MPL General Counsel Corner – Things Must Be Moving To “Normal”

I am noticing that updates and questions about relief programs are slowing down.  It seems that businesses and organizations are getting laser focused on re-opening and what that means.  Moreover, if you look at the most recent PPP lending numbers through 5/23/2020, there is still funding left.  The average loan size in round two declined from to $61k per borrower as of 5/23 from $64k as of 5/16.  Also, the total amount of approved loans continued to shrink from $171B as of 5/16 to $169B on 5/23.  See my attached spreadsheet for the updated loan numbers.

The optimist in me says that things are settling down and must be moving to “Normal”.  Let’s hope the second half of 2020 is better than the first half.  Regardless, you choose whether you want to participate in a recession.

Here are some other things that may be important or relevant for you:

• Law360 Regulatory Update:  Here is the latest Coronavirus regulatory updates on a State by State basis.
• NFIB – Pennsylvania Call w/ Congressman Perry – I listened to a conference call with Congressman Perry from PA yesterday.  The one key point is that any stimulus package that comes next must include some form of liability protection for business and organizations from Coronavirus related lawsuits to have any chance of passage.
• PPP Accounting Articles – Check out these latest updates
  • Accounting for PPP Loans – A helpful article on the Accounting treatment of PPP loans (sent by Trout CPA)
  • PPP Forgiveness Guidance Issued as Congress Mulls Changes – Journal of Accountancy (sent by Carey Gertler @ EisnerAmper)
• PA 30 Day Fund – a new funding option created to help PA small businesses (3-30 perople) launched by Jeff Bartos, Richard Phillips and Roger Braunfeld.
• Coronavirus Bankruptcy Tracker – An unfortunate situation, but a reality given the times.  Check out the list compiled by Forbes.com.
• Upcoming Webinars and Helpful Resources
  • KMRD Partners’ Return to Work Action Webinar (5/27 @ 10am; thanks to Doug Berman from RKL for bringing it to our attention)
  • NFIB PPP Loan Forgiveness Webinar (5/27 @ 12pm)
  • Inc.com Real Talk Business Reboot – Standing Out and Communicating in Unexpected Ways Webinar (5/27 @ 1pm)
  • RKL: PPP Forgiveness & Cashflow Link
  • RKL: PPP Loan Forgiveness Webinar (5/23)
  • Pitchbook Private Debt Market Webinar (6/9 @ 1pm EST)

Please see all of our prior updates at the this link or if you would like to be added to our email list, please click here. 

As always, please don’t hesitate to email myself (jsanders@mpl-law.com), Andy Miller (amiller@mpl-law.com), Christian Miller (cmiller@mpl-law.com) or anyone in our office with questions or comments.