Corporate & Business

Paycheck Protection Program after the COVID-related Tax Relief Act of 2020 and the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act

Paycheck Protection Program after the COVID-related Tax Relief Act of 2020 and the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act

NOTE—The COVID-related Tax Relief Act of 2020 and the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act amend the CARES Act, and this Article updates the information in the following Articles previously published: Paycheck Protection Program Under the Coronavirus Aid, Relief and Economic Security Act, March 31, 2020 SBA Issues Interim Final Rule for the Paycheck Protection Program, April 3, 2020 Update on ...
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SBA Proposes Increase in Small Business Size Standards For Certain Service Industries

SBA Proposes Increase in Small Business Size Standards For Certain Service Industries

On November 27, 2020, the Small Business Administration (SBA) published a Proposed Rule to revise the small business size standards for businesses in five North American Industrial Classification System (NAICS) sectors in an effort to increase small business eligibility for SBA’s loan and contracting programs.  The revisions, if adopted, would increase the size standards for 70 service industries in the following sectors: 61- Education Services; ...
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Make It Stop: What A Court Can And Can’t Order A Defamation Defendant To Stop Saying

Make It Stop: What A Court Can And Can’t Order A Defamation Defendant To Stop Saying

A defamatory statement or publication can cause serious damage to a person’s business or professional reputation. Monetary damages are always available to the victim of defamation, but in some cases, damages do not fit a client’s situation or needs. For example, in many circumstances, the person making the defamatory statements has done so on numerous occasions and continues to spread the harmful lies. Furthermore, some ...
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The Short Guide to Short-Term Rentals: Norfolk, VA Edition

The Short Guide to Short-Term Rentals: Norfolk, VA Edition

Short-term rentals have become increasingly popular with Hampton Roads visitors and a big source of income for local property owners. Many guests in the Hampton Roads area are finding accommodations on websites like AirBnb.com, HomeAway.com, and Tripping.com, instead of staying in traditional hotels and resorts. In 2018, Airbnb hosts in the City of Norfolk alone generated 4.5 million dollars of revenue and hosted 31,000 guests ...
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Simplified PPP Forgiveness Procedure for Loans of $50,000 or Less

Simplified PPP Forgiveness Procedure for Loans of $50,000 or Less

NOTE:  This article updates the information in the following Articles previously published: PPP Loan Forgiveness, April 29, 2020 Additional PPP Loan Forgiveness Guidelines, June 2, 2020 PPP Loan Forgiveness Application, After the Payroll Protection Program Flexibility Act of 2020, June 24, 2020 On Friday, October 9, 2020, the Small Business Administration (“SBA”) released guidelines for a simpler loan forgiveness process for Borrowers with Paycheck Protection ...
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Business Owners’ Reputations: How Notoriety Can Make Owners (and Their Businesses) Prey to Defamation

Business Owners’ Reputations: How Notoriety Can Make Owners (and Their Businesses) Prey to Defamation

Effectively marketing a business and maintaining its reputation and goodwill within the community is exceptionally important to the success of a business, but it is a full-time effort as well. For better or worse, a business’s image and reputation are often closely tied to the image and reputation of its owner or owners. This can be a great opportunity for owners to get involved in ...
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New Emergency Temporary Standard Will Apply to Employers in Virginia

New Emergency Temporary Standard Will Apply to Employers in Virginia

This article is the first in a three-part series discussing the New Emergency Temporary Standards for Employers in Virginia. Click here to read Part 2 and Part 3. Governor Northam’s executive order (EO 63), tasked the Virginia Safety and Health Codes Board (the Board) – which “promulgates and adopts job safety and health standards, [that] employers and employees are required to comply with…”– to create ...
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The Short Guide to Short-Term Rentals: Richmond, VA Edition

The Short Guide to Short-Term Rentals: Richmond, VA Edition

Every day, short-term rentals play host to international visitors around the world. Whether for business or pleasure, short-stay accommodation websites like AirBnB.com, HomeAway.com, Tripping.com, and more have replaced traditional motel and hotel stays for many travelers of all ages. Naturally, because this type of lodging is coordinated by individuals and can generate substantial income, state and local governments have sought to regulate and tax these ...
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When to Apply for Forgiveness of a PPP Loan

When to Apply for Forgiveness of a PPP Loan

This Article is based on information available as of June 22, 2020.  The information is subject to change as additional guidance is provided. NOTE—This article updates the information in the following Articles previously published: Paycheck Protection Program Under the Coronavirus Aid, Relief and Economic Security Act, March 31, 2020 SBA Issues Interim Final Rule for the Paycheck Protection Program, April 3, 2020 Update on Paycheck ...
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PPP Loan Forgiveness Application, After the Payroll Protection Program Flexibility Act of 2020

PPP Loan Forgiveness Application, After the Payroll Protection Program Flexibility Act of 2020

