Cannabis Legalization Means Opportunities for Small Businesses

Recent estimates suggest that the size of the global legal cannabis market will climb to $84 billion by 2028. This is a staggering number that spells opportunity for budding cannabusiness entrepreneurs in the U.S.

No doubt about it, with more and more states like New Mexico, New Jersey, New York and Virginia recently hopping on the legal cannabis bandwagon—and it looks to be just a matter of time before Connecticut turns green and fully legalizes weed—there’s certainly room for additional players in the legitimate cannabis space. But before any would-be cannabis operators open their doors for business, a broad range of legal issues must be considered. (Read More)

American Rescue Plan Signed into Law

As anticipated, President Biden signed the $1.9 trillion “American Rescue Plan” into law today (Thursday), after the sweeping COVID-19 relief package passed both the House and Senate.

The law goes a long way toward turning the corner on the pandemic and kickstarting the U.S. economy left suffering in its wake. As mentioned in a previous alert by Michelman & Robinson, LLP, individuals, state and local governments, small businesses, and/or schools can look forward to the following, among other things: (Read More)

Senate Approves $1.9 Trillion COVID Relief Bill

After a dose of suspense and a 24-hour-plus voting session that bled into the weekend, the U.S. Senate passed the $1.9 trillion “American Rescue Plan” to provide much-needed relief to individuals, state and local governments, small businesses, and schools in the wake of the COVID-19 pandemic. The bill now goes back to the House of Representatives for final approval, before being sent to President Joe Biden’s desk for signature. (Read More)

New $1.9 Trillion COVID Relief Bill Passes House, Moves to Senate

Last week, the U.S. House of Representatives passed a massive $1.9 trillion relief bill advanced by President Joe Biden and his administration. Dubbed the “American Rescue Plan,” the legislation now heads to the Senate, where Democrats are hopeful it will reach President Biden’s desk for signature before March 14 (the day unemployment aid programs are set to expire). (Read More)

A Trend Toward COVID-19-Related Business Interruption Coverage

Based upon a couple of recent rulings, the insurance coverage lawyers at Michelman & Robinson, LLP anticipate that additional courts may give a broader meaning to the phrase “direct physical loss” as it applies to insurers' business interruption coverage responsibilities stemming from COVID-19-related losses. (Read More)

State Tax Treatment of Forgiven PPP Loans

For purposes of federal income taxation, existing federal law excludes from gross income any amounts of loans made pursuant to the Paycheck Protection Program that are forgiven. This is great news for borrowers, to be sure. But the question remains: how do the states treat forgiven PPP loans? (Read More)

Back to Basics: Small Businesses Given Priority for PPP Loans

At the very heart of the Paycheck Protection Program, originally set forth as part of the CARES Act, was the push to help small businesses and other covered entities stay afloat and to incentivize them to keep employees on their payrolls despite coronavirus-related declines in business. The key word there is “small,” as amplified in an announcement made by President Joe Biden this week. (Read More)

Round Two of the PPP Up and Running as of Today

Big news for new and certain existing borrowers interested in obtaining loans (or additional loans) under the Paycheck Protection Program: starting today (January 11), the PPP is once again open for business. But there are caveats. (Read More)

$900 Billion Coronavirus Relief Package Is Now Law

Last week, Michelman & Robinson, LLP reported on the $900 billion COVID-19-related rescue package passed by Congress. As was explained in some detail here, the legislation is designed to deliver long-awaited financial assistance to small businesses, as well as to the millions of unemployed Americans in need. By its terms, the bill will also provide, among other things, housing assistance, funds for schools and colleges, and money for COVID-19 testing and vaccines, including distribution. (Read More)

Paycheck Protection Program: The Sequel

The Consolidated Appropriations Act, 2021, passed this week by Congress and, as of this writing, awaiting President Trump’s signature, provides $900 billion in COVID-19-related relief. That includes additional Paycheck Protection Program money—some $280 million in all that some have dubbed “PPP2.”

If and when the 5593-page bill becomes law (Trump has suggested he might veto the legislation if Americans in need do not receive larger direct relief payments), small businesses will be able to avail themselves of another round of potentially forgivable loans. This is true whether or not they previously obtained PPP proceeds. Michelman & Robinson, LLP explains. (Read More)