Business Services

It is anticipated that the Community Development Financial Institutions Fund (“CDFI”) will announce $5 billion in New Markets Tax Credits (“NMTC”) allocation awards within the next several weeks.

On the evening of June 30, 2020, a few hours before the Paycheck Protection Program (“PPP”) loan application deadline was set to expire, the U.S. Senate unanimously passed a bill amending the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to extend the deadline from June 30 2020 to August 8, 2020.

Recently, the Federal Reserve initiated a new commercial lending facility that has been promised for months, the Main Street Lending Program (“MSLP”), consisting of three new loan facilities: the New Loan Facility, Expanded Loan Facility and Priority Loan Facility.

The Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”), which is intended to address problematic elements of the Paycheck Protection Program (“PPP”), was signed into law by the President on June 5, 2020.

On May 26, 2020, OSHA rescinded its prior memo dated April 10, 2020, and provided updated “Enforcement Guidance for Recording cases of Coronavirus Disease 2019 (COVID-19)”.

Last night, the U.S. Small Business Administration extended the safe harbor deadline for the repayment of Paycheck Protection Program loans from May 14, 2020 to May 18, 2020.

Against a backdrop of considerable anxiety in the business community regarding many aspects of the Paycheck Protection Program (“PPP”), the U.S. Small Business Administration (“SBA”) today issued its promised guidance on how it will review a borrower’s good-faith certification of economic need in connection with a PPP loan.

In a time when more than $650 billion in stimulus funds are being pumped through the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), the potential for bad actors to create havoc for business owners reliant upon these mostly forgivable loans is almost guaranteed.

As businesses configure their workplaces to include new safety measures such as providing temperature checks, supplying necessary personal protective equipment (PPE) to employees, or installing hand sanitation stations, they must also be cautious of suspicious activities from fake suppliers, vendors, and other scammers attempting to exploit the current COVID-19 pandemic.

In connection with the application process for a Paycheck Protection Program (“PPP”) loan, borrowers are required to certify in good faith that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”

LOUISVILLE, Ky.—Chambers USA selected 19 Stites & Harbison, PLLC attorneys in Kentucky and Tennessee for inclusion in their 2020 guide.

The Los Angeles Lakers, one of the most valuable sports franchises in the world, returned to the front page this week despite the suspension of the NBA season, and there are important repercussions for participants in the Paycheck Protection Program (“PPP”).

In an apparent response to controversy related to public companies and larger concerns obtaining Paycheck Protection Program (“PPP”) loans, the Small Business Administration, in consultation with the Treasury Department, today issued additional guidance intended to underscore that loan requests must be necessary based on the actual economic need of the borrower.

Stites & Harbison, PLLC recently presented a webinar covering the various impacts of COVID-19 on businesses. You can review the webinar at any time utilizing the link above.

On April 8, 2020, the Center for Disease Control and Prevention (“CDC”) provided updated guidance for COVID-19 exposed employees for essential businesses, such as groceries, hospitals, and first responders.

LOUISVILLE, Ky.—Benchmark Litigation recently named Stites & Harbison, PLLC as Litigation Firm of the Year for Kentucky at its 2020 Annual Awards Gala.