Mar. 18, 2021Limitations on Enforcing Due on Sale Clauses
“Due on Sale” clauses found in many mortgages generally allow a lender to demand payment in full of a loan, upon the transfer of an interest in the mortgaged property. The Garn St. Germain Act (12 U.S.C. Section 1701j-3) provides that regardless of the agreement between a borrower and lender, a lender may not enforce […]
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Jan. 13, 2021Paycheck Protection Program Round Two – Are You Eligible to Pursue a Second Loan?
On Monday, January 11, 2021, the U.S. Small Business Administration (the SBA) along with the Treasury Department re-opened the Paycheck Protection Program (PPP) for both new and existing borrowers. This article focuses on existing PPP borrowers and outlines the steps to take to apply for a second draw PPP loan. Business principals considering a PPP […]
Jan. 13, 2021Paycheck Protection Program Round Two – Guidance for First-Time Applicants
On December 27, 2020, the Economic Aid Act was signed into law, which is intended to, among other things, continue providing assistance to companies and entrepreneurs whose businesses were adversely affected by the global COVID-19 pandemic. A key provision of the Economic Aid Act is an expansion of the already existing Paycheck Protection Program (PPP). […]
Nov. 20, 2020Northampton County Reopened Its COVID-19 Relief Grant Program
Good news for small businesses. On November 20, 2020, the Northampton County COVID-19 Relief Small Business Grant Program re-opened and is currently accepting applications. Northampton County Council has approved this Grant Program, in partnership with the Greater Lehigh Valley Chamber of Commerce, that will distribute $1.3 million dollars of CARES Act Funds to Northampton County […]
Nov. 13, 2020Getting Ready for LIBOR to Disappear
Most of FLB’s business clients borrow money from commercial lenders, such as banks and credit unions. If any of your loans are priced on the basis of LIBOR (London Interbank Offered Rate), you have probably heard that this is going to change. The “sun will set” on LIBOR at the end of 2021, and lenders […]
Nov. 9, 2020New SBA Questionnaires for PPP Borrowers with Loans $2 Million and Above
On October 26, 2020, the U.S. Small Business Administration (SBA) issued a notice that it intends to release two new forms relating to borrowers’ good faith certifications that current economic conditions made the Paycheck Protection Program (PPP) loan necessary to ongoing business operations. The new documents are Form 3509 – Loan Necessity Questionnaire (For-Profit Borrowers) and […]
Oct. 23, 2020Paycheck Protection Program (PPP): Beware of Email Scams
The United States Small Business Administration (SBA) has issued a warning about email scams related to the Paycheck Protection Program (PPP) and its borrowers. Borrowers are reporting receiving emails from “sba-attorneys.com” that inform the recipient PPP funds were issued to them erroneously and action must be taken to avoid “potential criminal liability.” This email is […]
Jul. 23, 2020SBA Procedural Notice for PPP Loan Forgiveness
On July 23, 2020, the Small Business Administration (SBA) issued a procedural notice to lenders participating in the Paycheck Protection Program (PPP) concerning the loan forgiveness application process. The notice informs lenders that beginning August 10, 2020, they may begin submitting forgiveness applications through an online platform. The notice states that the SBA intends to […]
Jul. 17, 2020COVID-19 Hazard Pay Grant Program Available in PA
On July 16, 2020, Pennsylvania Governor Tom Wolf announced the availability of $50 million in grant funding to assist employers in providing hazard pay to employees performing life-sustaining jobs during the COVID-19 pandemic. The intent of the COVID-19 Hazard Pay Grant Program (Program) is to ensure that front-line employees in vital industries are able to […]
