Real Estate

On Saturday, July 4, 2020, following a surprise vote by the U.S. Senate earlier in the week and quick passage in the House of Representatives, a bill extending the Paycheck Protection Program (“PPP”) loan application deadline from June 30, 2020 to August 8, 2020 was signed into law by the President. However, with a recently reported $130 billion out of the $669 billion in total funding allocated to this stimulus program still unspent, policymakers in Washington are considering whether these monies should be repurposed.

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.

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.

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.

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.

Provisions of the Paycheck Protection Program of the Coronavirus/COVID-19 economic relief legislation remain subject to change. On Thursday, April 2, 2020, the SBA issued a 31-page interim final rules to update and clarify the existing requirements. The content of this article is current as of Tuesday, April 7, 2020.

Please join us for a WEBINAR discussing the impacts of COVID-19 on your business. You can join the webinar at any time and attend whichever presentation(s) that are of interest to you.

On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act of 2020 (the “CARES Act” or “Act”) passed and was signed – it is the largest economic aid package in United States history.

The Families First Coronavirus Response Act, effective April 1, 2020, requires certain public employers and private employers with fewer than 500 employees to provide E-FMLA and Emergency Paid Sick Leave to eligible employees. Employers must notify current employees of these benefits by circulating the official Notice of Employee Rights published by the Department of Labor.

The outbreak of coronavirus disease (COVID-19) has and will continue to significantly disrupt commercial tenants and landlords, especially in the retail, restaurant and hospitality industries. As COVID-19 continues to spread, commercial tenants and landlords will encounter challenges in meeting contractual obligations due to the fluid nature of the outbreak and government responses to the same.