Publications

Insights into the middle market.

Publications

Publications
  • What Can Instagram Do With Your Publicly Posted Photographs?
    July 7, 2020

    When you upload content on Instagram, you can choose to make your post "public" or "private." According to Instagram, not only is the public content accessible and searchable by Instagram's users, the content is also subject to use by them on their websites via Instagram's application programming interface or "API."

  • Paycheck Protection Program Extended Through August 8, 2020
    July 7, 2020

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.

  • Federal Reserve Bank of Boston Announces Main Street Lending Program Is Fully Operational
    July 7, 2020

    The Federal Reserve Bank of Boston announced the Main Street Lending Program is “now fully operational, ready to purchase participations in eligible loans that are submitted to the program by registered lenders.”

  • New York State Reopening: Status and Updates on Work From Home Requirements
    July 7, 2020

    New York City entered Phase III of reopening on Monday, July 6, 2020. However, indoor dining was postponed in New York City due to concerns regarding the risk of spreading COVID-19.

  • SBA Issues New Interim Final Rule for Paycheck Protection Program– Guidance Your Business Should be Aware Of
    July 1, 2020

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.

  • New Executive Order Extends Travel Ban for Certain Visas
    June 23, 2020

    An executive order further limiting entry for nonimmigrant workers in H-1B, H-2B, L-1 and J-1 status (and their dependents) will take effect on June 24, 2020, at 12:01 am and will remain in effect through December 31, 2020.

  • U.S. Supreme Court Issues Decision Upholding DACA
    June 19, 2020

    On June 18, 2020, the U.S. Supreme Court, in a 5-4 decision delivered by Chief Justice John G. Roberts, ruled that the administration was barred from terminating the Deferred Action for Childhood Arrivals (DACA) program.

  • Internal Revenue Service Announces Relief for Qualified Opportunity Zone Investors
    June 11, 2020

    On June 4, 2020, the Internal Revenue Service issued Notice 2020-39, which provides temporary relief to qualified opportunity funds (QOFs) and their investors as a result of the COVID-19 pandemic.

  • Federal Reserve Bank of Boston Modifies Main Street Lending Program
    June 10, 2020

    The Federal Reserve Bank of Boston announced changes to the Main Street Lending Program (Program) to allow more small and medium-sized businesses to be able to participate in the Program. 

  • Federal Reserve Advances Towards Launching Main Street Lending Program
    June 9, 2020

    The Federal Reserve recently announced that the Federal Reserve Bank of Boston has set up the special purpose vehicle (SPV) to purchase participations in loans originated by eligible lenders under the Main Street Lending Program (Program). In addition, Program loan participation agreement, form borrower and lender certifications, and other required form agreements are now available on the Federal Reserve Bank of Boston’s Main Street Lending Program Forms and Agreements website. The Federal Reserve also updated its Frequently Asked Questions (FAQs), dated May 27, 2020.

  • Amendment to CARES Act and PPP Loan Forgiveness
    June 5, 2020

    On June 5, 2020, President Trump signed H.R. 7010 (the Bill), which the Senate had unanimously passed. The Bill amends several provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Paycheck Protection Program (PPP).

  • USCIS Resumes Premium Processing for I-129 and I-140 Petitions in a Phased-in Approach
    June 2, 2020

    Premium processing, the vehicle utilized by many U.S. petitioners filing for nonimmigrant and immigrant-based benefits is being resumed by U.S. Citizen and Immigration Services (USCIS) with a phased-in approach commencing June 1, 2020. USCIS notified the public on May 29, 2020, that the suspension of premium processing originally announced on March 20, 2020, would be lifted and a resumption of the popular 15-calendar day ”fast track” turnaround would be implemented as outlined below.

