Best Practices: Six Month Loan Payment Subsidy under the CARES Act
On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was passed into law. This legislation provides various forms of government aid to small businesses adversely impacted by the Coronavirus Disease 2019 (“COVID-19”) and the COVID-19 Emergency Declaration issued by President Trump on March 13, 2020. Under Section 1112 of ... Read More
Best Practices: Paycheck Protection Program
On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), providing small businesses and individual entrepreneurs with various forms of government aid. Key among the proposed measures is the Paycheck Protection Program included in Section 1102 of the CARES Act. While the U.S. Small Business Administration ... Read More
Updated Regular 7(A) Guaranty Purchase Tabs
The rapidly evolving environment precipitated by the coronavirus will have a wide reaching adverse economic impact on many American small businesses, as more and more business are forced to close to comply with government declarations. Unfortunately, many are likely to suffer an adverse economic impact from the current crisis, and if the business was already ... Read More
Corrie Thrasher Joins Starfield & Smith; Firm Opens Atlanta Office
Corrie Thrasher has joined Starfield & Smith as its newest Partner managing the firm’s recently opened office in Atlanta, Georgia. In this role, Thrasher will be responsible for advising lenders on government guaranteed lending compliance issues, and businesses with respect to real estate and business transactions. Thrasher has over ten years of experience in commercial ... Read More
Florida Documentary Stamp Tax and Nonrecurring Intangible Tax
A lender that either: (i) finances a loan in the state of Florida, whether or not the loan is secured by Florida real property; or (ii) secures an out-of-state loan with Florida real property collateral should be careful to calculate and collect at closing the amount of documentary stamp tax and intangible tax (if applicable) ... Read More
Proceed with Caution: How Bad Tenants and Squatters can Impact a Real Estate Acquisition Transaction
Under the SOP 50 10 5 (K), SBA loan proceeds may be used to finance the purchase of real estate as part of an eligible project such as ground-up construction or improvements to an existing building. When loan proceeds are used to finance the purchase of an existing building, the borrower may need to evict ... Read More
