Sherri D. Lydell

Partner

P 212.216.1151
1350 Broadway
New York, NY 10018

 

Sherri D. Lydell is a partner in the Commercial Finance and Bankruptcy and Corporate Restructuring Groups. Sherri represents a wide range of lending institutions in various finance transactions, including loan originations for both asset-based loans and real estate, loan restructurings, out-of-court workouts and bankruptcy proceedings in the middle market.

Sherri also represents corporate clients on a multitude of contract matters including buy-out and purchase and sale agreements. She also represents clients with respect to commercial litigation matters in the state and federal courts as well as post-judgment enforcement.

Sherri has extensive experience representing Chapter 7 and 11 corporate and individual debtors, Chapter 7 and 11 trustees, secured creditors, equipment lessors, individual creditors and unsecured creditors’ committees, as well as numerous parties in out-of-court workouts.

She represents several national retail companies and other corporate organizations with respect to lease and asset acquisitions throughout the United States. Over the last several years, Sherri has represented purchasers and bidders in such matters as Urban Brands, Daffy’s, Atlantic Express, Dots, Deb Stores, Simply Fashions, Joyce Leslie, Toys R Us and the Fallas/National Stores bankruptcy cases.

Sherri is one of the founders and board members of WHOW of NY, Inc., a nonprofit organization benefiting women. She is also a board member of the Needlers Foundation, supporting pediatrics. She has also served on the Advisory Board of the Epiphany Community Nursery School in Manhattan. Sherri is also a member of numerous organizations, including the Contemporary Credit Club, Turnaround Management Association, New York Institute of Credit, Mortgage Bankers Association of N.Y. Inc. and the New York Bankers Association.

Prior to joining Tarter Krinsky & Drogin, Sherri practiced at Platzer, Swergold, Levine, Goldberg, Katz & Jaslow, LLP for nearly 30 years.

Education
  • George Washington University, BBS
  • Benjamin N. Cardozo School of Law, J.D.
Admissions
  • New York
  • U.S. District Court, Eastern District of New York
  • U.S. District Court, Southern District of New York
  • U.S. District Court, Western District of New York
Awards and Honors
  • New York Institute of Credit, Honorable Burton R. Lifland, Mentor of the Year, 2017
Memberships
  • WHOW of NY, Inc., founder and board member
  • Needlers Foundation, board member
  • Epiphany Community Nursery School in Manhattan, Advisory Board member
  • Contemporary Credit Club
  • Gotham City Networking, Inc.
  • Mortgage Bankers Association of N.Y. Inc.
  • New York Bankers Association
  • Garment District Alliance, Board of Directors

Quote I live by:
"No woman is alone if she has her friends and a good bottle of wine by her side."

Favorite vacation spot:
Napa and Big Sur

What I do when I'm not practicing law/in my spare time:
I'm with friends eating and listening to live music and making new friends

Favorite movie/TV character:
The Godfather, Michael Corleone

Last concert:
Lukas Nelson, son of Willie Nelson

News

Events

  • Tarter Krinsky & Drogin Supports the New York Edge Annual Benefit Luncheon

    Tarter Krinsky & Drogin managing partner Alan Tarter, and Commercial Finance partners Ed Farrell and Sherri Lydell recently attended the New York Edge Annual Benefit Luncheon alongside members of the BankUnited team, whose Chief Operating Officer was honored for his support of access to education in underserved communities.

  • Paycheck Protection Program Extended Through August 8, 2020

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.

  • Federal Reserve Bank of Boston Announces Main Street Lending Program Is Fully Operational

    The Federal Reserve Bank of Boston announced the Main Street Lending Program is “now fully operational, ready to purchase participations in eligible loans that are submitted to the program by registered lenders.”

  • SBA Issues New Interim Final Rule for Paycheck Protection Program– Guidance Your Business Should be Aware Of

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.

  • Internal Revenue Service Announces Relief for Qualified Opportunity Zone Investors

    On June 4, 2020, the Internal Revenue Service issued Notice 2020-39, which provides temporary relief to qualified opportunity funds (QOFs) and their investors as a result of the COVID-19 pandemic.

  • Federal Reserve Bank of Boston Modifies Main Street Lending Program

    The Federal Reserve Bank of Boston announced changes to the Main Street Lending Program (Program) to allow more small and medium-sized businesses to be able to participate in the Program. 

  • Federal Reserve Advances Towards Launching Main Street Lending Program

    The Federal Reserve recently announced that the Federal Reserve Bank of Boston has set up the special purpose vehicle (SPV) to purchase participations in loans originated by eligible lenders under the Main Street Lending Program (Program). In addition, Program loan participation agreement, form borrower and lender certifications, and other required form agreements are now available on the Federal Reserve Bank of Boston’s Main Street Lending Program Forms and Agreements website. The Federal Reserve also updated its Frequently Asked Questions (FAQs), dated May 27, 2020.

  • Amendment to CARES Act and PPP Loan Forgiveness

    On June 5, 2020, President Trump signed H.R. 7010 (the Bill), which the Senate had unanimously passed. The Bill amends several provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Paycheck Protection Program (PPP).

  • Alternative Loan Options For Certain Small Businesses, Non-Profits and Landlords in New York State

    For certain small businesses, non-profits and landlords who did not receive a Paycheck Protection Program loan or an Economic Injury Disaster Loan from the Small Business Administration, New York State is making available loans under the New York Forward Loan Fund (NYFLF). The NYFLF is a new economic recovery loan program aimed at supporting New York State’s small businesses, non-profits and landlords as they reopen after the COVID-19 outbreak and New York State on PAUSE.

  • Main Street Loans: How Much May a Company Borrow?

