Corporate & Business Archives - Page 6 of 12

Client Alerts Corporate & BusinessSBA Announces Loan Necessity Questionnaires for PPP Loans of $2 Million or Greater

November 10, 2020

The Small Business Administration has announced in the Federal Register the release of two proposed questionnaires for recipients of Paycheck Protection Program (PPP) loans of $2 million or greater. One questionnaire will collect information from for-profit borrowers, and the other questionnaire is for non-profits. The questionnaires have not been posted to the SBA’s website but...

Client Alerts Corporate & BusinessScammers Obtain Fraudulent SBA Loans by Posing as Legitimate Companies

November 3, 2020

When tragedy hits, there are always nefarious people who will try to profit. The ongoing COVID-19 pandemic is no exception. There have been recent instances in which scammers have successfully used publicly available information of unsuspecting companies to fraudulently apply for Economic Injury Disaster Loans from the Small Business Administration (SBA). In one example, a...

Cannabis Client Alerts Corporate & BusinessCannabis on Many Ballots this November

October 21, 2020

While some states’ ongoing efforts to legalize cannabis via voter referendums have been impacted by the COVID-19 pandemic, a number of states will still be presenting the voters with questions regarding legalization of cannabis this year. Arizona, South Dakota, Montana and New Jersey voters will vote on adult recreational use legalization, while Idaho and Mississippi...

Client Alerts Corporate & Business Employment & LaborSBA Issues Guidance on Treatment of PPP Loans in Mergers and Acquisitions

October 7, 2020

On October 2, 2020, the SBA issued guidance under a procedural notice (the “Notice”) providing information concerning the required procedures for changes of ownership of an entity that has received a Payroll Protection Program (“PPP”) loan (such entity, a “PPP Borrower”). Under the guidance, if a change of ownership occurs in a PPP Borrower, prior...

Corporate & Business NewsChange to Calculation of Wages for Commission-Based Employees

September 16, 2020

In an article which appears in this month’s issue of The Standard, PS&H Attorneys Brian Reilly and Brian Fishman discuss developments in Massachusetts’ law that could impact insurance companies with commission-only employees. In May 2019, the Massachusetts Supreme Judicial Court issued a decision interpreting the method for calculating overtime wages for Massachusetts commission-only employees. The article...

Client Alerts Corporate & Business Employment & LaborEmployers Have Little Incentive to Implement Social Security Tax Deferral Under New IRS Released Guidance

August 31, 2020

By Russell J. Stein On Friday August 28th the IRS issued limited guidance on the payroll tax deferral that was part of President Trump’s August 8th executive order. Under IRS Notice 2020-65 (the “Notice”), employers are not required to withhold the employee share of Social Security taxes (the “Applicable Taxes”) attributable to wages paid to...

Client Alerts Corporate & BusinessSEC Adopts Changes to Accredited Investor Definition

August 27, 2020

On August 26, 2020, Jay Clayton, Chairman of the U.S. Securities and Exchange Commission (SEC), released a Statement on Modernization of the Accredited Investor Definition. This Statement reflects the SEC’s commitment to expanding the pool of eligible accredited investors. For over thirty years, the accredited investor test for individuals has been a binary test based...

Client Alerts Corporate & BusinessGovernor Raimondo Announces “Restore RI” Grant Program for Small Businesses

July 17, 2020

By David M. DiSegna On July 15, 2020, Rhode Island Governor Gina Raimondo announced a new small business grant program to be administered through Rhode Island Commerce. The “Restore RI” grant program will initially be funded with $50 million, and grants will be available for up to $15,000 for eligible Rhode Island businesses impacted by...

Client Alerts Corporate & BusinessCongress Passes Legislation to Provide More Flexibility for PPP Loan Recipients

June 4, 2020

The Senate has passed legislation (H.R. 7010) providing more flexibility to recipients of loans under the Paycheck Protection Program (PPP). The legislation already passed the House and now just awaits President Trump’s signature. Under the PPP, loans that are used for certain eligible expenses during an applicable time period are eligible for forgiveness. Loan forgiveness may be...

Client Alerts Corporate & BusinessSBA Issues Additional Guidance on PPP Loan Certification Requirements

May 13, 2020

On May 13, 2020, the SBA revised its frequently asked questions and added question #46 – “How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?” In order to receive a PPP loan a borrower had to certify in good faith that “current economic uncertainty makes this loan request necessary...

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