Seven Starfield & Smith Attorneys Names to Pennsylvania and Delaware 2021 Super Lawyers and Rising Stars Lists
Starfield & Smith is proud to announce that seven of its attorneys have been named to the 2021 Pennsylvania and Delaware Super Lawyers lists; Recognized as Super Lawyers: Ethan Smith (Banking) David Starfield (Banking) Norman Greenspan (Business Litigation) Recognized as Rising Stars: Jennifer Borra (Banking) Lyndsay Rowland (Creditor Debtor Rights) Katherine Tohanczyn (Banking) Demetri Braynin (Banking) Starfield & Smith has ... Read More
Best Practices: Verification of Financial Information for SBA Loans
SOP 50 10 6 requires SBA Lenders to obtain and verify tax information on applicants, and on sellers in the case of a business acquisition, by obtaining tax transcripts and comparing them to the tax returns or financial information provided by the applicant and/or seller, as applicable. The purpose of the verification of financial information ... Read More
Best Practices: Condominium Collateral
A condominium is a building or complex of buildings containing a number of individually owned apartments, houses, or buildings, where each owner has full title to its individual apartment, house or building, and an undivided interest in the shared parts of the property. Examples of the “shared parts of the property” are hallways, elevators, building ... Read More
Best Practices: SBA Loan Closing Challenges During the COVID-19 Pandemic
After more than a year into the COVID-19 pandemic, demand for small business financing through SBA lending programs remains strong. SBA lending partners have approved a substantial number of loans since the start of the pandemic. With government subsidies in the form of guaranty fee and ongoing servicing fee waivers, along with continued covered monthly ... Read More
Best Practices: The Cost of Litigation
What exactly is the “cost of litigation,” and what impact will litigation have on a borrower’s ability to meet its loan repayment obligations? There are the “out-of-pocket” costs of litigation which can be quite substantial: legal fees and costs; court fees and costs; receivership costs and fees; discovery costs including expert witness fees and costs, ... Read More
Best Practices: Additional PPP Guidance on Applicants and Owners “Presently” in Bankruptcy
Since the rollout of the PPP loan program in March 2020, the first question on the PPP Application asks: “Is the Applicant or any owner of the Applicant presently suspended, debarred, proposed for debarment, declared ineligible, voluntarily excluded from participation in this transaction by any Federal department or agency, or presently involved in any bankruptcy?” ... Read More
