by Scott A. Meyer Is your business reporting to credit agencies during the COVID-19 pandemic? As you are no doubt already aware, the Fair Credit Reporting Act requires that Equifax, Experian and TransUnion provide consumers with one (1) free annual report every twelve (12) months. We have recommended for some time to our clients that …
by Ron Holmes In making a PPP application, the applicant certifies that the applicant in good faith believes there is an economic necessity for the funds. There have not been any definitive guidelines on what constitutes “economic necessity.” As we had hoped (expected would be too strong a word), the SBA has now provided guidance. …
Business Expenses Paid with PPP Loan Funds May Not Be Deductible On April 30, 2020, the IRS issued Notice 2020-32 which provides that business expenses otherwise deductible will not be deductible if the Payroll Protection Program (PPP) loan used to pay such expenses is partially or completely forgiven. This makes business planning even more difficult. …
Reducing Employer Litigation Risk Post Stay-At-Home Orders With Governor Abbott’s most recent press conference (April 27, 2020), the stay-at-home order has generally been lifted (and overrides local stay at home orders) and it appears businesses are closer to being allowed to fully reopen. While this may mean that employers can begin requiring employees to be …
by Scott A. Meyer If your business has been impacted by COVID-19 measures, should you make a Business Interruption insurance claim? Most common insurance policies’ business interruption coverage is only triggered if the business interruption results from “direct physical loss or damage” such as from a tornado or fire. Unfortunately, most insurance carriers tend to …
Paycheck Protection Program (PPP) vs Full Economic Injury Disaster Loan (EIDL) We previously sent out a notice that, under the CARES Act that was just passed, borrowers can receive $10,000 in an emergency grant cash advance (an “Advance”) as part of the Economic Injury Disaster Loan (EIDL). While the Advance will still be forgiven if …
Will COVID-19 Excuse Contractual Nonperformance? The first step in answering this question is to look at your contract and determine if it contains a force majeure provision. A force majeure provision will excuse a party from nonperformance of a contractual obligation when the nonperformance is caused by unforeseen circumstances. Whether a party will be excused …
The CARES Act The US government has just passed the CARES Act to help small businesses (under 500 employees) stay afloat. You should consider applying for a $10,000 SBA Economic Injury Disaster Loan (EIDL). SBA Economic Injury Disaster Loan (EIDL) The CPAs we work with recommend it for all small businesses – but please consult …
Shareholder Donna Yarborough contributes to another successful 2020 North Texas Probate Bench Bar Congratulations to Donna J. Yarborough for her contributions to the 2020 North Texas Probate Bench Bar, which was held at the Gaylord Texan Hotel in Grapevine, Texas on March 4–6. Donna was co-chairman of this year’s event. The probate bench bar was …
by Ron Holmes, 20 Feb 2020. Despite burdensome regulatory restrictions in certain cities in which we are representing developers (e.g., Austin and San Francisco), we continue to see strength across the real estate spectrum in the Texas major cities and both Coasts. We are assisting in the development of two projects of particular regulatory note. …