On April 14, 2020, the SBA released a second interim final rule clarifying various aspects of the Paycheck Protection Program (PPP). Individuals with self-employment Income who File a Form 1040, Schedule C are eligible for a PPP loan if: (i) they are in operation on February 15, 2020; (ii) are an individual with self-employment income (such as an independent contractor or a sole proprietor); (iii) have a principal place of residence is in the United States; and (iv) have file

Receive Expert Guidance, Resources & Tools to Keep Your Business Thriving During and After the COVID-19 Pandemic. OlenderFeldman is pleased to sponsor and participate directly in this upcoming Zoom event hosted by the Business Innovators Alliance. The Firm’s Employment Practices Partner, Howard A. Matalon, will be live during this outreach program to provide practical guidance on important measures businesses can implement right now to maximize their productivity despite the

Paycheck Protection Program (PPP) Frequently Asked Questions Regarding Spending Loan Proceeds How can my business use PPP funds? The purpose of the PPP is to help you retain your employees, at their current base pay, and cover other essential business expenses like rent, mortgage or utility payments. You may use as much as you want to cover eligible costs however, only $100,000 per employee may be used for payroll expenses for the loan to be forgiven. Can I maximize my loan f

Today’s work-from-home environment presents a challenge for all businesses, and while it may be easy for some to technically adapt to a remote work environment, properly doing so is not always as simple. Unfortunately, since COVID-19 caused many companies to shift their business to a remote work environment in early March, ransomware attacks have increased by over 150%, data breaches by 300%, and Coronavirus-themed phishing attacks continue to grow every day. Couple the inc

The Art of the Restart This is the first in a series of alerts that will provide guidance on various topics related to business continuity and strategy. Topic of this alert: Financial planning – managing the creditor and debtor relationship Managing the Creditor and Debtor Relationship Managing the pre-opening period as well as the period post-opening will require careful strategic planning. Unlike starting a company, where operational and payroll costs are typically lo

Many of our clients have recently asked whether they should bring claims against their insurance carriers in order to recover business losses caused by the COVID-19 pandemic. Faced with pronouncements by their insurance carriers that they do not plan on covering coronavirus-related losses, these businesses are left wondering whether legal action is the correct course. While the answer to that depends on the particular facts and circumstances, understanding the type of cove

United States Supreme Court Rules Willful Infringement Not Required To Award Profits In Trademark Infringement Litigation Under 15 U.S.C. §1125(a). United States Supreme Court rules that 15 U.S.C. §1125(a) does not require a finding willful infringement in order to warrant an award of infringer’s profits. Decision will likely have far reaching effects on trademark enforcement strategy and encourage diligence in trademark search and positioning in infringement negotiation. A c

OlenderFeldman will be hosting our premiere Zoom webinar. Leveraging the Lockdown is a two-part/one-hour free webinar series on May 7 and May 14, 2020 at 12 noon with Q&A to follow. The purpose of the series is to provide practical guidance on how your business should be taking advantage of the pause in business operations in assessing your restart plan, including handling your workforce, so that you are primed to hit the ground running when the restrictions end. Don’t miss t

Update: Recently, Treasury Secretary Steve Mnuchin announced that all businesses receiving Paycheck Protection Plan (“PPP) loans of greater than $2 million will be subject to a “full review of that loan before there is loan forgiveness.” This review was further described as a “full audit,” though it is not clear what this audit will entail. However, the Treasury Secretary stated his opinion that the certification “was very clear that if people had other sources of liquidity