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Showing 11 posts by Sanford L. Michelman.

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PPP Loan Certification: the Need for Caution Continues!

As expected, the House of Representatives has passed the $480B coronavirus relief package that will serve to provide financial help to small businesses and hospitals feeling the sting of the coronavirus pandemic and expand COVID-19 testing. Most significantly, the legislation, which will now go to the President for signature, injects another $310B into the Paycheck Protection Program. (Read More)

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Certifying Your PPP Loan: Proceed With Caution

Demand for loans under the Payroll Protection Program has been through the roof because of the number of businesses suffering through the economic consequences of COVID-19. As Michelman & Robinson has previously reported, the original $349B in funding for the PPP has been exhausted, and the Senate today passed a bill earmarking another $310B for these loans administered by the Small Business Administration. (Read More)

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You Successfully Applied for and Received a PPP Loan Under the CARES Act: Now What?

For an SBA loan to be forgiven under the Paycheck Protection Program, which was enacted as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, numerous strings are attached. Given the program’s strict restrictions on the use of loan proceeds, as well as its limitations on ultimate loan forgiveness, borrowers face the very real prospect that some or all of their PPP loans may not be forgiven, or even worse. (Read More)

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Fed and Treasury Announce Main Street Lending Program

In an ongoing effort to bolster the U.S. economy hit hard by the COVID-19 pandemic, the Federal Reserve and the Department of the Treasury announced this morning the preliminary details of the Main Street New Loan Facility (Main Street Lending Program) authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. (Read More)

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A Comprehensive Guide to Understanding Coronavirus-Related State Assistance Programs: Who is Giving What to Whom (Part II)

Having taken a deep dive yesterday into the CARES Act and other measures recently taken at the federal level to ease the economic pain inflicted by the coronavirus pandemic, Michelman & Robinson now turns its attention to state assistance packages. An overview of relief programs in California, Illinois, New York and New Jersey—along with some miscellaneous funding initiatives—follows. (Read More)

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A Comprehensive Guide to Understanding Coronavirus-Related Federal Assistance Programs: Who is Giving What to Whom

On Wednesday, March 25, the Senate approved a massive $2T economic stimulus package to provide a jolt to an economy reeling from the coronavirus pandemic. This legislation, known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act, represents the largest emergency aid package in U.S. history. It will next go to the House of Representatives for a vote, and then if passed there as anticipated—to President Trump for signature, though that is not expected to happen until Friday, March 27, at the earliest. (Read More)

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Federal Reserve Responds Boldly to Coronavirus-Related Economic Downturn

Given the downward spiral of U.S. markets and disruptions faced by the economy in the wake of the coronavirus outbreak, the Federal Reserve, in several unprecedented moves, has accelerated its rescue plan today and announced unlimited bond buying, three new credit facilities, and an upcoming Main Street lending program. Together, these historic programs inject an extraordinary amount of new financing into the economy, all in an attempt to support the flow of credit to American families and businesses, promote stability in the financial system, and to push back on an all-out financial crisis. (Read More)

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An Important Message From Michelman & Robinson About California Governor's Statewide Stay-At-Home Order

The entire state of California has essentially been placed on lockdown as Governor Gavin Newsom has called for a statewide stay-at-home order to combat the spread of the coronavirus, which causes COVID-19. Governor Newsom’s move, which impacts nearly 40M people, comes on the heels of various “shelter in place” and similar orders that have already been issued throughout the state, including the “Safer at Home” emergency order declared in Los Angeles earlier today by Mayor Eric Garcetti. (Read More

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A Message From Michelman & Robinson About "Shelter in Place" Orders

With several counties in California’s Bay Area ordering residents to “shelter in place” for at least three weeks to keep coronavirus from spreading across the region, and Orange County (California) now following suit and preventing private or public gatherings, it seems quite possible that other jurisdictions may take these drastic measures as well. Whether you are located in an area now subject to a “shelter in place” order, or are somewhere that has yet to restrict movement, it is helpful to understand the scope of these new mandates, especially as they relate to your business.

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M&R Deciphers the Families First Coronavirus Response Act Just Passed by the Senate and Signed Into Law by the President

Today, in an effort to ward off economic calamity, the U.S. Senate passed its second economic relief bill this month in response to the coronavirus pandemic—the Families First Coronavirus Response Act ("Act"). The Act, which passed by an overwhelming 90-8 vote and was then quickly signed into law by President Trump, expands emergency paid sick and family leave for certain workers, expands unemployment insurance assistance, includes nutrition assistance, and guarantees free diagnostic testing for the coronavirus. Michelman & Robinson addresses common questions about the Act in this alert, which supersedes our discussion of the bill that passed the U.S. House of Representatives last week. Note that our analysis is based on the bill’s language as of March 18.

(Read More)