When developing a new small business, one consideration for entrepreneurs is to find an idea that fits their talents, interests and goals. A business that is a poor fit for yourself and your partners is unlikely to succeed. Similarly, your new business needs a...
Effective January 1, 2022, all limited liability companies (“LLC” or “LLCs”) within the State of Ohio will be governed by Ohio’s new limited liability company act, codified in Chapter 1706 of the Ohio Revised Code (the “Revised Act”). The Revised Act is a complete...
The $900 billion, 5,593-page stimulus bill includes major benefits for PPP-eligible businesses. A hard-hit business may obtain a second PPP loan, with a principal amount equal to the lesser of $2 million and 2.5-times average monthly payroll (measured during either...
SBA rolled out a third forgiveness form, one that will all but assure full forgiveness for small businesses that borrowed up to $50,000 under the Payroll Protection Program. Form 3508S will not penalize a borrower for reductions in payroll or reductions in employee...
Urged by the Trump Administration, the Centers for Disease Control published an emergency order today that halts evictions under certain circumstances for the remainder of 2020. What does this mean for landlords and tenants? First, this is a much more expansive order...
On Aug. 4, SBA released a set of answers to frequently-asked questions concerning the PPP forgiveness process. Now that the covered period is 24 weeks, most borrowers with ongoing operations are not concerned about hitting their maximum forgiveness. But there are...
For months, the debate has been coming to a boil: To what extent should a business, hospital, or other open-to-the-public entity be exposed to Covid-19 related tort liability? Republicans have predicted a wave of litigation and called for creation of an affirmative...
Senate Republicans have announced a framework for the HEALS Act, which will include a Round 2 of the Paycheck Protection Plan. A lot of provisions will remain the same (i.e., 2.5x monthly payroll will set the loan amount). But there are some key differences in the...
The trend is clear: The government is making PPP loans more and more stress-free. First, SBA decided it would assume the truth of the “necessity” certification for loans under $2 million. Second, the government created safe harbors for the headcount calculation....
Borrowers and lenders are now preparing to process applications for forgiveness of PPP loans. In the past month, the government has taken several steps to convert PPP from a loan program to more of a grant-with-strings program. But borrowers will still be obligated to...
