In light of the coronavirus (COVID-19) outbreak and governmental response pertaining to social gathering restrictions, business closures, travel bans and a general economic downturn, we are working with financial institutions and business owners to help them address the challenges in such diverse business sectors, including construction, distribution, franchises, healthcare, lodging, hospitality, manufacturing, real estate, restaurants, retail, service providers, technology and transportation.
We are fielding and advising on a wide range of situations and challenges from a lender’s and a borrower’s perspective, including:
- What efforts can be taken to continue business operations and address liquidity and cash-flow issues?
- What proactive steps can be taken to right-size a business?
- Would a loan restructuring, amendment, or forbearance be the appropriate course of action?
- Does the current situation affect the collateral or security interests or the parties’ obligations under the credit facility documents?
- Is a financial restructuring option available under the auspices of Chapter 11 of the Bankruptcy Code?
- Does a borrower as a vendor or trade creditor, have rights regarding delivery of goods “in-transit” or other collection issues?
- How proactive should discussions between the lender and the borrower be?
- Which businesses have a notice obligation under the federal Worker Adjustment and Retraining Notification (WARN) Act to provide advance notice prior to a plant closing or mass layoff resulting from unforeseeable business circumstances?
Alerts & Publications
Jul 06 2020Law Extends Paycheck Protection Program Application Deadline to August 8, 2020 07.06.2020On July 4, President Trump signed into law recently passed legislation extending the deadline for applications for new Paycheck Protection Program (PPP) loans from June 30 to August 8, 2020. Small businesses, i…
Jul 01 2020Paycheck Protection Program Application Deadline Extended to August 8, 2020 07.01.2020On the evening of June 30, 2020, Congress passed legislation extending the deadline for applications for new Paycheck Protection Program (PPP) loans from June 30 to August 8, 2020. President Trump is expected t…
May 16 2020SBA Releases Paycheck Protection Program Loan Forgiveness Application and Instructions 05.16.2020On Friday, May 15, 2020, the Small Business Administration released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. Access the application on th…
May 13 2020The Department of Banking and Insurance Orders Insurers to Refund Premiums for New Jersey Policyholders Affected by COVID-19 05.13.2020On May 12, 2020, the Department of Banking and Insurance (the Department) issued Bulletin No. 20-22 (the Bulletin) that orders insurance companies to refund and reduce premiums to New Jersey policyholders adver…
Apr 23 2020Additional Paycheck Protection Program Funding Approved by Congress, Awaiting President’s Signature 04.23.2020A new coronavirus (COVID-19) stimulus bill entitled the “Paycheck Protection Program and Health Care Enhancement Act’’ was passed by Congress on April 23, 2020 and presented to President Trump…
Apr 22 2020Additional Paycheck Protection Program Funding Imminent 04.22.2020A new coronavirus (COVID-19) stimulus bill is expected to be passed by Congress and presented to President Trump for signature later this week. The proposed law is reported to include substantial addition…
Jun 24 2020Tracy Armstrong and Anthony M. Osbourne to Present Returning to the Workplace During COVID-19 Webinar 06.24.2020Wilentz employment law attorney Tracy Armstrong and banking attorney Anthony M. Osbourne will present the “Returning to the Workplace During COVID-19” webinar, where they will help employers prepare for and…