    Federal Reserve Chairman Jerome Powell announced on May 19, 2020, before a Senate Committee that the Main Street Lending Program (Program) is anticipated to be launched around the end of May. Prospective borrowers should be preparing for making loan applications with participating lenders when the Program commences.

  • New York City Council Passes Suspension of Personal Guarantees for Certain Commercial Tenants

    On May 26, 2020, New York City Mayor Bill de Blasio signed the City Council’s bill No.1932-A (the Personal Liability Bill). The Personal Liability Bill adds a new section 22-1005 to the administrative code of the City of New York, suspending the enforcement of personal liability provisions for certain commercial tenants affected by the COVID-19 crisis.

  • SBA Releases Additional PPP Loan Review Guidance

    On May 22, 2020, the Small Business Administration (SBA), in consultation with the U.S. Department of Treasury, published an interim final rule (the Review Guidance) to supplement previous Paycheck Protection Program (PPP) loan forgiveness guidance. The Review Guidance is intended to establish the standards by which the SBA will investigate whether a loan met program requirements and the circumstances under which it will be released from liability on a guarantee for such a loan.

  • Eligibility Requirements for Federal Reserve’s Main Street Lending Program

    Federal Reserve Chairman Jerome Powell announced on May 19, 2020, before a Senate Committee that the Main Street Lending Program (Program) is anticipated to be launched around the end of May. Prospective borrowers should be preparing for making loan applications with participating lenders when the Program commences.

  • SBA Extends Good Faith Certification Safe Harbor Until May 18, 2020 and Loan Increases for Certain Partnerships

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.
    As the PPP went into immediate effect without the standard comment period, the SBA continues to issue additional guidance in the form of Frequently Asked Questions (FAQs) and responses as well as Interim Final Rules (IFRs). The most recently updated FAQs, current as of May 13, 2020, are available here and the most recently issued IFRs are available here. Importantly, the U.S. government will not challenge lender PPP actions that conform to the FAQs, and to IFRs and any subsequent rulemaking in effect at the time.

  • SBA Issues Additional Guidance on Good Faith Certification

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.

  • New York Extends Moratorium on Evictions and Tolling of Statute of Limitations

    On May 7, 2020, New York State Governor Andrew Cuomo signed Executive Order No. 202.28 (the Executive Order), extending the existing moratorium on evictions and foreclosures for an additional 60 days. The Executive Order also extended time periods set forth in certain prior executive orders, including tolling all statutes of limitations until June 6, 2020.

  • SBA Issued Additional FAQ on Paycheck Protection Program on May 6, 2020 – Guidance Your Business Should Know

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.

    As the PPP went into immediate effect without the standard comment period, the SBA continues to issue additional guidance in the form of Frequently Asked Questions (FAQs) and responses. The most recently updated FAQs, current as of May 6, 2020, are available here. Importantly, the government will not challenge actions that borrowers and lenders take consistent with the guidance in effect at the time.

  • SBA Issues Additional FAQ on Paycheck Protection Program

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.

  • Revisions Announced to Main Street Lending Program

    The U.S. Federal Reserve announced revisions to the Main Street Lending Program to facilitate lending to small and medium-sized businesses by eligible lenders. The U.S. Department of Treasury, using funds appropriated under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) will invest $75 billion in a special purpose vehicle (SPV) established by the Board of Governors of the Federal Reserve, which, along with a loan commitment from the Federal Reserve to the SPV, will enable up to $600 billion in new financing for eligible small and mid-sized businesses.

  • IRS Issues Notice on Deductibility of Expenses Paid with Forgiven PPP Money

    On April 30, 2020, the Internal Revenue Service (IRS) issued Notice 2020-32, which provides that no deduction is allowed for expenses paid with loan money forgiven under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

  • U.S. Department of Treasury Issues Guidance on PPP Loan Audits

    On April 29, 2020, the U.S. Department of Treasury issued an updated FAQ. Notably, Q39 confirms Treasury Secretary Steven Mnuchin’s public statement that the SBA will audit all Paycheck Protection Program (PPP) loans in excess of $2 million upon submission of a loan forgiveness application.

  • The Paycheck Protection Program – How to Obtain Forgiveness of Your Loan and Answers to Commonly Asked Questions

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), a newly created loan program intended to allow employers to continue to pay their employees and assist with certain other expenses.

  • U.S. Federal Reserve Issues Guidance About Main Street New Loan Facility

    On April 9, 2020, the U.S. Federal Reserve announced the creation of the Main Street New Loan Facility (Facility), to facilitate lending to small and medium-sized businesses by eligible lenders. Under the Facility and the Main Street Expanded Loan Facility, a Federal Reserve Bank will commit to lend to a single common special purpose vehicle on a recourse basis.

  • U.S. Department of Treasury Issues Additional Guidance for Paycheck Protection Program

    Following the enactment of the Coronavirus Aid, Relief and Economic Security Act (CARES Act), small businesses and their advisors have been anxiously awaiting additional guidance from the U.S. Treasury Department (Treasury) regarding the Paycheck Protection Program (PPP). --  On March 31, 2020, Treasury issued its guidance.

Education
  • George Washington University, BBS
  • Benjamin N. Cardozo School of Law, J.D.
Admissions
  • New York
  • U.S. District Court, Eastern District of New York
  • U.S. District Court, Southern District of New York
  • U.S. District Court, Western District of New York
Awards and Honors
  • New York Institute of Credit, Honorable Burton R. Lifland, Mentor of the Year, 2017
Memberships
  • WHOW of NY, Inc., founder and board member
  • Needlers Foundation, board member
  • Epiphany Community Nursery School in Manhattan, Advisory Board member
  • Contemporary Credit Club
  • Gotham City Networking, Inc.
  • Mortgage Bankers Association of N.Y. Inc.
  • New York Bankers Association
  • Garment District Alliance, Board of Directors

Sherri Lydell

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