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Articles, and Events.

Event

PPP2 and the Employee Retention Credit: Questions Answered

Ben Klassen will be a featured guest speaker on a webinar, “PPP2 and the Employee Retention Credit: Questions Answered,” co-sponsored by Study Groups and The Below the Line Club on April 21, 2021. He will give an update on the second round of the Paycheck Protection Program (PPP2) and the Employee Retention Credit (ERC), two ...

Wednesday, April 21, 2021

1:00 PM - 2:00 PM CT
Client Alert

Restaurant Revitalization Fund Grant Program

By: Benjamin J. Klassen

Congress has authorized a promising grant program for restaurants, bars, breweries, food trucks and caterers, with grants awarded based on the recipient’s decline in revenues during 2020. The Restaurant Revitalization Fund Grant program is part of the American Rescue Plan Act of 2021, which was signed into law on March 11, 2021. Continue reading for a ...

Client Alert

Approved Federal Stimulus Package Offers Help for Small Businesses

By: Ryan J. Schildkraut, Benjamin J. Klassen and

Following intense negotiations in Washington, Congress approved the latest federal stimulus package as part of the Consolidated Appropriations Act, 2021, and the President has signed the bill into law.  Included in the omnibus spending bill are modifications to the Paycheck Protection Program (“PPP”) under the title the Economic Aid to Hard-Hit Small Businesses, Nonprofits and ...

Client Alert

More Relief on the Way for Small Businesses

By: Ryan J. Schildkraut and Benjamin J. Klassen

The Winthrop & Weinstine corporate law team lays out the key updates and takeaways from the second round of PPP funds.

Client Alert

SBA Moves Goalposts on Eligibility Requirements, Causing Anxiety for PPP Borrowers

By: Ryan J. Schildkraut, and

If you were one of the thousands of small businesses who received a PPP loan in the initial wave of funding – or if you are still considering applying as part of the second wave – one of the key eligibility requirements for the loan substantively changed last week, at least according to the latest ...

Client Alert

CARES Act Summary: Expanded Access to Capital for Businesses

By: Benjamin J. Klassen

Paycheck Protection Program The CARES Act increases the federal guarantee of loans made for the Payment Protection Program under section 7(a) of the Small Business Act to 100 percent through December 31, 2020. Eligibility for loans is defined as a small business, 501(c)(3) nonprofit, a 501(c)(19) veteran’s organization, or Tribal business concern described in section ...

Client Alert

SBA Provides Underwhelming Guidance on PPP as Small Businesses Rush to Apply

By: Joel C. Johnson

Late Thursday, April 2, the Small Business Administration (“SBA”) released a highly anticipated Interim Final Rule and a new form of borrower application for the Paycheck Protection Program which was established as part of the CARES Act.  Small businesses and banks were hopeful that the SBA would provide additional guidance on how to interpret several ...

Client Alert

SBA Affiliation Rules for the Paycheck Protection Program and Economic Injury Disaster Loan Program

By: Benjamin J. Klassen

The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) authorizes $349 billion in forgivable Section 7(a) Small Business Administration (“SBA”) loans under the Paycheck Protection Program, to be issued by qualified SBA lenders, as described further in our client alert. Prior to the passage of the CARES Act, Disaster Declarations also made available ...

Client Alert

Paycheck Protection Program: Q&A For Lenders

By: Anton J Moch

By now most banks have been alerted to the fact that a significant part of the Coronavirus Aid, Relief and Economic Security Act (“CARES ACT”), is comprised of the Paycheck Protection Program (PPP), which was signed in to law on March 27, 2020. The CARES Act authorizes $349 billion in forgivable Section 7(a) SBA loans to small and mid-size businesses (“PPP Loans”). What Banks may not have seen is how it may impact their organization directly. Below are some of the relevant questions we have received and what we know today as a result of the CARES ACT.

Client Alert

Paycheck Protection Program: Forgivable Loan Program for Small and Mid-Sized Businesses Now Law

By: Benjamin J. Klassen

The below information was updated on April 3, 2020, to include information on the Interim Final Rule and updated application.  A link to our alert regarding the takeaways from Interim Final Rule is available here. This article was originally published under the title “Congress Poised to Pass Massive Loan Program for Small Businesses – What You Need ...

Client Alert

SBA Disaster Relief Loan Program: Important Considerations for Small Businesses

By: Ryan J. Schildkraut

Note: This information is current as of 8:00 a.m. on April 1, 2020. The Small Business Administration’s Economic Injury Disaster Loan Program (EIDL) is providing up to $2 million in long-term disaster-relief loans to qualifying small businesses for economic injury suffered due to the COVID-19 pandemic. The Coronavirus Aid, Relief, and Economic Security Act (“CARES ...

Client Alert

Remedies Under Real Estate Leases Due to “Force Majeure” – Some Practical Suggestions

By: Timothy M. Barnett

In these difficult times, we are certain that you are focused on the health and safety of your families and employees.  At the same time, we understand you are concerned about the devastating impact that restaurant or franchise unit closures due to COVID-19 will have on your business’s financial condition and your contractual obligations to ...

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