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SBA Announces: “SBA may begin a review of any PPP loan of any size at any time in SBA’s discretion” & DOJ Announces Multiple Enforcement Actions
Lowenstein Sandler LLP, May 2020

Between May 20 and May 22, SBA announced three new Interim Final Rules and the U.S. Department of Justice (DOJ) announced three new fraud prosecutions stemming from PPP loans...

IRS Temporarily Flexes Rules for Flex Benefit/Section 125 Plans
Lowenstein Sandler LLP, May 2020

IRS Notice 2020-29 gives employers new opportunities to help employees who participate in Section 125 plans deal with COVID-19...

Application for PPP Loan Forgiveness... Now What?
Lowenstein Sandler LLP, May 2020

Certain provisions of the coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified or added. On Friday, May 15, 2020, the SBA released its Paycheck Protection Program (“PPP”) Loan Forgiveness Application (the “Forgiveness Application”)...

Dear Tech Company Founders & VCs: Eligible on Main Street
Lowenstein Sandler LLP, May 2020

Certain provisions of the coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations and other government action, thus certain details regarding the legislation may be clarified or added...

TALF 2020 Update
Lowenstein Sandler LLP, May 2020

On May 12, 2020, the Federal Reserve Bank of New York (the Federal Reserve) announced further updates to the 2020 Term Asset-Backed Securities Loan Facility (TALF 2020), including an updated term sheet and its release of the first TALF 2020 FAQs (FAQs). The FAQs clarify key terms of TALF 2020 and detail the operational mechanics of obtaining a TALF loan...

U.S. Government Issues Updated Sanctions Warning to Maritime Shipping Community; Recommends Best Practices to Mitigate Risk
Lowenstein Sandler LLP, May 2020

On May 14, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), the Department of State, and the U.S. Coast Guard issued a Sanctions Advisory for the Maritime Industry, Energy and Metals Sectors, and Related Communities, reflecting increased scrutiny and enforcement attention by U.S. government agencies on curbing illicit shipping practices...

Romag Fasteners: SCOTUS Holds That Plaintiffs in Trademark Suits Need Not Show "Willful Intent" of Infringement to Recover Damages for Lost Profits
Lowenstein Sandler LLP, May 2020

In a recent unanimous decision in Romag Fasteners, Inc. v. Fossil, Inc., the U.S. Supreme Court brought some welcome clarity to the question of whether willfulness is required in order to recover an infringer’s profits under Section 35 of the Lanham Act, 15 USC § 1117(a),in infringement litigation. Section 1117(a) sets out the statutory requirements for recovery of acts of trademark infringement, unfair competition, and false advertising...

Minimizing Director Liability: Best Practices for PPP Recipients
Lowenstein Sandler LLP, May 2020

Congratulations–you have successfully received an SBA PPP loan! While you are likely thinking that the hard work is over, you are, unfortunately, wrong. The responsibilities of a PPP loan recipient extend beyond the four corners of the application, do not end upon receipt of the funds, and, likely, only lapse upon repayment of the loan in full...

FAQ 46 & 47: Crime & Punishment (or the Lack of Either) for PPP Loans Large and Small
Lowenstein Sandler LLP, May 2020

With one day to spare before the May 14 “Limited Safe Harbor” expires, the SBA released FAQ #46 (May 13)to explain the process of how the SBA will review Paycheck Protection Program (PPP) loans. The new FAQ, unfortunately, prompts more questions than answers regarding risks around certifications required under the PPP...

Section 301 Tariff Update: USTR Now Accepting List 3 Exclusion Extension Comments
Lowenstein Sandler LLP, May 2020

The Office of the United States Trade Representative (USTR) is now accepting comments regarding the possible extension of List 3 product exclusions that are set to expire on August 7. Companies are invited to submit comments on whether particular List 3 product exclusions granted between August 2019 and March should be extended. (USTR is not currently considering the extension of List 3 product exclusions granted after March...

Current State of Loan Forgiveness Under the Paycheck Protection Program
Lowenstein Sandler LLP, May 2020

Certain provisions of the coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified or added. Now that many clients have received (or are about to receive) the proceeds of Paycheck Protection Program (PPP) loans, we have been fielding many questions about how loan forgiveness is calculated...

What to Expect When You’re Expecting to Reopen
Lowenstein Sandler LLP, April 2020

As businesses begin to plan the reopening of their workplaces, there are many factors to consider. Before bringing employees back to work, employers are best advised to follow the guidelines and recommendations that the Centers for Disease Control and Prevention (CDC), the Occupational Safety and Health Administration (OSHA), and the Equal Employment Opportunity Commission (EEOC) have issued...

U.S. Supreme Court Allows Landowners’ State-Law Challenge to Ongoing CERCLA Remediation
Lowenstein Sandler LLP, April 2020

On April 20, the United States Supreme Court decided in Atlantic Richfield Co. v. Christian et al.1 that landowners can sue under state common law for restoration of their properties located within the boundaries of a Superfund site subject to a USEPA-approved remedy. The Court also held, however, that because the landowners are, themselves, PRPs under CERCLA, USEPA must approve any remedial action that goes beyond the USEPA-approved remedy...

