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Showing 10 posts by Samuel M. Licker.

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House Contemplates Revisions to the Paycheck Protection Program

This week, the United States House of Representatives is set to take action on a bipartisan bill coined the Paycheck Protection Program Flexibility Act of 2020 (the Flexibility Act). Introduced by Reps. Dean Phillips (D-MN) and Chip Roy (R-TX) on May 15, the law, if passed, would make certain substantive changes to the PPP, as described below. (Read More)

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SAFE Banking Act for Cannabis-Related Businesses Included in the HEROES Act

Michelman & Robinson previously reported that federal assistance could be on the horizon for legitimate cannabis-related businesses and their service providers in the wake of the coronavirus pandemic. If Democrats in the U.S. House of Representatives have their way, that help could come sooner rather than later, as legislators have baked provisions into the pending HEROES Act aimed at providing cannabusiness's access to financial services, like banking. (Read More)

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U.S. House Democrats Introduce HEROES Act, a New $3T Stimulus Package

This week, Democrats in the U.S. House of Representatives introduced the HEROES ACT, a new $3T coronavirus stimulus package that, if passed, will grant further economic relief—this time to a wide array of industries and Americans still suffering from the impact of COVID-19. The House official government website has posted the proposed bill, which can be found here. For those who would rather not read the 1,815-page legislation, which is expected to meet with plenty of Republican opposition in the Senate, Michelman & Robinson summarizes the major provisions below. (Read More)

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NAIC Issues Business Interruption Data Call in the Wake of COVID-19

Late last week, the National Association of Insurance Commissioners (“NAIC”) issued a letter online to all property and casualty insurers on behalf of insurance regulators nationwide regarding a data call to collect information related to business interruption insurance and COVID-19. Carriers can expect to receive the letter directly on—or shortly after—Friday, May 8, 2020. In the meantime, Michelman & Robinson breaks down the information included in the correspondence and answers questions about the data call, the information requested, and who is affected by the NAIC’s outreach. (Read More)

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California Department of Insurance Issues Notice Granting Tax-Filing Extension in Response to COVID-19

In response to the COVID-19 pandemic, the California Department of Insurance has issued a notice granting a tax-filing extension to insurers and surplus lines brokers meeting certain requirements. Michelman & Robinson explains the extent of the relief and how carriers should go about obtaining it. (Read More)

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Attention Cannabis Businesses: Hope May Be on the Horizon for Federal COVID-19-Related Relief

As Michelman & Robinson previously reported, the lending programs authorized under the CARES Act cannot be accessed by legal cannabis businesses and certain companies indirectly related to the industry. Consequently, players in the legal cannabis space have been beholden to the states for any and all assistance in the wake of the coronavirus pandemic, including the ability to remain open for business in some jurisdictions despite the issuance of stay-at-home and similar orders. (Read More)

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Congress Looks to Bolster the PPP with Another $250B in Funding

According to sources, the U.S. Senate will rush to pass another $250B bailout for small businesses in response to the overwhelming demand for loans under the SBA’s Paycheck Protection Program (PPP). As it stands, the PPP’s $350B fund is on pace to run out, requiring further congressional action. (Read More)

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Clarifying the Paycheck Protection Program: Payment of Insurance Premiums and Loan Forgiveness under the CARES Act

Applications are now being taken from borrowers (except for independent contractors and self-employed individuals, who must wait until April 10) looking to secure loans through the new Small Business Administration (SBA) Paycheck Protection Program (PPP) authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. For many small businesses, the process thus far has been both frustrating—as banks and other lending institutions iron out some early kinks—and confusing. Particular questions remain as to whether PPP loan proceeds can be used for the payment of insurance premiums, and still qualify under the program’s loan forgiveness rules. (Read More)

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SEC Announces Temporary Regulatory Relief for Market Participants Affected by Coronavirus

In a press release distributed late last week, the United States Securities and Exchange Commission announced that it will be providing additional temporary regulatory assistance to market participants affected by the novel coronavirus (COVID-19). The relief covers three specific spheres: (1) parties needing to gain access to make filings on the EDGAR system; (2) company filing obligations under Regulation A and Regulation Crowdfunding; and (3) a filing requirement for municipal advisors.

The SEC notes that its staff will continue to closely track developments and, if appropriate, consider additional relief from other regulatory requirements for those affected by the pandemic. In the meantime, Michelman & Robinson breaks down the agency’s latest moves in Q&A format. (Read More)

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IRS Releases “People First Initiative” Temporarily Adjusting and Suspending Key Compliance Actions

The Internal Revenue Service continues to respond in the wake of the COVID-19 pandemic. On the heels of the decision to move tax day to July 15—as Michelman & Robinson reported here—the agency has taken additional measures to relieve taxpayer burdens.

In News Release IR-2020-59, the IRS announced its “People First Initiative” that, among other things, eases certain payment guidelines and postpones compliance actions. M&R provides the details here in question and answer form. (Read More)