Like many #smallbiz attorneys and advocates, I’m spending most of tonight and tomorrow reading over the Democrats newly-released #COVID19#stimulus package. As I review, I’ll share some insights and discoveries. Stay tuned!
Congress proposes three #setasides for #PPP funding:
(1) at least 10% for #smallbiz with fewer than 10 employees OR for certain loans made to biz in low- and mod-income areas
(2) < 30% for nonprofits, housing coops, and hotels/restaurants
(3) < 50% for supplemental PPP loans.
Sep 24, 2020 • 5 tweets • 5 min read
Twice this week, Sec. Mnuchin and @federalreserve Chair Powell have expressed the need for additional aid for #smallbiz, including a second disbrusement of #PPP loans — even suggesting targeted aid for restaurants, hotels, and other specific industries . . .
The next #COVID19 stimulus will likely have additional aid for #smallbiz, but with additional segmentation and requirements.
- Biz with less than 20 ppl
- Restaurants & Hotels (i.e. Sector72)
- #MinorityOwned & Rural Biz
Each will likely have a specific carve out in the bill . .
Jul 13, 2020 • 9 tweets • 9 min read
Like every business, Washington’s #NFL team had to consider existing #trademarks when #rebranding. According to this story, the new name is being held up by a trademark dispute (meaning someone likely holds the trademark in their industry already). . . apple.news/AGRfYxT-LTSK8J…
The Washington #RedTails very well might the new name #Snyder and his #NFL are seeking, as someone in Virginia already holds a very similar #trademark
Universities and colleges across the US should implement procedures immediately to allow international students to attend classes in person. Permit international students to attend class in person on campus on a limited basis to avoid #ICE’s “fully remote” deportation rule.
Professors may still teach remotely, and US students may still attend remotely, avoiding large student gatherings in response to #COVID. International student likely don’t need to attend every class in person, meaning in-person gatherings would still be less frequent.
@Phil_Mattingly sba.gov/about-sba/sba-…
The Forgiveness Application suggests that borrowers may be subject to changes in #PPP regulations issued after the borrower applied for the PPP loan.
May 15, 2020 • 5 tweets • 5 min read
On 5/13, #SBA provided some relief for #smallbiz concerned with possible SBA audits, particularly related to “economic need” certifications and the “good faith” safe harbor. But, #PPP loan recipients did not receive a full reprieve from all challenges. kaneesq.com/insights/ppp-l…
Despite the grace for “economic need” certifications, #SBA audits and post-hoc reviews still present significant risks for borrowers and even lenders, regardless of the #PPP loan amount.
May 6, 2020 • 4 tweets • 5 min read
@KamalaHarris@AyannaPressley the #SOSAct would be a phenomenal step for the smallest businesses across the US. Despite the issues in #PPP and #EIDL, you should consider giving #SBA the program to avoid duplicative efforts.
Treasury has been involved in #PPP from the beginning and likely steered much of the guidance. Treasury is not the solution. #SBA reviews size, affiliation, certifies HUBZones, certifies #Womenowned businesses for other federal programs already.
Apr 21, 2020 • 4 tweets • 3 min read
Based on @mkraju’s summary, the new stimulus deal will include addition funding for #PPP and #EIDL loans as well as funds set asides specifically for smaller local banks.
The bill also appears to expand #EIDL eligibility to include certain #agriculture businesses, meaning they will likely be eligible for the $10K grant.
Apr 19, 2020 • 4 tweets • 4 min read
@HouseSmallBiz@SmallBizCmte We need to ensure all small businesses have access to #PPP loans with new funding. Option 1: Set aside funding for particular NAICS codes — the program already uses NAICS codes to determine affiliation.
Option 2: Similar to contracting goals for agencies, set “lending goals” for banks — setting aside much needed funds for #minority-owned and #women-owned #smallbiz. This also gets these businesses prepped to subcontract on a larger #infrastructure bill.
Interesting development for #lawyers everywhere. The National Conference of Bar Examiners is giving states the option to offer a #FallBarExam in lieu of the regular July Bar Exam. NCBE says they will make the decision on whether to cancel the July Bar Exam no later than 5/52020.
Potential effects of postponing the exam: (1) fewer newly-registered attorneys this Fall; (2) law firms employing recent grads as law clerks, paralegals, etc. for longer periods; and (3) more recent graduates opting for legal careers not requiring bar admission (e.g., policy).
Mar 26, 2020 • 8 tweets • 3 min read
DEVELOPING — U.S. Senate passes $2 trillion stimulus bill that provides expanded unemployment, strategic tax relief, healthcare system support, and enhanced aid for #smallbiz.
Section 1102, for instance, creates the “Payment Protection Program”, providing broader authority for the U.S. Small Business Administration to issue 7(a) loans to eligible small businesses for payroll, health benefits, rent, mortgages, utilities, and other eligible debts.
