COVID-19 UPDATE | APRIL 2, 2020 PAYCHECK PROTECTION PROGRAM (PPP) UPDATE FOR LENDERS AND BORROWERS The CARES Act authorized $349 billion to provide guaranteed loans through a new program under Section 7(a) of the SBA Loan Programs. The Program provides for loans up to $10 million to employers with fewer than 500 employees. Under certain conditions, some […]
Read MoreLenders are often reluctant to do short term loan modifications because they would be forced to treat the modification as a troubled debt restructuring (“TDR”). The Financial Accounting Standards Board requires the Lender to treat a TDR as a problem loan and create loss reserves. On March 19, 2020, the Chairman of the FDIC wrote […]
Read MoreThe health of all of our clients, colleagues, and employees is of paramount importance to Friedman Schuman, PC. We are closely monitoring the COVID-19 (coronavirus) situation, a growing concern in Montgomery County, Pennsylvania, our nation and the world. The government has mandated many closures and the CDC has recommended social distancing and other precautionary steps. […]
Read MoreIf you are in the market for a new house, you most likely have come across the Equal Housing Opportunity logo. The symbol is an equal sign inside of a house, usually seen on a landlord’s, real estate agent’s, or lender’s paperwork. This represents the Fair Housing Act. If you are searching for a house, […]
Read MoreMany people, especially in Pennsylvania’s more urban areas walk from place to place as their primary means of transportation. While many of us do so without incident, there are times where pedestrians are seriously injured in accidents. If you have been injured in a pedestrian accident, you are most likely now seeking financial compensation to […]
Read MoreAt some point (hopefully sooner rather than later), restaurants will be able to fully or partially reopen. The following are some ideas and strategies to consider and implement now during the down time awaiting relaxation of the government restrictions on restaurant operations: Make sure your insurance premiums are paid when due. Review your insurance policies, […]
Read MoreVarious tax filing and payment deadlines have been extended as a result of the Covid-19 Crisis. The following are the deadlines that apply to our Estate and Trust Group clients. INHERITANCE TAX RETURNS INHERITANCE TAX RETURN FILING AND PAYMENT DEADLINES HAVE NOT BEEN EXTENDED. Payments can be made and Inheritance Tax Returns can be filed […]
Read MoreEstate Administration is difficult in the best of times and these are not the best of times. If you have recently lost a loved one and you have been named as executor of the Estate or trustee of their Trust, this is an especially difficult time. Please read “NEW ESTATES” below for how we can […]
Read MoreEstate planning is a difficult topic to discuss and the Covid-19 Crisis has made it both more difficult and more necessary. The information below describes the ways in which we can help with your estate planning needs during the Covid-19 pandemic. PLEASE DO NOT TRY TO CHANGE YOUR EXISTING PLAN (BY MARKING IT UP OR […]
Read MoreIf you are operating a business that has or is expected to sustain losses of revenue and operating expenses, check your business’ insurance policies to determine if your business is insured for Business Interruption (BI) – the loss of income and operating expenses. If so, your policy likely includes a coverage exclusion relating to viruses. […]
Read MoreWe all have a lot on our minds as we come to grips with the indefinite change in lifestyle forced upon us by the spread of the Coronavirus. While we must abide by the governmental edicts requiring us to stay home in an effort to harness the spread of the virus, the longer we […]
Read MoreA question I am frequently asked is: What effect will the virus have on my legal case? All of the Pennsylvania State Courts and the associated Federal Courts are working under a State of Emergency. For the moment, the Courts are effectively closed, deadlines are waived and Court business regarding civil litigation is effectively at […]
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