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Retail Leasing in a COVID-19/Post-COVID-19 World: Preparing for the “New Normal”

The retail industry has experienced an unprecedented and immediate shift as a result of the economic fallout from COVID-19. One of the most apparent changes is evident when handling commercial retail leasing; read on to better understand what the new commercial standard will be on key retail leasing issues. Definition of Force Majeure Most often…

Navigating Existing “Future Debt Restrictions” After Obtaining PPP Loan

Many businesses that participated in the Paycheck Protection Program (“PPP”) may have inadvertently defaulted on some of their pre-existing credit facilities or outstanding loans. As has become standard within these debt instruments, lending institutions often protect their future income streams with provisions restricting or prohibiting their borrowers from taking on additional debt. Ordinarily, borrowers strictly…

Collection: Tax Collection and the Coronavirus: What Happens After the Pandemic?

This article was originally published in the Journal of Tax Practice and Procedure, Volume 22, Issue 2. I. Introduction The coronavirus (“COVID-19”) has touched all our lives in a profound way. For the first time, we are experiencing stay in place orders, mandatory closing of nonessential businesses and extended periods of time in quarantine. The…

My Business Is In Bankruptcy: Can It Get A PPP Loan Or Not?

In response to the COVID-19 pandemic, Congress enacted a Paycheck Protection Program (“PPP”) under which businesses adversely impacted by the pandemic may obtain loans from the Small Business Administration (“SBA”) and use the proceeds to pay payroll and certain other operating expenses.  If the businesses use the loan proceeds for approved purposes and satisfy certain other criteria for retaining employees, the loans are forgiven.  If the loans are not forgiven, they must be repaid, albeit at a favorable interest rate.

Paycheck Protection Program Loans – Loan Forgiveness Made Easier

On Friday, June 5, the President signed into law the Paycheck Protection Program Flexibility Act (the “Act”).  Originally enacted as part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, the Paycheck Protection Program (“PPP”) provides loans to small businesses for payroll and certain other costs for up…

Raising Capital Post-COVID-19 – What Now?

Right about now, many business owners are asking themselves – what’s next?  How can I sustain my business?  Where can I obtain additional financing?  What if I need quick access to capital?  Am I out of options? Maybe your business received federal, state, or local government financial assistance in response to the crisis.  Maybe you…

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…

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…

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…