Strauss Troy welcomes Stephen S. Schmidt, Daniel A. Hunt, Brian R. Tracy, and Ryan F. Hemmerle to the firm. Stephen S. Schmidt is a litigator and business advisor who focuses his practice in the areas of complex commercial litigation, construction litigation, employment litigation and tort law. Steve represents and advises clients across a variety of …Read More
Category: Corporate | Business
SBA Announces Restrictions on PPP Borrowers’ Mergers and Transfers of Assets or Ownership
On Friday, October 2, 2020, the U.S. Small Business Administration issued SBA Procedural Notice 5000-20057, which provides long-awaited guidance regarding pre-forgiveness restructures and ownership changes of borrowers under the Paycheck Protection Program.
PPP Frequently Asked Questions
On May 19, 2020, the Small Business Administration released a list of frequently asked questions for lenders and borrowers.
PPP Loan Forgiveness and Deductible Expenses
PPP loans are subject to forgiveness to the extent that a borrower uses PPP funds for payroll costs and certain mortgage interest, rent and utility obligations during the 8 week period following loan disbursement.
SBA Updates to Payroll Protection Program Rules
By: Michael L. Iannitti The SBA has continued to issue additional guidance for borrowers and lenders on the Payroll Protection Program (PPP). Since publishing its initial rules in early April, further clarification has slowly trickled out on the often vague provisions of the CARES Act. Perhaps most significantly, the SBA has clarified the circumstances in …Read More
Let’s Get to Work! Workplace considerations with Return-to-Work Plans
By: Theresa L. Nelson With recent news of easing stay-at-home orders, employers that have been operating with limited employees or that were closed due to COVID-19 need to evaluate the next steps for returning employees to work and opening operations. Any return-to-work plan must comply with all federal, state and local directives to ensure a …Read More
Families First Coronavirus Response Act: Small Business Exemptions
By: Theresa L. Nelson The Department of Labor published regulations governing the Families First Coronavirus Response Act on April 1, 2020. While containing extensive explanations of terms and provisions throughout the entire FFCRA, one section is particularly noteworthy for small businesses. The language of the FFCRA provided that small private employers with fewer than 50 …Read More
Families First Coronavirus Response Act: what employers should know
The Families First Coronavirus Response Act (FFCRA), which includes the Emergency Paid Sick Leave Act and the Emergency Family and Medical Leave Expansion Act, paid leave provisions are effective on April 1, 2020 and apply to leave taken between April 1, 2020 and December 31, 2020. The Wage and Hour Division (WHD) of the Department of Labor issued detailed guidance and the required notice for employers to post.
COVID-19 and Business Interruption Coverage: Pending Legislation
On March 23, we wrote about potential insurance claims arising from COVID-19 shutdowns and disruptions that businesses could assert under the business interruption coverage in their property damage insurance. Since then, bills have been filed in several state legislatures – including Ohio – that seek to ensure that this coverage exists.
Frustration of Purpose And Excused Contractual Performance After A Government Shut Down
By: William K. Flynn State and local governments are taking aggressive actions to contain the spread of the COVID-19 virus, including official and unofficial quarantines, “social distancing,” stay at home requirements, and cancellation of public events. I wrote the other day addressing the potential implications of a pandemic relative to negotiated force majeure provisions commonly …Read More