The U.S. Small Business Administration (the “SBA”) is requiring lenders to obtain completed “economic need” questionnaires (the “Questionnaire”) from Paycheck Protection Program for-profit and nonprofit borrowers (“PPP Borrowers”) who borrowed $2 million or more in Paycheck Protection Program (“PPP”) loans. While the content of the Questionnaire remains
Recent Developments
SBA Clarifies Treatment of PPP Loans in M&A Deals
By Christopher Kula & Samantha B. Epstein on
Posted in Recent Developments
Earlier this month, the U.S. Small Business Administration (the “SBA”) issued Procedural Notice Control No. 5000-20057 (the “Guidelines”), providing guidance with respect to M&A transactions involving entities with outstanding Paycheck Protection Program (“PPP”) facilities. This Alert summarizes the Guidelines as they relate to change of control and M&A transactions,…
Delaware Offices Permitted to Reopen with Restrictions
By Rimma Tsvasman on
Posted in Employment, Recent Developments
As Delaware operates in Phase 2 of its economic reopening, the following are general guidelines applicable to offices which are not otherwise subject to industry-specific guidance. The following applies as of June 15, 2020, the date that Delaware began Phase 2 of its economic reopening, as more fully set forth in the Twenty-First Modification of …
NYC Offices Permitted To Open With Restrictions
By Christopher Kula on
Posted in Employment, Recent Developments
On Monday, June 22nd, New York City –reopened to Phase Two businesses – including offices (including law firms, real estate and many other professional services). New York City is the final region in New York State to have entered this phase which comes three months after the closure of all non-essential businesses under…
Maryland Offices are Permitted to be Open with Restrictions
By Paul W. Kim on
Although a few counties and cities of Maryland continue to impose additional restrictions, Maryland, including Baltimore City, has lifted its stay-at-home order and is proceeding with its three stages of reopening as outlined in Maryland Strong: A Road to Recovery. Nevertheless, Maryland encourages those employees who are able to work at home to continue…