  • Project Restart: Strategy For Remobilizing Construction
    May 28, 2020

    New York State Governor Andrew Cuomo recently announced phased reopening of businesses, with the construction industry included in Phase 1. The Governor’s announcement means project owners in New York should prepare for construction to restart. Given the long pause of most projects in New York, contractors and subcontractors will first report to their most profitable projects where payments are made timely.  We recommend that owners consider taking the following steps before the construction ban is lifted to successfully restart their projects.

  • Alternative Loan Options For Certain Small Businesses, Non-Profits and Landlords in New York State
    May 28, 2020

    For certain small businesses, non-profits and landlords who did not receive a Paycheck Protection Program loan or an Economic Injury Disaster Loan from the Small Business Administration, New York State is making available loans under the New York Forward Loan Fund (NYFLF). The NYFLF is a new economic recovery loan program aimed at supporting New York State’s small businesses, non-profits and landlords as they reopen after the COVID-19 outbreak and New York State on PAUSE.

  • Main Street Loans: How Much May a Company Borrow?
    May 27, 2020

    Federal Reserve Chairman Jerome Powell announced on May 19, 2020, before a Senate Committee that the Main Street Lending Program (Program) is anticipated to be launched around the end of May. Prospective borrowers should be preparing for making loan applications with participating lenders when the Program commences.

  • New York City Council Passes Suspension of Personal Guarantees for Certain Commercial Tenants
    May 27, 2020

    On May 26, 2020, New York City Mayor Bill de Blasio signed the City Council’s bill No.1932-A (the Personal Liability Bill). The Personal Liability Bill adds a new section 22-1005 to the administrative code of the City of New York, suspending the enforcement of personal liability provisions for certain commercial tenants affected by the COVID-19 crisis.

  • SBA Releases Additional PPP Loan Review Guidance
    May 27, 2020

    On May 22, 2020, the Small Business Administration (SBA), in consultation with the U.S. Department of Treasury, published an interim final rule (the Review Guidance) to supplement previous Paycheck Protection Program (PPP) loan forgiveness guidance. The Review Guidance is intended to establish the standards by which the SBA will investigate whether a loan met program requirements and the circumstances under which it will be released from liability on a guarantee for such a loan.

  • SBA Releases Additional PPP Loan Forgiveness Guidance
    May 26, 2020

    On May 22, 2020, the Small Business Administration, in consultation with the U.S. Department of Treasury, published an interim final rule to supplement previous Paycheck Protection Program loan forgiveness guidance.

  • Presidential Proclamation Halts Travel from Brazil Commencing May 26, 2020 at Midnight
    May 26, 2020

    On Sunday May 24, 2020, the White House issued a Presidential Proclamation (Proclamation) suspending the entry of travelers who have recently been to Brazil. This will become effective on May 26, 2020 at midnight. This travel ban is in addition to the ban currently in force for certain travelers from China, Europe, the United Kingdom, Ireland and Iran. The United States, Canada and Mexico also recently extended travel restrictions and crossing borders except in the case of "essential travel" until June 21, 2020. 

  • Eligibility Requirements for Federal Reserve’s Main Street Lending Program
    May 21, 2020

    Federal Reserve Chairman Jerome Powell announced on May 19, 2020, before a Senate Committee that the Main Street Lending Program (Program) is anticipated to be launched around the end of May. Prospective borrowers should be preparing for making loan applications with participating lenders when the Program commences.

  • Posting Pictures on Social Media: Do's and Do Not's
    May 21, 2020

    Now more than ever before, almost everyone is online, both personally and for business purposes. There is a lot of confusion about posting pictures and images on social media - Instagram, Facebook, Pinterest and other platforms. What is legally permitted and what isn't?

  • Form I-9 Employment Eligibility Verification Updates
    May 19, 2020

    Commencing May 1, 2020, employers verifying identity and employment authorization for their employees must use the October 21, 2019 edition of Form I-9: Employment Eligibility Verification. All U.S. employers must properly complete Form I-9 for each person they hire, regardless of whether the individual is a U.S. citizen, permanent resident or non-citizen. 

