Our Blog: Banking, Creditors’ Rights and Insolvency

PA Offers COVID-19 Grants to Small Businesses – Starting June 30, 2020

June 30, 2020

On June 30, PA begins offering grants of between $5,000 to $50,000 to small businesses affected by the COVID-19 pandemic.   This is not a first-come, first served program and grants will become available in several separate offerings over the... Read more

SBA Updates Rules for PPP Loan Forgiveness

May 26, 2020

On May 22, the US Treasury updated the rules governing PPP loan forgiveness.  Some of the updates merely ratify the decisions made on loan forgiveness application form.  Read more

PPP Loan Forgiveness – SBA Released Application Form and Instructions on Friday May 15

May 18, 2020

If you have applied for a Paycheck Protection Program (“PPP”), the SBA released the application form (SBA Form 3508) and the worksheets you will have to submit to your lender shortly after June 30th... Read more

PPP Loan Updates

May 14, 2020

Certifications If you borrowed less than $2M under the Paycheck Protection Program (“PPP”) through the SBA, you will not have to provide financial information to prove that the PPP loan was... Read more

Tax Treatment of CARES Act – PPP Loan Forgiveness

May 1, 2020

In Notice 2020-32 , https://www.irs.gov/pub/irs-drop/n-20-32.pdf (released April 30, 2020), the IRS says that any expenses (payroll costs, health care costs, utilities, rent, and mortgage... Read more

Business Interruption Grant Program Proposed by PA Legislation

May 1, 2020

House Bill 2386, known as the COVID-19 Disaster Emergency Business Interruption Grant Act, has passed in the Pennsylvania House of Representatives.  Bill 2386 establishes the “COVID-19 Disaster Emergency Business Interruption Grant Program” to... Read more

Congress Restarts Stimulus Loan Program

April 22, 2020

The Senate passed the “Paycheck Protection Program and Health Care Enhancement Act” (the “Bill”) on Tuesday, April 21 and the House is expected to pass the Bill on Thursday, April 23.  The President has said that he will sign the Bill. ... Read more

IRS Issues Guidance on Social Security Tax Deferral under the CARES Act*

April 15, 2020

*Co-Authored by S. John Kelly The Coronavirus Aid, Relief and Economic Security Act (CARES Act) provided relief for employers in the form of deferral of the deposit and payment of the employer's share of social security taxes on wages (6.2% of... Read more

“CARES Act” Paycheck Protection Loan Program for Small Businesses

April 1, 2020

On March 28, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (H.R. 748) was signed into law with the goal of providing emergency economic assistance to businesses affected by the novel coronavirus... Read more

The CARES Act: Foreclosure, Eviction and Loan Forbearance Relief*

March 30, 2020

*Co-Authored by Robyn B. Eisen and Christopher J. Azzara The new CARES Act, H.R. 748, enacted into law on March 27, 2020, imposes restrictions on foreclosures and... Read more