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...
Business Transactions Blog
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....
An earlier version of this article did not mention that “time warrants” are, like all city and county debt, subject to the requirements of the Texas Constitution, Article 11, Sections 7(a) and 5(a), as applicable. Please consult your city attorney and/or bond counsel prior to the issuance of any time warrant to determine the most...
During this time of crisis, the legislature is passing significant legislation in order to aid the economy along with employers and employees. One of the major acts passed is the Families First Coronavirus Response Act. There are two provisions of the Act the Emergency Family Leave Expansion Act and the Emergency Paid Sick Leave Act...