On May 13, 2020, one day before the expiration of the relevant “safe harbor” deadline, the Small Business Administration (SBA) issued new guidance to borrowers who have been considering whether to return their CARES Act Paycheck Protection Program (PPP) loans in the event that the borrowers failed to consider their…
On Thursday, May 7, California rolled out a modified stay-home order and issued guidance to move into “Stage 2” of reopening certain sectors of the economy. In “California Allows Localities to Reopen Certain Businesses Consistent with State Guidance,” colleagues Robert A. James, Callie A. Bjurstrom, Michelle A. Herrera and Stacie O. Kinser discuss how this…
Despite the economic uncertainty caused by the COVID-19 crisis, investment in Opportunity Zone funds continues to grow and shows signs of gaining momentum. Investment in Opportunity Zone funds listed by Novogradac now tops $10 billion, and is up 50% since early January. Opportunity Zones were a buzzword following the establishment…
This past week, multiple states extended States of Emergency or Stay at Home Orders, while simultaneously issuing orders regarding reopening their states. Because construction was deemed essential in the majority of the states, many re-opening orders have very little direct impact. However, even in states where construction was never ordered…
Please join us on May 6, 2020, for a conversation with Rachel Horsch and Nancy Fischer of Pillsbury as well as Jonathan Schaefler, Managing Director of real estate company Newmark Knight Frank, regarding foreign direct investment, CFIUS, changes in regulation and what the market holds. Register Here
For America’s economic recovery to move forward with relatively few hitches, liability limits are essential. History has shown how easily the mere threat of lawsuits by aggressive tort lawyers can derail critical recovery efforts. The White House and Congress should therefore work together to establish effective and appropriate liability limits.…
As seen in our Updated COVID-19 Construction Chart, many states saw action – or intentional inaction – this past week as it relates to COVID-19-related governmental orders. Some states are expressly allowing construction to resume this week including: Michigan (as of May 7) Ohio (as of May 4) Vermont (construction…
In the wake of COVID-19, default rates for commercial real estate loans, including those supported by personal guaranties, will likely accelerate. Inevitably, borrowers will consider seeking bankruptcy protection to implement a restructuring of debt or a sale of real property collateral, and lenders should not assume that personal guaranties will…
Boston Mayor Martin J. Walsh first limited construction in the City of Boston to essential work on March 17. This pause in non-essential construction has been extended indefinitely by order of the Boston Public Health Commission on April 24. On April 27, Mayor Walsh confirmed that he will not re-open…
With many struggling to make housing payments due to COVID-19, dues owed to multifamily condominium associations are likely to go unpaid—especially if homeowners feel deprived of the use of common areas, such as pools, gyms and playgrounds. In “How Chapter 11 Solved One Multifamily Condo Regime’s Dual Challenges of Mounting…