Our COVID-19: Client Updates

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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.

COVID-19 Updates: State of Maryland

June 10, 2020 At yesterday’s press conference, Governor Hogan announced the next phase of the State’s re-opening plan, which includes the following (subject to further restriction by local government):   Subject to limitations (such as 50% capacity), restaurants will be able to re-open to in-door dining effective Friday, June 12 at 5 pm.  Outdoor pools…

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  Originally enacted as part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, the Paycheck Protection Program (“PPP”) provides loans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…

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…