COVID-19 Resources and Updates

 

Paycheck Protection Program Flexibility Act and Other PPP Updates

Please see our previous client alerts regarding PPP loans here and here. There have been a number of recent updates regarding the Paycheck Protection Program (“PPP”).  On June 5, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (“PPPFA”), which enacted important changes to the program designed to make the Act more accommodating for borrowers.  In addition, the Small Business Administration (“SBA”) has also released the forgiveness applicati ...
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Carruthers & Roth Hosts Food Drive to Support BackPack Beginnings’ COVID-19 Response

GREENSBORO, N.C. – Carruthers & Roth, P.A. hosted an internal food drive to support the COVID-19 response efforts of BackPack Beginnings, a Greensboro non-profit organization founded to deliver child-centric services to feed, comfort and clothe children in need. The firm’s attorneys and staff collected donations during the first two weeks in May and were able to donate more than 1,000 items of food to BackPack Beginnings. “There are many incredible organizations in our community wor ...
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SBA Updates Guidance on PPP Loan Good Faith Certification

The Small Business Administration (SBA) has just released new guidance on how it will review the good faith certification that all Paycheck Protection Program (PPP) borrowers must make when they submit their applications for PPP loans.  Under the PPP, all borrowers must certify in good faith that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”  The SBA previously threatened audits and potential civil and criminal penalt ...
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Ensuring PPP Loan Compliance and Avoiding Potential Penalties

This client alert contains guidance that has recently been updated.  Click here to read the most recent guidance.  The Small Business Administration’s (SBA) Paycheck Protection Program (PPP) was launched on April 3, 2020, and the initial round of funding was exhausted on April 16, with more than 1.6 million small businesses receiving approval for loans totaling over $342 billion.  According to the SBA, the average loan size is $206,000.  Although the vast majority of loans were under $1 ...
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COVID-19’s Impact on Litigation Deadlines

Litigation, whether it is civil or criminal, is driven by deadlines. In other words, it tells a litigant and a litigant’s attorney when some action, such as filing a lawsuit or a claim of lien on real property and serving discovery responses, must be taken. These deadlines are strictly enforced and have significant consequences if missed. Given the far-reaching impact of COVID-19, litigants, potential litigants and attorneys must continue to be mindful of the deadlines because deadlines are ...
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N.C. Secretary of State Extends Delinquency Date for Annual Reports

Annual reports (and the associated fees) for most North Carolina business entities, including corporations and LLCs, must be filed with the North Carolina Secretary of State no later than April 15 of each year. On April 7, 2020, the office of the Secretary of State made an announcement stating that although the office lacked the statutory authority to extend the filing date for annual reports and associated fees, it would not consider reports and fees to be delinquent if they are received by ...
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Review Your Credit Facilities in the Midst of the COVID-19 Pandemic

Borrowers and lenders alike may feel inclined to review loan documents only on two occasions: at closing and upon the occurrence of an event of default.  In today’s unprecedented times, there is a third very essential time to review documents relating to your credit or debt facilities: right now. In addition to payment defaults, loan facilities are packed full of covenants, conditions, representations, and warranties which, when business is good, may not warrant much consideration. But in ...
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For media inquiries, please contact: Erin Molinaro | ekm@crlaw.com