On May 13, 2020, the SBA issued additional guidance on the PPP loan “necessity” certification. This new guidance reverses course from the broadly worded original guidance, which was interpreted by many to mean that all borrowers of PPP loans needed to be worried, to exempt from SBA scrutiny any borrower…
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Originally published in the May 2020 issue of Tampa Bay Business & Wealth Magazine. Whether you work for a Fortune 500 company, or you own a small business, odds are you enter into contracts on a regular basis. In an ideal world, these contracts cover every important detail of the…
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Typically, when a business obtains a loan, the loan proceeds are not includable in the gross income of the borrower for tax purposes at the time of the loan. Generally, the loan proceeds can then be spent for any business purpose (subject to loan covenants). Throughout the life of the…
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Originally published in the May/June 2020 issue of The Florida Bar Journal. Consumers’ lives can be seriously affected by the information included on their credit reports: bad scores can mean higher loan interest rates or denials of mortgage refinancing plans or other loans altogether. The information on consumers’ credit reports…
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Stephanie Lieb spoke with the Tampa Bay Times for its May 2, 2020 story on the economic impact COVID-19 is having on Florida, and she addressed the potential rise in bankruptcies in the coming months. Industries that were already teetering, like retail and restaurants, were hit hard by the shutdown,…
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In the May 2020 issue of Retire Ahead, a monthly newsletter released by Tribune Publishing, Tate Taylor answers key questions regarding the impact the provisions to the CARES Act is having on retirement finances. “These changes may provide important financial relief to individuals facing adverse financial consequences as a result…
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On April 24, 2020, Don Weinbren shared insight with the Tampa Bay Business Journal on the application process for Small Business Administration (SBA) loans after a new bill added billions for the Paycheck Protection Program. After the SBA system was flooded with applications during the first round of funding, the…
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Don Weinbren discussed the $310 billion funding of the Paycheck Protection Program (PPP) on April 24, 2020 for the Tampa Bay Times. After the first round of funding for PPP, a program made available under the Coronavirus Aid, Relief and Economic Security (CARES) Act, the president signed a bill to…
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You are not alone if you are confused about how to track your use of and how to calculate the amount of forgiveness for which you will qualify on your Paycheck Protection Program (“PPP”) loan. The Small Business Administration (the “SBA”) provided some guidance in its Interim Final Rules and…
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Twelve Attorneys and Four Practice Areas Receive Recognition Trenam Law has been ranked among the top Florida law firms in Chambers USA 2020 America's Leading Lawyers for Business, an annual publication by Chambers and Partners. The recognition includes twelve of the firm’s attorneys and four of its practice groups in the…
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