SBA Releases PPP Loan Forgiveness Application

By |2020-05-19T08:09:32-05:00May 19th, 2020|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack The SBA has released its first version of the application for loan forgiveness. You can download a copy of the application from our website by clicking here. The instructions for the application have provided some additional information on the forgiveness process and interpretation of expenses eligible for forgiveness. This is just the [...]

New PPP Eligibility Guidance Released by SBA

By |2020-05-13T13:57:20-05:00May 13th, 2020|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack Less than an hour ago the SBA released “guidance” on the eligibility issue. Originally borrowers were given until May 7, 2020 to satisfy themselves that they met the standard that “current economic uncertainly makes this loan request necessary to support current operations…” SBA then extended the deadline to return funds with [...]

SBA Poised to Change PPP Eligibility Rules before May 14, 2020

By |2020-05-13T13:55:57-05:00May 11th, 2020|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack Sometime before May 14, 2020 the Small Business Administration (the “SBA”) will issue new rules which some Paycheck Protection Program (“PPP”) borrowers will have to act upon before the clock strikes midnight and the calendar turns to May 15, 2020. Specifically, the SBA will be speaking to whether borrowers needed their [...]

PPP Loans to Large Companies Cause Backlash & Questions

By |2020-05-11T09:32:23-05:00April 27th, 2020|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack On April 23, 2020, the Department of Treasury announced that Ruth’s Chris Steak House was returning their Paycheck Protection Program (PPP) loan proceeds and that further guidance would be released on qualification for the loan by large companies with adequate courses of liquidity to support the ongoing operations of a business. [...]

Ongoing Storm Rule Banished From New Jersey

By |2020-04-17T15:10:37-05:00April 16th, 2020|Business, Commercial Real Estate & Land Use|

By: Jeffrey Hall In a decision approved for publication, the Appellate Division decided the case of Pareja v. Princeton International Properties,___N.J. Super___ DOCKET NO. A-2111-18T3 (App. Div. April 9, 2020).  This decision lays to rest the long-standing notion that the so-called “ongoing storm rule” protected commercial property owners from liability from slip-and-fall claims that [...]

Can I Get NJ Worker’s Comp Benefits if I Contract COVID-19?

By |2020-04-17T14:22:04-05:00April 16th, 2020|Business, COVID-19, Personal Injury|

By: Michael Brottman On March 16, 2020, Governor Murphy signed Executive Order 104, which implemented aggressive social distancing measures to mitigate the spread of COVID-19 in New Jersey. Businesses or institutions deemed essential were excluded from Executive Order 104 and were permitted to continue operating. Since that time employees of grocery stores, pharmacies, gas [...]

Loan Forgiveness Under Paycheck Protection Program Requires Attention to Detail

By |2020-05-11T09:32:37-05:00April 15th, 2020|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack Now that you have submitted your application for a Paycheck Protection Program (“PPP”) loan and your financial institution has accepted the application, it’s time to start planning for spending the loan proceeds. In order for the “loan” to be forgiven, a borrower must spend the proceeds on eligible expenditures, which consist [...]

CARES Act Provides $10 Billion in Funding For Airports

By |2020-04-17T15:19:27-05:00April 13th, 2020|Business, COVID-19|

By: Robert Lakind, Esq. The CARES Act, which was passed On March 27, 2020, provides economic aid to airports by making $10 billion in grants available. Further, as explained below, unlike traditional AIP Grants, generally, for grants issued under the CARES Act, the FAA will cover 100% of the allowable cost of the project [...]

Insurance Coverage for Coronavirus Claims Under the Civil Authority Endorsement

By |2020-04-17T15:24:52-05:00April 6th, 2020|Business, COVID-19|

By: Arnold Lakind A number of publications on the web have examined the question of whether there is insurance coverage for loss of income and expenses paid as a consequence of the COVID-19 pandemic and Governor Murphy's Executive Orders.  Congress has encouraged insurance companies to pay these claims even in the absence of specific [...]

New Jersey Economic Development Authority COVID-19 Relief Programs

By |2020-04-17T15:28:40-05:00April 6th, 2020|Business, COVID-19|

By: Jeffrey Hall Late Tuesday, Tim Sullivan, CEO of the New Jersey Economic Development Authority (“EDA”), presided over a webinar which outlined several programs the EDA has cobbled together in response to the COVID-19 crisis and its impact on New Jersey small businesses and non-profits.  For more information on the announcement of these programs, [...]

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