Corporate & Business

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SECURE Act 2.0 – Look Out for New Retirement Plan Incentives

On the heels of 2019’s SECURE Act (Setting Every Community Up for Retirement Enhancement Act), there currently is broad bipartisan congressional support for additional retirement plan legislation providing incentives to increase employees’ retirement savings.  The House and Senate have drafted substantially similar bills which are working their way through the legislative process.  Nicknamed “SECURE Act 2.0,” the provisions are expected to pass this year as ...
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How does El Salvador’s Bitcoin Law Impact U.S.-based Virtual Currency Exchanges?

How does El Salvador’s Bitcoin Law Impact U.S.-based Virtual Currency Exchanges?

In our recent article on the legal framework governing virtual currencies, we briefly discussed the distinction between money transmitters and virtual currency exchanges.  In short, transmitters are entities that convert fiat currency into virtual currency, whereas exchanges are entities that swap one virtual currency for another, such as Ethereum (ETH) for Dogecoin (DOGE).  The distinction is relevant since transmitters are sometimes regulated differently than exchanges.  ...
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Governor’s Office Issues New Mask Policy

Governor’s Office Issues New Mask Policy

Last month, Governor Northam made news when he announced that the Virginia mask mandate had been lifted for fully vaccinated people, but the devil is in the details. On May 14, 2021, the Governor’s office set forth its updated policy by issuing Executive Order (“EO”) 79 replacing EO 72, effective May 28, 2021.  This EO updates mask guidance to align with Center for Disease Control ...
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Cryptocurrency: Entrepreneurs Leveraging New Technology

Cryptocurrency: Entrepreneurs Leveraging New Technology

Our previous article in this series looked at the legal framework surrounding blockchain technology.  This article will look at practical uses for the technology. Blockchain technology has implications for many business owners, even those not interested in the speculative trading element in cryptocurrency which is akin to trading in the stock market.  In addition to acting as a cash replacement, cryptocurrencies have many other applications, ...
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Cryptocurrency: A Legal Framework for a Fast-Moving Technology

Cryptocurrency: A Legal Framework for a Fast-Moving Technology

Our previous article considered the technology behind cryptocurrency. This article will focus on the legal framework governing the industry.  The cryptocurrency market is subject to a patchwork of inconsistent legislation and regulations that continue to evolve, leading to uncertainty about its future.  While the blockchain industry has grown for years, regulators have not kept pace with this growth, making the desire for regulatory clarification greater ...
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Cryptocurrency: An Evolving Market Still in its Infancy and Where it Stands Today

Cryptocurrency: An Evolving Market Still in its Infancy and Where it Stands Today

Bitcoin was first introduced in a 2009 white paper, Bitcoin: A Peer-to-Peer Electronic Cash System.[1]  Since then, cryptocurrencies[2], also known as virtual or digital currencies, have exploded, with thousands of different types in circulation, achieving a $2T market cap in early 2021[3], and with the number of blockchain wallet users rising to more than 70 million as of May 2021.[4] However, the blockchain concept, which ...
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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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