Due to the COVID-19 pandemic and resulting economic shutdown, we have counseled our clients about how they can protect their rights as creditors once the economy begins to ramp up again. We have also advised them on how to make sure that they do not end up in their own perilous financial situation. Indeed, you …
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Beginning April 3, 2020, applications will open for both the federal SBA coronavirus relief funds and a program for New Jersey businesses being administered by the New Jersey Economic Development Authority. The NJEDA has launched a Small Business Emergency Assistance Grant program together with a Small Business Emergency Assistance Loan program. Both of the grant …
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The CARES Act, signed into law on March 27, 2020, contains a component that will quickly provide businesses with loans to compensate for lost revenues due to COVID-19. The Paycheck Protection Program is making $349 billion available to small businesses that were operating as of February 15, 2020, and that have been impacted by coronavirus. …
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UPDATE After this article was published, New York Governor Andrew Cuomo issued an executive order clarifying this issue. According to the order, due to the coronavirus pandemic, until April 19, 2020, companies incorporated in New York are permitted to hold virtual-only shareholder meetings. The executive order temporarily provides relief from the portions of subsection (a) …
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In mergers and acquisitions, corporate finance and lending, a period of time often passes between signing the applicable transaction agreement and closing the transaction. During the period when the parties prepare for closing, they are subject to any number of risks that could delay or even prevent the transaction from happening. With the outbreak of …
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As the coronavirus pandemic continues to cause disruptions to businesses, the U.S. Small Business Administration (SBA) has announced its Coronavirus (COVID-19) Disaster Relief Lending program, which will offer certain small businesses and nonprofits affected by COVID-19 access to the SBA’s Economic Injury Disaster Loans. As of today, small business owners in New York State are …
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Part of the commitment to entering into a contract includes an agreement between parties to perform contractual obligations on a timely basis, with limited exceptions. Contracts frequently include a provision titled “force majeure,” which translates literally from French to mean “superior force.” Force majeure provisions, generally part of the boilerplate section of a contract and …
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The spread of coronavirus (COVID-19) has presented unprecedented challenges for employers who hire foreign nationals. Employers must take special care to ensure compliance with immigration laws during this crisis.  Here a few of the most common scenarios, with recommendations on how to address them. Working Remotely Now that social distancing has become the norm, many …
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In this time of extreme uncertainty, an unfortunate reality is that many businesses are wondering whether they will be able to survive an indefinite economic downturn. Virtually every industry is facing the prospect of weeks or even months of drastically reduced sales. Businesses need to take steps immediately to weather a prolonged new normal in …
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Business owners are driven, focused, goal-oriented people, who have achieved success by keeping their eyes on the ball at all times. Running a successful business, however, goes beyond running a business day to day. It means having the ability to grow in strong markets, reacting to industry downturn, and most importantly, planning for unforeseen events, …
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