News

• Sherri Lydell Appointed to Board of Directors of Garment District Alliance
  

  We are pleased to announce that Commercial Finance and Bankruptcy & Corporate Restructuring Partner Sherri Lydell has been appointed to the Board of Directors of the Garment District Alliance. The non-profit works to improve the quality of life and economic vitality of Manhattan’s Garment District. As a board member, Sherri will collaborate with business, civic and government leaders to make the neighborhood clean and safe, while strengthening local businesses. 

• Sherri Lydell’s Arrival to Tarter Krinsky & Drogin Featured in Mann Publications’ Fashion Mannuscript
  

  Commercial Finance and Bankruptcy & Corporate Restructuring partner Sherri Lydell’s recent arrival to Tarter Krinsky & Drogin was featured in Mann Publications' Fashion Mannuscript, a business-to-business publication specializing in real estate, finance and fashion.

• Sherri Lydell’s Arrival to Tarter Krinsky & Drogin Featured in New York Law Journal
  

  The recent arrival of Commercial Finance and Bankruptcy & Corporate Restructuring partner Sherri Lydell was featured in the New York Law Journal’s Lawyers on the Move section. Sherri represents a wide range of lending institutions in complex finance transactions, including loan originations for asset-based loans and real estate matters, loan restructurings, out-of-court workouts and bankruptcy proceedings in the middle market. She also represents corporate clients on contract matters, including buyout and purchase and sale agreements. An active member of the community, Sherri is one of the founders and board members of WHOW of NY, Inc., a nonprofit organization benefitting women in need.

• Celebrating Women’s History Month at Tarter Krinsky & Drogin by Learning More About the Accomplished Women at Our Firm
  

  To celebrate Women's History Month, we are featuring the wise words and career advice from the outstanding women of Tarter Krinsky & Drogin throughout the month of March. We know we can learn from them, and we hope you can too.

• Tarter Krinsky & Drogin Expands Commercial Finance and Bankruptcy and Corporate Restructuring Practices with Addition of Sherri Lydell as Partner
  

  Tarter Krinsky & Drogin, a leading mid-size, full-service law firm, announced today that Sherri Lydell has joined the firm as a partner in its Commercial Finance and Bankruptcy and Corporate Restructuring practice. Her arrival further enhances the firm’s offerings in the business financing area.

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.

• The Corporate Transparency Act: New Reporting Requirements of Beneficial Ownership Information
  

  The Corporate Transparency Act (CTA) enacted in January 2021 as part of the National Defense Authorization Act establishes new requirements that will mandate the disclosure and reporting to the United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN) of beneficial ownership interests in corporations, limited liability companies, and many other corporate entities.

• The Consolidated Appropriations Act, 2021: Important Paycheck Protection Program Provisions
  

  On December 27, 2020, the President signed into law the Consolidated Appropriations Act, 2021 (the Act). The Act is wide-sweeping in its breadth at over 5,500 pages and provides the annual funding for the federal government.

  Importantly, for many small businesses, the Act contains several important rules providing further relief for those affected by the COVID-19 pandemic, including revisions to the Paycheck Protection Program (PPP). For purposes of this alert, we will highlight some of the PPP provisions we believe will be of interest to employers.

• The Consolidated Appropriations Act, 2021: Tax-Related Changes
  

  On December 27, 2020, the President signed into law the Consolidated Appropriations Act, 2021 (the Act). The Act, among many other things, expands the employee retention tax credit and includes favorable changes to other employer-related tax provisions.

• Our Top 10 Legal Alerts from 2020
  

  As we start a new year, we would like to share with you some of our most popular legal alerts from 2020. Our top alerts range from bankruptcy, construction, COVID-19, labor & employment, immigration, trusts & estates, corporate & securities, litigation and intellectual property, reflecting the broad array of our full-service practice. We hope that our alerts have been helpful to you and your colleagues, and demonstrate our commitment to providing important information to you.

• SBA Issues Procedural Notice Regarding Changes of Ownership
  

  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.
  On October 2, 2020, the SBA released a procedural notice (Notice) – available here – addressed to SBA employees and PPP lenders clarifying the required procedures for changes of ownership of an entity that has received PPP funds.

• 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.”

• 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.

• 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.