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Baltimore City Council passes the COVID-19 Rent Increase Protection Act
UPDATE: The City Council’s website indicates that the Mayor signed the Baltimore City COVID-19 Rent Increase Protection Act into law on May 18, 2020. Per its terms, the Act’s provisions are effective retroactively to March 5th. Attorneys from Rosenberg Martin Greenberg are available to assist residential property owners in navigating the requirements of the Act.…
Read MoreFor Purposes of the Employee Retention Credit, when is a Business Considered “Fully or Partially Suspended Due to a Governmental Order”?
For businesses struggling as a result of pandemic-related shutdowns, any form of stimulus may be vital to their continued existence. When the CARES Act[1] became law, many businesses believed that the employer retention credits authorized by section 2301 would see widespread application. Unfortunately, those impacted by COVID-19 may find some difficulty qualifying unless their gross…
Read MoreConsidering Returning Funds from the Paycheck Protection Program? Here’s What You Need to Know.
For those seeking to return funds from the Paycheck Protection Program (“the PPP”) pursuant to the safe harbor, the deadline is fast approaching: May 14, 2020. While this issue continues to generate publicity, the fear being generated is perhaps unfair to some returning funds for which they qualify and who were the aim of the…
Read MoreSeven Rosenberg Martin Greenberg Partners Ranked by Chambers USA in 2020
Rosenberg Martin Greenberg proudly announces that the firm and seven of its partners – Benjamin Rosenberg, Barry Greenberg, Gerard Martin, Stanley Fine, Cynthia Spell, Gerard Gaeng and Caroline Hecker – have been ranked in the 2020 edition of Chambers USA as among Maryland’s leading lawyers in the areas of commercial litigation, white-collar crime & government…
Read MoreMy Deal Was Approved By High-Ranking Government Officials How Can I Not Have a Binding Contract?
Parties entering into contracts with corporations, limited liability companies, and other legal entities often require proof, in the form of resolutions by the board of directors or members authorizing an identified officer to sign the contract on behalf of the entity, that a contract signed by that officer will bind the entity. In the absence…
Read MoreIRS Notice 2020-32: Should Taxpayers Deduct Expenses Resulting in Loan Forgiveness under the Paycheck Protection Program Despite the Contrary Guidance of the Internal Revenue Service?
Takeaway: Although the Internal Revenue Service indicates that expenses resulting in loan forgiveness under the Paycheck Protection Program are not deductible, its interpretation is questionable. Even if Congress does not legislatively address this issue, businesses may consider deducting these expenses based on the intent of the statute, legal authorities and analyses supporting deductibility, and other…
Read MoreReinforcing Compliance for the Paycheck Protection Program: What Recent Public and Political Developments Mean for Loan Recipients
Takeaway: Recently implemented rules, public statements of government officials, and the return of funds by some should not compel most businesses to change course; however, recipients of funds from the Paycheck Protection Program should collect and retain documentation to support certifications made with their loan applications, including both quantitative criteria and the necessity of the…
Read MoreHow the Internal Revenue Service’s People First Initiative and Existing Collection Procedures Offer Additional Tax Resolution Opportunities
Distressed Businesses, the Unemployed, and Others Experiencing Financial Hardship May Greatly Benefit if Action is Taken Although the pandemic and related financial downturns have put many individuals and businesses on the brink of financial disaster, this may present an opportunity for those with long-standing tax issues. For those that have been financially impacted by this…
Read MorePaycheck Protection Program: Understanding the Rules and Potential Options May Be Required to Maximize Loan Forgiveness
Paycheck Protection Program: Understanding the Rules and Potential Options May Be Required to Maximize Loan Forgiveness – The Paycheck Protection Program (“the PPP”) has, by most accounts, been a great success in providing needed financial assistance to small businesses. While funding through the PPP is characterized as a “loan,” many business owners view these proceeds as grants due to the loan forgiveness offered by the CARES Act. Whether the PPP loan has been funded yet or not, businesses should carefully review their financial situation and the requirements of the PPP in order to maximize the amount of loan forgiveness.
Read MoreWill Business Interruption Insurance Cover Your Business’ Losses Resulting From COVID-19?
The answer to this question will depend upon the language of your policy. Most business interruption insurance policies, however, will have coverage language and exclusions that will make it unlikely for a COVID-19 claim to be covered. It would be prudent to have your attorney review your policies and assist you in making any appropriate…
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