The Small Business Administration (“SBA”) issued an update to its “Frequently Asked Questions for Lenders and Borrowers for the Paycheck Protection Program,” adding question #46 and the response, which is recited below. For PPP loans of less than $2 million, the borrower will be “deemed to have made the required certification concerning the necessity of
By Brian Carnie, Blane Clark, and Linda Perez Clark
In addition to certain entities, independent contractors, sole proprietors and “eligible self-employed individuals” may be eligible to apply for a Paycheck Protection Program loan under the CARES Act.
What is an eligible self-employed individual? It is important to note that the statute did not
By Dean Cazenave, Blane Clark and Elisabeth Prescott
By Dean Cazenave, Blane Clark, and Elisabeth Prescott
On Wednesday, April 1, 2020, Governor Edwards announced the availability of a new state-led loan program to provide loans to Louisiana small businesses in response to COVID-19. The Louisiana Loan Portfolio Guaranty Program (“LPGP”) is a partnership of the Louisiana Economic Development (“LED”), the Louisiana Bankers Association (“LBA”) and the Louisiana Public
By: Hannah D. Robinson and Ben K. Jumonville
On March 26, 2020, Governor John Bel Edwards issued Emergency Proclamation 37 JBE 2020 (the “Proclamation”) providing certain measures intended to aid Louisiana businesses in navigating the COVID-19 pandemic, including a temporary suspension of the statutory requirement that Louisiana corporations notice and hold annual and
By Dean Cazenave, Blane Clark and Elisabeth Prescott
Keenly aware of the enormous impact COVID-19 is having on small businesses throughout the country, in response, the Congress approved and on March 27, 2020, the President signed the “Coronavirus Aid, Relief, and Economic Security Act” (the “CARES Act”). The CARES Act is intended,
By: Brian R. Carnie, Chelsea G. Caswell, A. Edward Hardin, Jr., Scott D. Huffstetler, Erin L. Kilgore, Michael D. Lowe, Zoe W. Vermeulen, and David M. Whitaker
Responses to the coronavirus that directly impact employers are making their way through Congress. CBS and other news outlets are reporting
By: R. Chauvin Kean and Mary Kathryn Gimber
On March 11, 2020, the World Health Organization (“WHO”), officially declared COVID-19, commonly known as coronavirus, a pandemic with nearly 120,000 confirmed cases in 114 countries and over 4,000 deaths. With the number of cases, deaths, and countries affected expected to climb in the coming days and
By Eric Lockridge and Katie Hollowell
The Supreme Court of the United States recently handed down a decision on the statute of limitations period under the Fair Debt Collection Practices Act (the “FDCPA”) to start off its term. The case provides a lesson to practitioners to draft carefully; the failure to do so may result