covid19

STA LEGAL LOG – June 2020

By Henry L. Goldberg, Legal Counsel, Subcontractors Trade Association
Partner, Moritt Hock & Hamroff LLP

Robert J. Fryman Partner, Moritt Hock & Hamroff LLP

 



Henry L. Goldberg
Subcontractors Trade Association
Partner,

Moritt Hock & Hamroff LLP

Robert J. Fryman
Partner,
Moritt Hock & Hamroff LLP

Brian P. Boland
Attorney
Moritt Hock & Hamroff LLP

Brett P. Garver
Attorney,
Moritt Hock & Hamroff LLP

Christine H. Price
Attorney,
Moritt Hock & Hamro LLP

Critical Amendments to Original PPP Legislation Benefiting Both

Existing and Potential Borrowers –  Immediate Review/Action Recommended

Continuing our response to the current unprecedented pandemic conditions, this month’s Legal Log will be different…as is everything else in our lives today.  Rather than addressing conventional construction-related legal issues as we typically do, we will continue to focus directly on rapidly developing COVID-19 (Coronavirus) related issues.  To do so in a timely and authoritative manner, we are privileged to be able to draw upon the resources of all of the specialized departments of our law firm, Moritt Hock & Hamroff LLP.

The firm has developed a “COVID-19 Resource Page” (https://www.moritthock.com/covid-19-resources/ ) of directly relevant issues and articles of practical value to our clients. Whether you originally were a construction client, or a tax, business, financing, real estate, intellectual property, employment law, business succession planning or trust and estates client of the firm, we trust you will find these Coronavirus issues to be of interest and benefit to you and your businesses.

Our third Legal Log devoted to Coronavirus issues, set forth below, addresses the Paycheck Protection Program Flexibility Act of 2020 (the “PFA”) which dramatically changes the framework of the Paycheck Protection Program (the “PPP”), greatly benefiting existing and new borrowers and their ability to achieve loan forgiveness.  The PFA extends the time period during which loan proceeds must be utilized by borrowers, lowers the percentage of loan proceeds which must be spent on payroll costs, and notably, extends the deadline to rehire laid-off workers, bringing the PFA and PPP well into the re-opening phase.  Are the changes of the PFA available to you as an existing PPP borrower?  How can you or your company benefit from these important amendments and enhancements to the PPP? These issues, and more questions or concerns you may have with regard to the PFA and PPP are addressed by this month’s Legal Log.  As the PPP currently closes on June 30, 2020, we urge you to review and discuss with experienced counsel and/or your accountant as soon as possible.

Please feel free to reach out to us at hgoldberg@moritthock.com or rfryman@moritthock.com with any questions for us or our commercial lending colleagues.

Stay safe and be well,

Henry L. Goldberg, Esq., STA Legal Counsel, Chair, Construction Law Group

Robert J. Fryman, Esq., Partner, Construction Law Group

Moritt Hock & Hamroff, LLP