Due to the COVID-19 pandemic, the cash flow of your business has diminished or all but disappeared.  You do not know if your business will survive the pandemic and resume normal operations.  In an effort to replace the revenue your business has lost, you filed a claim for business interruption...

In a historic move to bolster the COVID-19 economy, on April 6, 2020, the Federal Reserve announced a new program to purchase Paycheck Protection Program (“PPP”) loans extended by lenders to small businesses seeking to cope with the fallout of the coronavirus pandemic.  In a brief announcement, the Federal Reserve...

Covid-19 is a menace to human health, social interaction, the economy and particularly small businesses across this country.  The current approach for returning to some semblance of normalcy in our personal lives and business concerns, is to curtail the spread of the virus through social distancing while science searches for...

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...

Lenders 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...

At 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...

Various 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...

A 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...

If you are the owner of a business, large or small, which maintains a Business Owner’s Insurance Policy, which provides coverage for the loss of business income and operating expenses, you are probably wondering whether your business will be able to successfully make a claim for such losses. The answer...

The coronavirus has taken the country by storm, as events and gatherings rapidly close. Fortunately, despite all the commotion, there are several actions you can take to limit the virus's spread. Please continue reading to learn more about how you can keep safe in these uncertain times: Consistently wash your...