CLIENT SPOTLIGHT: Grillo's Pickles

If you haven't been to the Grillo's Pickles website, you should. There, you'll find the fantastic story of how this company began. We've copied part of it here to save you a click.

Grillo's Pickles began with a pickle cart, just a small wooden stand in downtown Boston, where Travis Grillo and his friends would sell two spears for one dollar. Travis would make the pickles by night using his family's 100-year old recipe - one he'd memorized from making pickles every summer as a kid. In the morning, Travis would bike to the Boston Common and set up the cart with his buddies. They'd hang out all day, urging people to try the simple Grillo family pickle. It was a small business but Travis worked hard for it. He made more pickles, biked more miles, and slept less hours than he ever had before.
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CLIENT SPOTLIGHT: Factory Five Racing

Factory Five Racing was founded in 1995. Over the years they have grown from a start-up business in a small garage to become the world's largest manufacturer of "build-it-yourself" component car kits. They employ a full-time crew of about 40 people, and are located in Wareham, Massachusetts (about an hour south of Boston). They make their products right here in the USA, in the heart of New England where American manufacturing was born.
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CLIENT SPOTLIGHT: Luca + Danni

Fred and Danny Magnanimi grew up watching their father create beautiful, handcrafted jewelry in the family's Cranston, RI jewelry manufacturing business. When the boys grew up, Fred moved to New York and began working on Wall Street as an investment banker, while younger brother Danny, still enamored by the family business, stayed home. Increased competition from overseas businesses created significant challenges for the business, but Danny was confident he could find a way for the family business to evolve and thrive. This was his mission, this was his passion.
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        Congress Passes Legislation to Provide More Flexibility for PPP Loan Recipients

        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 reduced under certain circumstances if a loan recipient has a reduction in workforce or a reduction in workforce salary. The legislation provides much requested relief from some of these provisions, making the following changes to the program:

        • For loans made on or after the date this legislation is enacted, the minimum maturity date of the loan is increased from two to five years.
        • For any PPP loans (not just loans made on or after the date this legislation is enacted):
          • The forgiveness window is changed from 8 weeks to 24 weeks, so businesses now have 24 weeks from the date of loan origination, or until December 31, 2020, to utilize the loan for eligible expenses;
          • A new exception to the reduction in workforce rules is added whereby a workforce reduction is not taken into account if the business, in good faith, documents that it was unable to rehire certain employees or hire similarly qualified employees by December 31, 2020, or are unable to return to the same level of business activities due to compliance with certain governmental regulations related to COVID-19; and
          • Businesses only have to use 60% of the loan for payroll costs in order to be eligible for 100% loan forgiveness. The remaining 40% must still be used for eligible expenses such as paying mortgage interest obligations, rent obligations, or covered utility payments. If less than 60% of the loan was used for payroll costs during the forgiveness window, the forgiveness percentage of the loan will be reduced.
        • Businesses that receive a PPP loan are now eligible to also defer the payment of applicable employment payroll taxes under Section 2302 of the CARES Act. The exception excluding PPP recipients from this deferral was eliminated.
        Assuming President Trump signs the legislation into law, these provisions should take away many roadblocks businesses were facing in order to be eligible to receive full forgiveness of the PPP loans, particularly the provisions increasing the time period to spend the loans to 24 weeks and lowering the payroll payment threshold to 60%.

        Partridge Snow & Hahn's Business Law Group is ready to answer further questions and to advise your business regarding PPP loans. For additional information and resources visit the firm's COVID-19 Advisory Group page.
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        For current information and resources visit our COVID-19 Advisory Group page