Congress has given small businesses more time to access PPP funding. The PPP loan’s previous application deadline was June 30, 2020. However, on Saturday, the President signed legislation into law authorizing the Small Business Administration (“SBA”) to resume accepting applications on July 6, 2020. The new deadline to apply for a PPP loan is August 8, 2020. The SBA has the most updated version of the application on their website. The goal of PPP loans is to help small businesses maintain their businesses and pay their employees during the challenging financial conditions presented by the COVID-19 pandemic. While the original terms were more restrictive and loan applications and forgiveness applications […]
Category: Business Law
The Small Business Administration (“SBA”) released two new applications for PPP loan forgiveness on June 18, 2020, which mirror recent revised requirements for PPP loans. Due to widespread criticism of the original forgiveness application’s complexities, these modifications were implemented in efforts to make the borrower’s forgiveness process easier. Both the “EZ” application, for certain borrowers, and the revised standard forgiveness application are shorter and more user-friendly. The SBA has also established a helpline to aid borrowers in completing their applications. The EZ application: (Form 3508EZ) The EZ application is a two-page form which allows borrowers flexibility by requiring fewer documents and calculations. To use the EZ application, borrowers must be: […]
They finally agreed to a merger after months of negotiation and watching their business devalue during the COVID-19 shutdown. Now what? The regulatory and lending environments have changed, and now you’re also challenged with meeting and document security. What’s the next step? Join Mr. Steve Mack from Texas Heritage Bank and Greg Jefferson, Business Editor of the San Antonio Express-News for the third and final part in our webinar series, where the topic will be The Business of Lending In a Post-COVID World. Please join us on Tuesday, August 4th, and RSVP at the link below. Additional speakers may be added prior to the date. Date And Time Tues, August 4th, 2020 […]
On Wednesday, Bexar County Judge Nelson Wolff and San Antonio Mayor Ron Nirenberg issued an executive order in response to growing cases of Covid-19 in the San Antonio area. This order requires that commercial businesses implement and enforce a health policy for customers and staff which includes protective face coverings as a minimum. Businesses failing to comply could be subject to fines of up to $1000. Local businesses are moving to enforce such policies. To see how some San Antonio businesses are handling it, check out this article reported by local news station KSAT. As always, Rosenblatt Law Firm has legal experts standing by to answer your questions.
Appearing on an expert panel alongside 14 other legal and business professionals, our own James Rosenblatt was featured in an article by The Business Journals. The article, titled Want to get better at networking? Try these 15 creative strategies, provides useful and unique networking advice for professionals of all industries. Check out the article here. Be sure to visit our business law practice page to see what we’ve accomplished for our clients.
On Friday, June 5th, the President signed into law the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”), which brought good news to those who have applied for any received Paycheck Protection Program (“PPP”) loans. The Flexibility Act brought some significant changes to the CARES Act, which originally authorized PPP loans. The major highlights are as follows: One of the biggest struggles for borrowers has been maintaining the minimum 75% loan expenditure required to be spent on payroll and related expenses. The Flexibility Act decreased the minimum percentage required to be spent on payroll and related expenses to 60%, meaning 40% can be used on acceptable non-payroll expenses […]
Discussing the implications of business funding, our own president, James Rosenblatt, was recently featured on an expert panel for an article by The Business Journal. The article, titled 11 factors to consider when you’re choosing a business funding strategy, provided advice for business owners seeking to fund their operations, with answers coming directly from James and 10 other business professionals. Check out the article here. Be sure to visit our business law practice page to see what we’ve accomplished for our clients.
Today, the President signed into law a $310 billion second round of funding for the Paycheck Protection Program (“PPP”), $50 billion for emergency disaster lending, and $10 billion in Small Business Administration (“SBA”) disaster grants. The SBA is expected to begin taking loan applications again next week. In the first round of funding, many large public companies applied for and received relief funds through the PPP, leaving thousands of small businesses without funding. However, this new round of funding coupled with the changes described below will help small businesses get a second shot at getting their PPP loan approved. It is expected, this second round of funding will be quickly […]
Good News! You were one of the select few that received a PPP loan and you are ready to close, or just recently closed. As you should already be aware, over the next eight weeks, your expenditures are going to be essential in determining whether you will receive forgiveness of some portion, or the entire loan. While there are currently only a few rules to follow, everyone is expecting (and hoping) that additional information will follow because what is known to this point leaves lots of holes. We are recommending the following to our clients: Create a new bank account or at least isolate the loan money from other funds. […]
Businesses struggling to maintain employment during the COVID-19 outbreak are being offered relief in the form of the Paycheck Protection Program, headed by the Small Business Administration. The program offers loans to small businesses, and we at RLF would like to share a PDF version of the application. As always, our legal experts are available to answer your questions and concerns. Stay safe, San Antonio.