On April 6, the SBA updated its Paycheck Protection Program Loans Frequently Asked Questions, which provides much needed guidance to borrowers and lenders. Many important questions were answered, including these two listed in italics: Question: The CARES Act excludes from the definition of payroll costs any employee compensation in excess of an annual salary of […]

On the night of April 2, 2020, the SBA issued additional guidance with respect to the Paycheck Protection Program.  The guidelines, referred to as the Interim Final Rule, can be found here.  While the Rule reiterates many of the things we previously reported on, here are some of the key new takeaways: Borrowers SHOULD NOT […]

On March 31, 2020, the Small Business Administration (SBA) posted guidance on the Paycheck Protection Program (PPP). This guidance follows the passage of the CARES Act, and the guidance includes the PPP loan application, which can be found here on the U.S. Department of the Treasury website, along with information sheets for borrowers and lenders. […]

Applications for loans under the Paycheck Protection Program (PPP) are now available. The application can be found here. The completed application and  the required documentation should be submitted to an approved lender as soon as possible and prior to June 30, 2020. The Small Business Administration also provided additional information regarding PPP loans: Any loan […]

The Small Business Administration (SBA) will pay (and relieve the borrower of any obligation to pay) the principal, interest, and any associated fees that are owed on certain existing SBA 7(a) loans for a six-month period starting on the next payment due date. Loans currently in deferment would be entitled to an additional six months […]

The CARES Act allows small businesses to receive forgivable loans of up to $10,000,000 to be used for payroll, rent, health benefits, retirement benefits, utilities and other expenses. This article summarizes the key provisions relating to the forgivable loan program, including the eligibility, use, and forgiveness requirements. On March 27, 2020,  President Trump signed the […]

O’Neil, Cannon, Hollman, DeJong & Laing is pleased to announce that Attorney Jason Scoby and Attorney Bob Gagan were recently elected as shareholders of the firm. Mr. Scoby has been with the firm since 2009 and is a member of the firm’s Business Practice Group and Banking & Creditors’ Rights Practice Group. He advises and represents individuals, businesses, […]

Each year, Super Lawyers surveys the State’s attorneys and judges, seeking the State’s top attorneys. The lists for 2017 were recently published and, once again, a large number of our attorneys are included thereon. Dean Laing was named one of the Top 10 attorneys in Wisconsin for the third time. He was also named one of the Top […]

When buying or selling a business, it is critical to take the negotiation and preparation of the letter of intent seriously.  All too often, I hear the phrase, “letters of intent are not binding, so we don’t need to spend time negotiating them.”  Other times, a new client will have already signed a letter of […]

Each year, Super Lawyers surveys the State’s attorneys and judges, seeking the State’s top attorneys. The lists for 2016 were just published and, once again, a large number of our attorneys are included thereon. Dean Laing was named one of the Top 10 attorneys in Wisconsin for the second time. He was also named one […]

Archives