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August 12, 2020 The Temporary Federal ESOP Grant Act, S. 4236, introduced on July 21, 2020, and sponsored by Sen. Ron Johnson (R-WI) and Sen. Tammy Baldwin (D-WI), could be a major event for the ESOP community. The major provisions, as currently written, are set forth below. ESOP Grant Act Current Version A grant from […]
June 8, 2020 On Friday, June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (“Act”). The Act provides much-needed clarifications concerning the Paycheck Protection Program (“PPP”), and provides flexibility to PPP loan recipients. Below is a brief overview of how the relevant provisions of the Act affect the […]
May 19, 2020 The U.S. Small Business Administration (SBA) recently released the loan forgiveness application which Paycheck Protection Program (PPP) borrowers will use to determine and report to their lender how much of their PPP loan is eligible for forgiveness. While most PPP borrowers have a top-line understanding of the program, the application provides new […]
May 14, 2020 On May 13, 2020, the Small Business Administration (SBA) updated its Paycheck Protection Program (PPP) FAQ guidance to explain how it will review the necessity of a business’s PPP funds. This guidance comes as a welcome relief to many eligible small businesses, as previous SBA guidance seemed to emphasize that borrowers needed […]
May 5, 2020 A Cincinnati-based nonprofit corporation, Venti-Now™, has received FDA temporary Emergency Use Authorization to create a portable ventilator to meet the ventilator shortage caused by the COVID-19 pandemic. Venti-Now™, a Walter | Haverfield client, created the Venti-Now Class II medical device unit in three weeks with professionals from Proctor & Gamble (P&G) as […]
This article was updated as of 5/6/2020. Now that the funds from the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) have started flowing to eligible applicants, businesses have two primary concerns: (1) was it a mistake to apply for a PPP forgivable loan, and (2) how can businesses maximize the forgiveness of those loans? […]
April 22, 2020 Applications for the Cuyahoga County Small Business Stabilization Fund, which can be found here, will be accepted until 5pm on Thursday, April 23, 2020. The fund was created in an effort to assist small, neighborhood-based businesses, and it includes both grants and loans. The money may be used for business-related expenses, including […]
April 21, 2020 As part of the CARES (Coronavirus Aid, Relief, and Economic Security) Act, the Federal Reserve is making low-interest loans available to qualified small and mid-sized U.S.-based businesses impacted by the COVID-19 pandemic. The loans are part of what’s called the Main Street Lending Program. Businesses and non-profits are eligible to receive between […]
April 2, 2020 On Friday, March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act provides significant federal funding and expansions to loan programs already offered by the Small Business Administration (the “SBA”) to account for the significant economic damage caused to small […]