In Part I of this series, we discussed how COVID-19 had impacted almost every provision of a commercial lease, including the covenant of quiet enjoyment, continuous use provisions and force majeure clauses, among others....more
9/28/2020
/ Business Interruption ,
Consumer Insurance Products ,
Contract Negotiations ,
Contract Terms ,
Coronavirus/COVID-19 ,
Indemnification Clauses ,
Infectious Diseases ,
Landlords ,
Leases ,
Property Improvements ,
Tenants
Almost six months into the COVID-19 global pandemic, it is apparent that the commercial leasing landscape has changed indefinitely. Going forward, landlords and tenants will need to re-evaluate certain common lease provisions...more
9/24/2020
/ Business Interruption ,
Commercial Leases ,
Commercial Tenants ,
Continuous Use Requirement ,
Contract Modification ,
Contract Terms ,
Coronavirus/COVID-19 ,
Covenant of Quiet Enjoyment ,
Force Majeure Clause ,
Infectious Diseases ,
Landlords ,
Rental Property ,
Retailers
On Monday, September 1, 2020, Florida Governor Ron DeSantis extended (for a fifth time) a previous executive order that suspended and tolled the Florida statutes that provide for final action at the conclusion of a...more
9/2/2020
/ Coronavirus/COVID-19 ,
Eviction ,
Financial Distress ,
Florida ,
Foreclosure ,
Governor DeSantis ,
Landlords ,
Moratorium ,
Mortgages ,
Relief Measures ,
Rent ,
Rental Property ,
Tenants
Despite billions of dollars in funds remaining and available to the Paycheck Protection Program ("PPP") to provide small business loans, Congressional discussions to extend the program stalled last week, and the PPP loan...more
8/10/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Popular ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
On July 29, 2020, Florida Governor Ron DeSantis signed Executive Order 20-180 that extended (for a fourth time) his previous executive order which effectively put a moratorium in place on mortgage foreclosures and residential...more
7/31/2020
/ Coronavirus/COVID-19 ,
Eviction ,
Financial Distress ,
Florida ,
Foreclosure ,
Governor DeSantis ,
Landlords ,
Moratorium ,
Mortgages ,
Relief Measures ,
Rent ,
Rental Property ,
State and Local Government ,
Tenants
The ever-changing rules around Paycheck Protection Program loans have continued to evolve. With the PPP Flexibility Act, borrowers were given more freedom and flexibility to spend the funds with the possibility of full...more
On Saturday, President Trump signed into law a bill providing a temporary extension of the Paycheck Protection Program, which was initially set to expire on June 30. Businesses that have not yet taken advantage of the program...more
This week, Florida Governor Ron DeSantis extended, for a third time, a previous executive order that suspended and tolled any Florida Statute that allows landlords to evict residential tenants for non-payment of rent, and...more
7/2/2020
/ Coronavirus/COVID-19 ,
Eviction ,
Executive Orders ,
Florida ,
Foreclosure ,
Landlords ,
Moratorium ,
Mortgages ,
Relief Measures ,
Rent ,
Rental Property ,
State of Emergency ,
Tenants
Since the Paycheck Protection Program Flexibility Act (the “Flexibility Act”) was passed on June 5, 2020, the SBA has released several updates to the Program, including the June 11, 2020 Interim Final Rule on Revisions to...more
6/17/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Federal Loans ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
Thursday, the EEOC issued additional guidance for employers addressing COVID-19 in the workplace. Notably, the EEOC advised that employers may not involuntarily exclude employees over the age of 65 from the workplace due to...more
On Wednesday, June 3, the U.S. Senate passed the Paycheck Protection Program ("PPP") Flexibility Act (the "Act"). The Act was approved by the House on Thursday, May 28 and passed the Senate in a unanimous vote....more
Yesterday, Florida Governor Ron DeSantis extended, for a second time, a previous executive order that suspended and tolled any Florida Statute that allows landlords to evict residential tenants for non-payment of rent, and...more
6/2/2020
/ Coronavirus/COVID-19 ,
Eviction ,
Foreclosure ,
Landlords ,
Lenders ,
Moratorium ,
Mortgages ,
Relief Measures ,
Rent ,
Rental Property ,
State and Local Government ,
Tenants
On Friday evening, the Small Business Administration (“SBA”) and Treasury published the long-awaited Paycheck Protection Program (“PPP”) Loan Forgiveness Application. The form also provides for an Alternative Payroll Covered...more
This week, Florida Governor Ron DeSantis extended a previous executive order which suspended and tolled any Florida Statute that allows landlords to evict residential tenants for non-payment of rent to June 2, 2020. The...more
As discussed here, yesterday in FAQ #46, the SBA stated that “[a]ny borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be deemed to have made the...more
The Treasury and SBA just released new FAQ #46 that states that, "[a]ny borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be deemed to have made the...more
On Sunday night, the SBA published questions 40-42 of the Paycheck Protection Program (PPP) frequently asked questions (FAQ) file it maintains with the Treasury. Among the new questions, the SBA provided guidance for small...more
On Wednesday, April 29, Florida Governor Ron DeSantis unveiled a step-by-step plan to reopen Florida’s economy. DeSantis announced his plan just as the state’s stay-at-home order is set to expire today, April 30....more
On Tuesday, the Senate passed legislation to expand funding under the CARES Act (the “Act”). The Paycheck Protection Program (“PPP”) and Health Care Enhancement Act allocates an additional $484 billion to replenish the PPP...more
As discussed here, yesterday the SBA announced that it would no longer be accepting new applications for the Emergency Injury Disaster Loan Program or the Payroll Protection Program (“PPP”)....more
On Friday, Governor Ron DeSantis executed Executive Order 20-86 and Executive Order 20-87. Executive Order 20-86 expands upon Executive Order 20-82, which was enacted by Governor DeSantis on March 25, by adding Louisiana to...more
Given the economic impact of COVID-19, both monetary and non-monetary defaults on commercial loans are likely in the next few weeks and months, if not a reality already. Both lenders and borrowers should consider initiating...more
Since the enactment of the CARES Act on March 27, the U.S. Treasury has issued guidance interpreting the Paycheck Protection Program (“PPP”) under the Act. It published an Information Sheet, which provides that the interest...more
4/3/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
As the COVID-19 or novel coronavirus pandemic continues, landlords have increasingly received communication from distressed tenants requesting rent relief and, in some circumstances, lease termination. With government...more
As the COVID-19 or novel coronavirus pandemic continues, landlords have increasingly received communication from distressed tenants requesting rent relief and, in some circumstances, lease termination....more