On Friday, May 15, 2020, the Small Business Administration (“SBA”) released the Paycheck Protection Program Loan Forgiveness Application (the “Application”) and instructions (the “Instructions”), which, together with applicable rules, will govern loan forgiveness under the Paycheck Protection Program (“PPP”).  Despite varying predictions, and with only limited exception, the Application and Instructions are generally consistent with

On Thursday, May 14, 2020, New York Governor Andrew Cuomo issued Executive Order 202.31, which extended the “PAUSE” for non-essential gatherings and in-person conduct of non-essential businesses through May 28, 2020. The Governor cited the expected continued increase in cases and transmission of COVID-19, in contrast to New Jersey where Governor Phil Murphy recognized

The Small Business Administration (“SBA”) has further updated its Frequently Asked Questions (“FAQs”) regarding implementation of the Paycheck Protection Program (“PPP”), to extend the repayment date for purposes of the safe harbor set forth in prior SBA guidance.

As we have discussed in previous alerts, in submitting a PPP application, borrowers must carefully review and

On May 13, 2020, the Small Business Administration (“SBA”), in consultation with the Department of Treasury, updated its Frequently Asked Questions (“FAQs”) regarding implementation of the Paycheck Protection Program (“PPP”), to specifically address the required good-faith certification with respect to an applicant’s economic necessity for PPP funds.

As we have discussed in previous alerts, in

On May 12, 2020, the New Jersey Department of Banking and Insurance (“DOBI”) issued Bulletin No.20-22, which requires certain insurance carriers to assess whether the Statewide lockdown due to Coronavirus warrants reduced premiums and refunds for policyholders.  DOBI’s Commissioner notes that the Governor’s Executive Orders compelling many to remain at home has curtailed automobile travel