  • COVID-19 Pandemic: An Increase in Business Divorce?
    May 19, 2020

    One need not have a specialized “barometer” to anticipate an onslaught of partnership storms for closely held businesses. Similar to the way in which sociologists and family counselors have predicted unfortunate spikes in marital divorce rates across the nation, all largely the result of our global pandemic and our ongoing attempts to adjust to this so-called “new normal,” we too have seen increased rancor among business partners. Interestingly, the unrest is not limited to businesses that are failing or otherwise suffering. Regrettably, we are also seeing increased partner discord in healthy thriving enterprises.

  • SBA Releases PPP Loan Forgiveness Application and Instructions
    May 18, 2020

    On May 15, 2020, the Small Business Administration, in consultation with the U.S. Department of Treasury released the Paycheck Protection Program (PPP) Loan Forgiveness Application (the Forgiveness Application) and detailed instructions for the Forgiveness Application. To apply for PPP loan forgiveness, the borrower must complete the Forgiveness Application and submit the completed application and required documentation to its lender.

  • SBA Extends Good Faith Certification Safe Harbor Until May 18, 2020 and Loan Increases for Certain Partnerships
    May 15, 2020

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.As the PPP went into immediate effect without the standard comment period, the SBA continues to issue additional guidance in the form of Frequently Asked Questions (FAQs) and responses as well as Interim Final Rules (IFRs). The most recently updated FAQs, current as of May 13, 2020, are available here and the most recently issued IFRs are available here. Importantly, the U.S. government will not challenge lender PPP actions that conform to the FAQs, and to IFRs and any subsequent rulemaking in effect at the time.

  • Prioritized Examination for Certain COVID-19 Related Patent Applications
    May 14, 2020

    On May 8, 2020, the United States Patent and Trademark Office (USPTO) announced a new program for expediting certain COVID-19 related patent applications. Under the COVID-19 Prioritized Examination Pilot Program, the USPTO will grant requests for prioritized examination to small or micro entity status applicants without requiring payment of the typical prioritized examination fees. Also under this program, the USPTO will endeavor to reach final disposition of applications within six months if applicants are responsive.

  • FDA Issues Guidance Related to CARES Act Amendments for Medical Device Manufacturers
    May 13, 2020

    The U.S. Food and Drug Administration (FDA) recently published a new guidance (the Guidance) related to medical device shortages or potential shortages during the COVID-19 pandemic The Guidance is meant to implement Section 506J of the Federal Food, Drug, and Cosmetic Act (FD&C Act) (21 U.S.C. 351 et seq.), which was added under Section 3121 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

  • SBA Issues Additional Guidance on Good Faith Certification
    May 13, 2020

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.

  • New York Extends Moratorium on Evictions and Tolling of Statute of Limitations
    May 11, 2020

    On May 7, 2020, New York State Governor Andrew Cuomo signed Executive Order No. 202.28 (the Executive Order), extending the existing moratorium on evictions and foreclosures for an additional 60 days. The Executive Order also extended time periods set forth in certain prior executive orders, including tolling all statutes of limitations until June 6, 2020.

  • Second Circuit Enhances Enforcement of Arbitration Subpoenas in Federal Court
    May 8, 2020

    The U.S. Court of Appeals for the Second Circuit (covering New York, Connecticut and Vermont) has issued an opinion that enhances the effectiveness of arbitration as an alternative to litigation. This ruling makes it easier to use the federal courts to enforce subpoenas issued by arbitration panels.

  • Managing Patent Portfolio Costs
    May 8, 2020

    Prosecuting and maintaining a patent portfolio costs many organizations millions of dollars. These costs should be continuously managed and controlled. However, many organizations allow these tasks to slip when times are good. Under the current circumstances, it is worth revisiting some ideas that go beyond the basics of implementing and practicing a good patent management system.

