06/04/2020
In the current COVID-19 environment, many borrowers are asking whether the government will grant borrowers any relief from payment obligations under their commercial loans. There is a general reluctance of governmental authorities to interfere with private contracts, which would include most loan documents. Accordingly, loan payments are contractual obligations for which borrowers will generally remain… Read more »
06/04/2020
How do I get my commercial real estate transaction closed in the COVID-19 environment? Many transactions are at a standstill, particularly if lenders are overwhelmed or are having difficulty underwriting loans with economic conditions in a state of flux. However, for those deals past the due diligence period and near closing, it may be possible… Read more »
06/04/2020
Construction Administration and Construction Site Visits are difficult things of themselves and with inherent risks imposed by COVID-19 demand additional care and prior planning, particularly for such things as site observations and payment application confirmation that require in-person observation and interaction. To address these additional concerns, the American Institute of Architects (AIA) recently published on… Read more »
06/02/2020
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 on May 22, 2020 the SBA published its Interim Final Rule on PPP Loan… Read more »
05/22/2020
Following the nationwide rush to reopen, the Centers for Disease Control (CDC) has issued decision trees for businesses to follow in deciding when to reopen and a brochure with detailed guidance for reducing the risk of infection in the workplace. Much of the information in these new CDC publications is similar to what the CDC… Read more »
05/18/2020
This Article is based on information available as of May 18, 2020. The information is subject to change as additional guidance is provided. The SBA has now published its PPP Loan Forgiveness Application (SBA Form 3508) which can be downloaded here. The two steps you need to take to ensure that your PPP Loan is… Read more »
05/14/2020
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… Read more »
05/13/2020
Potential Partial Termination of Retirement Plan. A partial retirement plan termination may occur when there is a significant reduction (generally more than 20%) in plan participation due to employer-initiated terminations or layoffs during the plan year. If a partial termination occurs, affected participants (those who are terminated) become 100% vested in their plan benefit, even… Read more »
05/07/2020
It is impossible to understate the magnitude of the change in Virginia employment law in 2020. Previously, Virginia had few employment laws and provided few employee rights. The General Assembly in 2020, however, passed several laws greatly expanding employee rights and providing new causes of action, and monetary damages, against employers. Businesses need to understand… Read more »
05/07/2020
As widely predicted, the generous federal addition of $600 per week to unemployment benefits has created a perverse disincentive to work for some laid-off employees. Businesses are finding that, as they look to spend PPP loan proceeds by returning furloughed or terminated employees to work, some former employees prefer to remain out of work collecting… Read more »
