The 2023 legislative session saw a substantial number of changes to employment laws in Minnesota. As you and your business enter 2024, the team at Win...
Read MoreBy: Ryan J. Schildkraut
If you were one of the thousands of small businesses who received a PPP loan in the initial wave of funding – or if you are still considering applying as part of the second wave – one of the key eligibility requirements for the loan substantively changed last week, at least according to the latest ...
By: Ryan J. Schildkraut and Joel C. Johnson
Late Thursday, April 2, the Small Business Administration (“SBA”) released a highly anticipated Interim Final Rule and a new form of borrower application for the Paycheck Protection Program which was established as part of the CARES Act. Small businesses and banks were hopeful that the SBA would provide additional guidance on how to interpret several ...
By: Anton J. Moch
By now most banks have been alerted to the fact that a significant part of the Coronavirus Aid, Relief and Economic Security Act (“CARES ACT”), is comprised of the Paycheck Protection Program (PPP), which was signed in to law on March 27, 2020. The CARES Act authorizes $349 billion in forgivable Section 7(a) SBA loans to small and mid-size businesses (“PPP Loans”). What Banks may not have seen is how it may impact their organization directly. Below are some of the relevant questions we have received and what we know today as a result of the CARES ACT.
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The below information was updated on April 3, 2020, to include information on the Interim Final Rule and updated application. A link to our alert regarding the takeaways from Interim Final Rule is available here. This article was originally published under the title “Congress Poised to Pass Massive Loan Program for Small Businesses – What You Need ...
By: Ryan J. Schildkraut
Note: This information is current as of 8:00 a.m. on April 1, 2020. The Small Business Administration’s Economic Injury Disaster Loan Program (EIDL) is providing up to $2 million in long-term disaster-relief loans to qualifying small businesses for economic injury suffered due to the COVID-19 pandemic. The Coronavirus Aid, Relief, and Economic Security Act (“CARES ...
By: Timothy M. Barnett
In these difficult times, we are certain that you are focused on the health and safety of your families and employees. At the same time, we understand you are concerned about the devastating impact that restaurant or franchise unit closures due to COVID-19 will have on your business’s financial condition and your contractual obligations to ...
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