  • SBA Issued Additional FAQ on Paycheck Protection Program on May 6, 2020 – Guidance Your Business Should Know
    May 7, 2020

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic. As the PPP went into immediate effect without the standard comment period, the SBA continues to issue additional guidance in the form of Frequently Asked Questions (FAQs) and responses. The most recently updated FAQs, current as of May 6, 2020, are available here. Importantly, the government will not challenge actions that borrowers and lenders take consistent with the guidance in effect at the time.

  • USPTO Further Extends Certain Patent and Trademark Deadlines to June 1, 2020; U.S. Copyright Office Extends Deadlines to July 10, 2020
    May 6, 2020

    In a follow up to our alert issued on April 2, 2020, in accordance with The Coronavirus Aid, Relief and Economic Security Act (CARES Act), on April 28, 2020, United States Patent and Trademark Office (USPTO) Director Andrei Iancu issued public notices regarding the further extension of certain patent and trademark deadlines to June 1, 2020.  

  • U.S. Citizenship and Immigration Services District Offices to Open on June 4 and Relax Agency Rules In Light Of COVID-19 Pandemic
    May 6, 2020

    U.S. Citizenship and Immigration Services (USCIS) recently announced its intention to begin reopening its nationwide district offices on or after June 4th.  District offices generally handle adjustment of status interviews for family and employment-based immigrant visa applicants, citizenship interviews and swearing-in procedures, as well as biometrics processing related to these applications.

  • SBA Issues Additional FAQ on Paycheck Protection Program
    May 5, 2020

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.

  • REMINDER: New York Employers Should Use This Form When Terminating/Furloughing Employees OR Reducing Length of Workweek!
    May 4, 2020

    Employers in New York State must provide any employee whose employment is ending (either permanently or until recalled) or who will be working less than four days per week and earning less than $504 with the following information: New York State Employer Registration Number, Federal Employer Identification Number (FEIN), Employer Name, and Employer Address.

  • Getting your Life and Estate Planning Documents in Order during a Health Crisis
    May 4, 2020

    As the world searches for a new normal, it is more important than ever to make sure that the interests of you and your loved ones are properly protected. We have compiled the below list of the basic life and estate planning documents that we recommend every adult (individuals over 18) have in place.

  • Revisions Announced to Main Street Lending Program
    May 4, 2020

    The U.S. Federal Reserve announced revisions to the Main Street Lending Program to facilitate lending to small and medium-sized businesses by eligible lenders. The U.S. Department of Treasury, using funds appropriated under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) will invest $75 billion in a special purpose vehicle (SPV) established by the Board of Governors of the Federal Reserve, which, along with a loan commitment from the Federal Reserve to the SPV, will enable up to $600 billion in new financing for eligible small and mid-sized businesses.

  • U.S. Department of Treasury Issues Guidance on PPP Loan Audits
    May 2, 2020

    On April 29, 2020, the U.S. Department of Treasury issued an updated FAQ. Notably, Q39 confirms Treasury Secretary Steven Mnuchin’s public statement that the SBA will audit all Paycheck Protection Program (PPP) loans in excess of $2 million upon submission of a loan forgiveness application.

  • IRS Issues Notice on Deductibility of Expenses Paid with Forgiven PPP Money
    May 2, 2020

    On April 30, 2020, the Internal Revenue Service (IRS) issued Notice 2020-32, which provides that no deduction is allowed for expenses paid with loan money forgiven under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

  • U.S. Supreme Court Provides Clarity On Trademark Infringement Damages: Willfulness Is Not Required
    April 28, 2020

    On April 23, 2020, the U.S. Supreme Court issued its long-awaited decision on whether "willful" infringement was a prerequisite to an award of the infringer's profits as damages. In Romag Fasteners, Inc. v. Fossil Group, Inc., Case No. 18-1233, the Court held that a "plaintiff in a trademark infringement suit is not required to show that a defendant willfully infringed the plaintiff's trademark as a precondition to a profits award" and, thus, brought to an end the division of the courts of appeals on this topic. 

