Every business, regardless of industry or size, is facing unique challenges given the pandemic. Our attorneys are tracking guidance, policies, and recommendations issued by government agencies and authorities.

Loan Workouts

With the current economic climate, many people are looking for guidance on restructuring debt or renegotiating a loan. FBFK can help guide you through the process and assist you in considering alternatives.

Guidance for Public Companies: Shareholder Meetings During the COVID-19 Pandemic

The Division of Corporation Finance (Division) of the U.S. Securities and Exchange Commission (SEC) issued guidance applicable to federal proxy rules, last updated on April 7, 2020, for upcoming annual shareholder meetings and special meetings in light of the difficulties and issues raised by the COVID-19 pandemic.

Clarity for PPP Loan Recipients

As most are now aware, a business can obtain a loan pursuant to the PPP of the CARES Act and have some or all of the loan proceeds forgiven if the business uses such loan for its intended purposes (75% payroll and 25% rent, primarily). There has been speculation that the CARES Act’s exclusion of forgiveness loan proceeds from income means that a business could “double dip” — namely, that the business could both exclude the forgiven proceeds from income and deduct the payroll and rent from income as business expenses. The IRS has issued a notice that this is NOT the case.