This Article is based on information available as of June 18, 2020.  The information is subject to change as additional guidance is provided.  In mid-May the SBA published the PPP Loan Forgiveness Application (SBA Form 3508).  Following the Paycheck Protection Program Flexibility Act of 2020 becoming law, the SBA published two new PPP Loan Forgiveness Applications, SBA Form 3508 (06/20), which can be downloaded here, ...
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Amendments to CARES Act – Paycheck Protection Program Flexibility Act

Amendments to CARES Act – Paycheck Protection Program Flexibility Act

This Article is based on information available as of June 11, 2020.  The information is subject to change as additional guidance is provided. NOTE—The Paycheck Protection Program Flexibility Act of 2020 amends the CARES Act, and this Article updates the information in the following Articles previously published: Paycheck Protection Program Under the Coronavirus Aid, Relief and Economic Security Act, March 31, 2020 SBA Issues Interim ...
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Credit cards and American money

Additional PPP Loan Forgiveness Guidelines

NOTE—The Paycheck Protection Program Flexibility Act of 2020 amends the CARES Act and this article updates the information below>> click here to read more.  This Article is based on information available as of May 22, 2020.  The information is subject to change as additional guidance is provided. The SBA has published the PPP Loan Forgiveness Application (SBA Form 3508) which can be downloaded here and ...
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Additional guidance from the SBA on “available liquidity” element of certifications for PPP Loans – Safe Harbor extended to May 18, 2020.

Additional guidance from the SBA on “available liquidity” element of certifications for PPP Loans – Safe Harbor extended to May 18, 2020.

Since the passage of the CARES Act and the SBA completing the first round of PP Loans, companies have been dealing with an ever changing set of guidelines interpreting the eligibility requirements for a PPP Loan and the eventual forgiveness of the Loan.  Unfortunately, no clear guidance is yet available. On April 23, 2020, the Treasury Department issued its Question 31 to its Frequently Asked ...
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Certifications made on application for a PPP Loan – Safe Harbor deadline extended to May 14, 2020.

Certifications made on application for a PPP Loan – Safe Harbor deadline extended to May 14, 2020.

Since the passage of the CARES Act and the SBA completing the first round of PP Loans, companies have been dealing with an ever changing set of guidelines interpreting the eligibility requirements for a PPP Loan and the eventual forgiveness of the Loan.  Unfortunately, no clear guidance is yet available. On April 23, 2020, the Treasury Department issued its Question 31 to its Frequently Asked ...
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Be Aware of HUBZone Employee Residency Requirements

Be Aware of HUBZone Employee Residency Requirements

On December 26, 2019, new rules promulgated by the U.S. Small Business Association (“SBA”) went into effect to expand access to the Historically Underutilized Business Zone (HUBZone) program and assist the U.S. Government in meeting its goal of awarding 3% of its contracts to certified HUBZone small businesses. HUBZones are economically distressed rural areas which have been specially designated by the SBA with populations lower ...
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Plan Now for Reopening Your Business

Plan Now for Reopening Your Business

Governor Northam announced on May 4 that provisions of E.O. 53 that were to expire on May 7 have been extended to May 14. Beginning May 15, certain non-essential businesses that had been closed by E.O. 53 will be permitted to reopen under strict social distancing and disinfecting rules. E.O. 55, which is the stay-at-home order, and other aspects of E.O. 53, such as the ...
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PPP Loan Forgiveness

PPP Loan Forgiveness

NOTE—The Paycheck Protection Program Flexibility Act of 2020 amends the CARES Act and this article updates the information below>> click here to read more.  This Article is based on information available as of April 29, 2020.  The information is subject to change as additional guidance is provided. In its interim rules dated April 2, 2020, the SBA stated that it will issue additional guidance on ...
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Electronic Notarization And Remote Notarization: What Is It, And Is It Available In Virginia?

Electronic Notarization And Remote Notarization: What Is It, And Is It Available In Virginia?

In light of the recent social distancing guidelines, parties are searching for alternative methods of doing business and closing transactions while avoiding face-to-face interaction. As a result, the issue of electronic notarization and remote notarization has gained increasing importance. Are these alternative methods to the traditional notarization process – which typically requires signing a document in the physical presence of a notary – permitted in ...
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Update on Paycheck Protection Program Loans

Update on Paycheck Protection Program Loans

NOTE—The Paycheck Protection Program Flexibility Act of 2020 amends the CARES Act and this article updates the information below>> click here to read more.  This article updates the information in the articles, “SBA Issues Interim Final Rule For The Paycheck Protection Program” dated April 3, 2020, and “Paycheck Protection Program Under The Coronavirus Aid, Relief, and Economic Security Act” dated March 31, 2020. The Coronavirus ...
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SBA Issues Interim Final Rule for the Paycheck Protection Program

SBA Issues Interim Final Rule for the Paycheck Protection Program

NOTE—The Paycheck Protection Program Flexibility Act of 2020 amends the CARES Act and this article updates the information below>> click here to read more.  The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted and signed into law by the President on March 27, 2020.  The principal program for small business economic relief under the CARES Act is the Paycheck Protection Program ...
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