  • New York State Voting Leave Amended Again
    April 27, 2020

    One year ago, voting leave in New York was expanded to provide three hours of paid voting leave to all employees, regardless of whether they had time outside of work to go to the polls. But this expanded leave was short-lived. As of April 3, 2020, Section 3-110 of the New York State Election Law detailing the time allowed for employees to vote has been amended to closely resemble its previous iteration. The amendments were announced as part of New York State Governor Andrew Cuomo's 2020-2021 state budget.

  • The Paycheck Protection Program – Additional Guidance
    April 27, 2020

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.As the PPP went into immediate effect without the standard comment period, the SBA continues to issue additional guidance in the form of Frequently Asked Questions (FAQs) and responses. Importantly, the government will not change actions that borrowers and lenders take consistent with the guidance in effect at the time.

  • The U.S. Department of Treasury Issues Updated Guidance on Borrower Certification
    April 24, 2020

    On April 23, 2020, the U.S. Department of Treasury (Treasury) issued an updated FAQ (the Updated Guidance) with one additional Q and A (Q31) that addresses the required certification that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” The Updated Guidance emphasizes that a borrower must assess its economic need for a PPP loan at the time of its application in addition to reviewing applicable affiliation rules to determine eligibility.

  • Federal Government Passes Act Providing Additional PPP and EIDL Funding – What Businesses Should Know
    April 24, 2020

    The Paycheck Protection Program and Health Care Enhancement Act (the Enhancement Act) was passed on April 24, 2020, and provides $484 billion in additional funding. Critically, the Enhancement Act includes additional funding for the Paycheck Protection Program (PPP) and the Emergency Injury Disaster Loan program (EIDL), both of which had run out of funding.

  • Executive Order Bars Many First-Time Immigrants from Entering the United States for 60 Days
    April 24, 2020

    On April 22, 2020, an Executive Order entitled "Proclamation Suspending Entry of Immigrants Who Present Risk to the U.S. Labor Market During the Economic Recovery Following the COVID-19 Outbreak," outlined a 60-day pause for immigrants entering the United States for the first time. This is a narrow order affecting employment-based immigrants only.

  • The Paycheck Protection Program – How to Obtain Forgiveness of Your Loan and Answers to Commonly Asked Questions
    April 22, 2020

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), a newly created loan program intended to allow employers to continue to pay their employees and assist with certain other expenses.

  • Graffiti on Buildings: Does it Stay or Go?
    April 21, 2020

    Under what circumstances can a building owner legally remove artwork from a building? In 2018, a group of graffiti artists was awarded $6.75 million dollars for the improper removal of their art. On February 20, 2020, the United States Court of Appeals for the Second Circuit upheld that lower court's ruling. In Castillo vs. Cohen et al, 950 F.3d 155 (2d Cir. 2020), known as the 5Pointz case, the appellate court issued a decision that provides needed guidance to building owners and graffiti artists alike.

  • New York Replaces its Fraudulent Conveyance Law with the Uniform Voidable Transactions Act
    April 17, 2020

    Understandably lost in the shuffle amidst the myriad of new laws and regulations resulting from the COVID-19 pandemic is New York's new Uniform Voidable Transactions Act (UVTA). Signed by Governor Andrew Cuomo on December 6, 2019, the UVTA became effective on April 4, 2020, and governs fraudulent transfers made on or after that effective date.

  • New York State Attorney General Proposes Changes to New York's Securities Offer
    April 13, 2020

    At the end of March 2020, the New York State Attorney General announced temporary relief to meet certain filing deadlines for investment advisers, brokers, dealers, salespersons, commodity broker-dealers, commodity salespersons, commodity investment advisers. In general, any registration renewal, amendment or other required filing that would have been due between March 1, 2020, and April 30, 2020, is extended by 90 days.




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