayor signed the Baltimore City COVID-19 Rent Increase Protection Act into law on May 18, 2020. Per its terms, the Act’s provisions are effective retroactively to March 5th. Attorneys from Rosenberg Martin Greenberg are available to assist residential property owners in navigating the requirements of the Act.…

Best Practices for PPP Loan Forgiveness

May 16, 2020 The Paycheck Protection Program (PPP) has provided temporary funding for many businesses of various sizes and across many industries. Once borrowers have received approval and funding (if not sooner), they should focus on maximizing the amount of loan proceeds that will be forgiven. Use of Proceeds Borrowers are permitted to use PPP…

COVID-19 Updates: Baltimore County

May 15, 2020 Baltimore County recently unveiled a $10 mm program for small businesses to get up to $15k each in grants for covid-19. Eligibility requirements and link to apply are below. I don’t have any other information than what is below and/or on the website, but if you or clients/orgs have questions, between me…

A Look At The First Three Months Of The Small Business Reorganization Act

In August of 2019, the President signed into law the Small Business Reorganization Act (“SBRA”).  SBRA created a new Subchapter V of Chapter 11 of the United States Bankruptcy Code effective February 19, 2020.  SBRA is intended to make it easier and less expensive for small businesses to reorganize under Chapter 11.  As enacted, SBRA…

For Purposes of the Employee Retention Credit, when is a Business Considered “Fully or Partially Suspended Due to a Governmental Order”?

Article effective based on date written: May 12, 2020 For businesses struggling as a result of pandemic-related shutdowns, any form of stimulus may be vital to their continued existence.  When the CARES Act[1] became law, many businesses believed that the employer retention credits authorized by section 2301 would see widespread application.  Unfortunately, those impacted by…

Considering Returning Funds from the Paycheck Protection Program? Here’s What You Need to Know.

Article effective based on date written: May 11, 2020 For those seeking to return funds from the Paycheck Protection Program (“the PPP”) pursuant to the safe harbor, the deadline is fast approaching: May 14, 2020.  While this issue continues to generate publicity, the fear being generated is perhaps unfair to some returning funds for which…