SCOTUS Requires Clean Water Act Permits for Some Groundwater Discharges, Pronounces “Functional Equivalency” Test
Lowenstein Sandler LLP, April 2020

On April 23, the Supreme Court of the United States issued a landmark decision interpreting the reach of the federal Clean Water Act (CWA). That case isCounty of Maui, Hawaii v. Hawaii Wildlife Fund, No. 18-260, 590 U.S. ___ (2020). The Supreme Court’s opinion can be viewed here. The CWA requires regulated entities to obtain a permit for any discharge of pollutants from a point source to navigable waters of the United States. 33 U.S.C. 1311(a)...

DOD Seeks to Match Investors With Technology Companies
Lowenstein Sandler LLP, April 2020

The U.S. Department of Defense (DOD) is presenting an opportunity for U.S. companies and investors alike: the recently established Trusted Capital Program...

Consider Reconvening Your Board Before May 7 if You Received or Are In Process on SBA Loans Under PPP
Lowenstein Sandler LLP, April 2020

Today SBA provided an Interim Final Rule (IFR) and yesterday (Thursday), Treasury again updated its Paycheck Protection Program (PPP) FAQ sheet adding FAQ #31. The new FAQ #31 is an after-the-fact reset of the certification of need every borrower must make when applying for a PPP loan. In FAQ #31, Treasury seeks to retroactively apply a new interpretation of the certification of need and calls upon borrowers to reassess whether they meet the standard...

Heightened Scrutiny for Public Companies and Portfolio Companies of Funds for PPP Loans and No PPP Loans for Funds Themselves
Lowenstein Sandler LLP, April 2020

Certain provisions of the Coronavirus/Covid-19 economic stimulus legislation are subject to the issuance of government regulations and other government action, thus certain details regarding the legislation may be clarified or added. Due to increased political pressure, the pendulum has now clearly swung in favor of heightened scrutiny and enforcement in respect of PPP loans taken by public companies and portfolio companies of funds...

The Issues With the Main Street Lending Program
Lowenstein Sandler LLP, April 2020

Certain provisions of the coronavirus economic stimulus legislation are subject to the ongoing issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified, revised, or added...

Money? What Money? Is It Time to Give Your Money Back? Updates to the PPP and the FAQ’s
Lowenstein Sandler LLP, April 2020

Certain provisions of the coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations and other government action, thus certain details regarding the legislation may be clarified or added. On Tuesday, April 21, 2020, the U.S. Senate passed the Paycheck Protection Program and Health Care Enhancement Act[1](the “Enhancement Act”). The Enhancement Act amends the CARES Act...

Updates on Tax Deadlines and Key Tax Provisions of the CARES Act
Lowenstein Sandler LLP, April 2020

Over recent days, the Internal Revenue Service has extended certain tax filing and payment deadlines and issued guidance on some provisions of the recently-enacted Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). This alert summarizes key parts of this guidance. Extension of Deadlines The IRS announced that certain additional tax deadlines would automatically be extended...

New 90-Day CBP Duty Deferral Option
Lowenstein Sandler LLP, April 2020

The administration and U.S. Customs and Border Protection (CBP) recently announced a narrow 90-day duty deferral option to help companies cope with the economic effects of COVID-19...

Before You Cut Your Employees’ Wages–Antitrust for Employers in the Age of COVID-19
Lowenstein Sandler LLP, April 2020

As employers struggle with the poor economic conditions associated with the COVID-19 crisis, many are considering pay cuts. Naturally, in making this decision, many companies will consider what their peers are doing in order to determine how their actions will be received in the marketplace...

Ginnie Mae Pass-Through Assistance Program All Participants Memorandum
Lowenstein Sandler LLP, April 2020

On April 10, Ginnie Mae issued a new All Participants Memorandum (APM) officially implementing its Pass-Through Assistance Program (PTAP/C19) for issuers under Ginnie Mae’s Single-Family program for which the COVID-19 national emergency has caused liquidity concerns. The PTAP/C19 is not available to issuers under Ginnie Mae’s multifamily or reverse mortgage programs...

CARES Act: Direct Grants to Institutions of Higher Education Under the Emergency Relief Fund
Lowenstein Sandler LLP, April 2020

While much of the CARES Act media focus is on the Small Business Administration’s Paycheck Protection Program and the distribution of stimulus payments, the act also provides for tens of billions of dollars in other relief. For example, the CARES Act establishes a $30...

New Jersey Amends Law To Permit Remote Member Meetings For Nonprofit Corporations
Lowenstein Sandler LLP, April 2020

What You Need To Know: New Jersey nonprofit corporations are permitted to hold member meetings by remote participation (solely by remote communication during a state of emergency declared by the Governor). A board of trustees must approve remote participation and the guidelines and procedures to govern a meeting. Governance document requirements and New Jersey Nonprofit Corporation Act provisions still apply...

 

 

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