On April 9, 2020, The Federal Reserve launched the Municipal Liquidity Facility (“MLF”), a credit facility that will purchase up to $500 billion of Eligible Notes (defined below) issued by eligible states, local governments, and instrumentalities (“Eligible Issuers”). The term sheet released by the Federal Reserve (available here) on April 9th further clarifies the terms...
Business Development
During the current pandemic, many struggling businesses are furloughing or laying off employees at alarming rates. However, for employers of H-1B workers, different rules apply and for those Employers wanting to maintain their workforce, there are other options to consider first. H-1B lottery winners- should Employers withdraw selected registrations following the loss of a project?...
In the wake of COVID-19, two (2) critical methods of relief are being offered to business owners across the country. The first is the Economic Injury Disaster Loan (“EIDL”) which is administrated by the Small Business Administration (“SBA”). The EIDL is a low-interest, non-forgivable loan available to a wide variety of business owners with key...
Deferment is no longer required for non-disaster SBA loans. Instead, the CARES Act will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will pay all loan payments on or after March 27, 2020 on these SBA loans, including principal, interest, and fees, for six...
The Manual of Aid to State & Local Governments Under CARES Act is a comprehensive guide to federal assistance to state and local governments under the recent COVID-19 relief bill. We are maintaining the Manual to reflect regulatory developments as federal agencies implement the CARES Act. The Manual is now current as of April 15, 2020....
The novel coronavirus (“COVID-19”) has impacted revenues for most businesses. Many counties in Texas have issued “shelter in place” orders, and many countries have limited or banned domestic and international travel. With revenues down, business owners are concerned about managing expenses, and property tax are consistently among the top expenses for Texas property owners. This...
Mar272020
Finally, both DOL and USCIS are showing a willingness to relax their requirements in an effort to help Employers timely respond to requests for information during the COVID-19 pandemic. DOL The DOL has announced the following temporary measures to allow Employers to continue to comply with its regulations: Extension for deadlines: DOL has extended the...
We recently sent out information to inform borrowers about potential deferment options available depending on loan type. Recently, clients have encountered lenders refusing to entertain deferment instead insisting borrowers take out an SBA Disaster Assistance Loan (“DALs”) to pay their mortgage or seek potential financing under the proposed legislation currently known as the CARES Act....