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Avoiding Conflicts of Interest: Lessons Learned from the UMMS-Healthy Holly Scandal
June 2020 marked a critical milepost in Catherine Pugh’s long road to redemption. On June 19, the disgraced former mayor of Baltimore pleaded guilty to a state misdemeanor perjury charge for her failure to disclose her business interest in her self-published “Healthy Holly” books as a state senator. And on June 26, Pugh began a…
Read MoreCollection: Tax Collection and the Coronavirus: What Happens After the Pandemic?
This article was originally published in the Journal of Tax Practice and Procedure, Volume 22, Issue 2. I. Introduction The coronavirus (“COVID-19”) has touched all our lives in a profound way. For the first time, we are experiencing stay in place orders, mandatory closing of nonessential businesses and extended periods of time in quarantine. The…
Read MoreMy Business Is In Bankruptcy: Can It Get A PPP Loan Or Not?
In response to the COVID-19 pandemic, Congress enacted a Paycheck Protection Program (“PPP”) under which businesses adversely impacted by the pandemic may obtain loans from the Small Business Administration (“SBA”) and use the proceeds to pay payroll and certain other operating expenses. If the businesses use the loan proceeds for approved purposes and satisfy certain other criteria for retaining employees, the loans are forgiven. If the loans are not forgiven, they must be repaid, albeit at a favorable interest rate.
Read MoreJune 19, 2020: Reflections on American and Baltimore History
I write to you today to recognize and pay respect to an important moment in American history. Friday, June 19th, or “Juneteenth,” represents the 155th anniversary of the occasion most commonly celebrated to commemorate the abolition of slavery – on that date in 1865, Union Army soldiers landed at Galveston, Texas, with the news that enslaved…
Read MorePaycheck Protection Program Loans – Loan Forgiveness Made Easier
On Friday, June 5, the President signed into law the Paycheck Protection Program Flexibility Act (the “Act”). Originally enacted as part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, the Paycheck Protection Program (“PPP”) provides loans to small businesses for payroll and certain other costs for up…
Read MoreRaising Capital Post-COVID-19 – What Now?
Right about now, many business owners are asking themselves – what’s next? How can I sustain my business? Where can I obtain additional financing? What if I need quick access to capital? Am I out of options? Maybe your business received federal, state, or local government financial assistance in response to the crisis. Maybe you…
Read MorePaycheck Protection Program: Understanding Key Terms and Zealous Advocacy Likely to Lead to Additional Loan Forgiveness for Many Businesses
As participants in the Paycheck Protection Program (“PPP”) begin to organize information for their loan forgiveness applications, they are likely to be blindsided by a significant number of technical definitions and questions. On top of that, many are starting to understand that significant amounts of these loans may not actually be forgiven – even if…
Read MoreImpending Conflicts Created by the Paycheck Protection Program
Clowns Congress to the Left, Jokers the SBA to the Right, Here Business Owners and Banks Are, Stuck in the Middle of Impending Conflicts Created by the Paycheck Protection Program In March 2020, Congressional leaders “got the feeling that something ain’t right.” Mass hysteria was building and government-imposed quarantines were all but guaranteed. Health officials…
Read MoreBest Practices for PPP Loan Forgiveness
The Paycheck Protection Program (PPP) has provided temporary funding for many businesses of various sizes and across many industries. Once borrowers have received approval and funding (if not sooner), they should focus on maximizing the amount of loan proceeds that will be forgiven. Use of Proceeds Borrowers are permitted to use PPP loan proceeds for…
Read MoreA Look At The First Three Months Of The Small Business Reorganization Act
In August of 2019, the President signed into law the Small Business Reorganization Act (“SBRA”). SBRA created a new Subchapter V of Chapter 11 of the United States Bankruptcy Code effective February 19, 2020. SBRA is intended to make it easier and less expensive for small businesses to reorganize under Chapter 11. As enacted, SBRA…
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