Recent News

Recently, Congress passed, and the President signed into law, the Paycheck Protection Flexibility Act (the “Flexibility Act”), which modifies the Paycheck Protection Program (the “PPP”) as set out in the original CARES Act. The Flexibility Act replaces certain provisions of the PPP, while enhancing other PPP provisions.  Significantly, the Flexibility Act makes the following changes… Read More

Beresford Booth has actively monitored the latest developments in the Paycheck Protection Program (“PPP”) along with the process by which PPP loans will be forgiven.  Last week, I gave a webinar discussing PPP loan forgiveness and its various aspects.  It can be found here. In addition to this presentation, I recently found a helpful website… Read More

Recently, the Small Business Administration (“SBA”) released a new application for businesses to apply for loan forgiveness if they received a Paycheck Protection Program (“PPP”) loan.  The application is helpful as it provides insight as to how forgiveness will be calculated.  You can find the application here. However, many business owners still hold questions regarding… Read More

Earlier today (May 13), the Small Business Administration (“SBA”) released important guidance regarding Paycheck Protection Program (“PPP”) loan recipients.  Recipients of PPP loans were required to certify that they applied for the loan in “good faith” in order to avoid criminal prosecution. Today’s guidance places those who received less than $2 million in PPP funds… Read More

This post is the final in a series of three discussing some of the basic principles of Washington LLCs and the default rules of the Washington Limited Liability Company Act, RCW 25.15 (the “Act”).  The previous two posts discussed the “pick your partner” principle and member dissociation and withdrawal.  This final post in the series… Read More

The first step in negotiating the purchase and sale of a business or its assets is to execute a letter of intent.  The letter of intent stipulates the “big picture” terms of the agreement.  These terms include naming all parties to the agreement, defining the assets being purchased, and the purchase price.  The “big picture”… Read More

On April 30, 2020, the IRS issued Notice 2020-32 (the “Notice”), which answered a question asked by many business owners since receiving their Payroll Protection Program (“PPP”) loans: are deductible expenses paid for with the PPP loan still deductible once the PPP loan is forgiven?  According to the IRS, the answer is “no”. The Notice… Read More

Membership in Washington LLCs comes with many rights, privileges, and obligations, and members cannot easily dispose of them.  This second post in a series of three highlights Washington’s Limited Liability Company Act, RCW 25.15 (the “Act”) default provisions on member dissociation and withdrawal as ways in which LLC members dispose of their various rights, privileges,… Read More

Businesses receiving loans from the Small Business Association’s (“SBA”) Paycheck Protection Program (“PPP”) need to be aware of the loan forgiveness available.  At this early stage, much remains to be learned about the application of the forgiveness portion of the PPP.  In general, businesses who receive PPP loans can utilize the loan money in specific… Read More