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
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
Sherri is one of the founders and board members of WHOW of NY, Inc., a nonprofit organization benefiting women and a board member of the Garment District Alliance,
Prior to joining Tarter Krinsky & Drogin, Sherri practiced at Platzer, Swergold, Levine, Goldberg, Katz & Jaslow, LLP for nearly 30 years.
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
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.
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.
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.
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, a leading
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 (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.
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.
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.
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.
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.
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.”
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.
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 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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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).
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.
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.
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.
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.