On August 24, 2023, the Second Circuit Court of Appeals determined in the highly anticipated case, Kirschner v. JP Morgan Chase Bank N.A., et al., that syndicated term loans are not securities. The Court upheld the district...more
In March 2021, the American Rescue Plan Act of 2021 (the “Act”) was signed into law. The Act provides for $1.9 trillion of relief to many individuals and businesses overcoming the economic impact caused by the COVID-19...more
On December 27, 2020, the Consolidated Appropriations Act, 2021 ("CAA" or the "Act") was signed into law. The 2,100+page CAA is made up of 32 Divisions. The significant business and individual taxpayer related provisions are...more
1/26/2021
/ CARES Act ,
Consolidated Appropriations Act (CAA) ,
Economic Aid Act ,
Economic Injury Disaster Loans ,
Employee Retention ,
Families First Coronavirus Response Act (FFCRA) ,
Family and Medical Leave Act (FMLA) ,
Income Taxes ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Retirement Plan Providers ,
Tax Deductions
The U.S. Treasury recently issued additional guidance in the form of frequently asked questions regarding the Paycheck Protection Program (PPP) created by the Coronavirus Aid, Relief, and Economic Security Act. The guidance...more
Congress recently extended the deadline by which businesses may apply for loans under the Paycheck Protection Program (PPP) from June 30 to August 8, 2020. The measure is expected to be signed by President Trump. For...more
As we previously predicted, the Small Business Administration (SBA) recently released a new loan forgiveness application and related instructions for those borrowers seeking forgiveness of Paycheck Protection Program (PPP)...more
On Friday, June 5, 2020, bipartisan legislation aimed at addressing many of the issues and difficulties that have arisen with respect to the loan forgiveness provisions of the Paycheck Protection Program (PPP) became law. The...more
The Small Business Administration and the Treasury Department have finally issued an application and instructions for borrowers seeking forgiveness of all or a portion of their Paycheck Protection Program (PPP) loans. As...more
Today, the SBA and Treasury issued their previously promised guidance regarding how the SBA would review borrowers’ good faith certifications in applications for Paycheck Protection Program (PPP) loans. The new guidance comes...more
On May 5, 2020, the U.S. Treasury extended the safe harbor from May 7, 2020 to May 14, 2020 for businesses to return funds wrongly received under the Paycheck Protection Program...more
Over the last several weeks, Sullivan has issued numerous client alerts that explore the Paycheck Protection Program (PPP) instituted under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and other funding...more
Over the last several weeks, Sullivan has issued numerous client alerts that explore the Paycheck Protection Program (PPP) instituted under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and other funding...more
Sullivan recently issued a client alert highlighting key provisions of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") as well as a follow-up client alert providing a deeper dive into the Paycheck...more
Late in the evening on Friday, April 3, 2020, the Small Business Administration ("SBA") took certain actions to help address some of the gating questions that arose during the course of the week regarding loans available...more
The Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), signed into law by President Trump on March 27, 2020, provides access to loans or tax credits to certain nonprofit organizations and encourages...more
Sullivan recently issued a client alert that explores the law and lore of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"). Additional details regarding the Paycheck Protection Program ("PPP")...more
These are extraordinary and fluid times for small businesses and individuals. As part of our mission as counselors and indeed partners to our clients, we have been closely reviewing the stimulus package recently signed into...more
The Securities and Exchange Commission recently adopted amendments to modernize and simplify disclosure requirements for public companies. The changes made will have a broad impact on many rules and forms, primarily by...more
4/4/2019
/ Corporate Governance ,
Deregulation ,
Disclosure Requirements ,
Financial Regulatory Reform ,
Financial Statements ,
Fixing America’s Surface Transportation Act (FAST Act) ,
Form 10-K ,
Investment Adviser ,
Investment Companies ,
MD&A Statements ,
Publicly-Traded Companies ,
Regulation S-K ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
XBRL Filing Requirements
The SEC recently adopted amendments pursuant to the Fixing America’s Surface Transportation Act (commonly referred to as the FAST Act) to modernize and simplify disclosure requirements in Regulation S-K, and related rules and...more
There are many ways for a public company to raise money, but one of the more increasingly popular choices is through an “at-the-market” or ATM offering, whereby a company can sell its securities into an existing trading...more
11/1/2017
/ Best Efforts Clauses ,
Form 10-K ,
Form 10-Q ,
Form 8-K ,
Lock-Up Agreement ,
MD&A Statements ,
Prospectus ,
Public Offerings ,
Publicly-Traded Companies ,
Sales & Distribution Agreements ,
Securities and Exchange Commission (SEC) ,
Shelf Registration
The SEC has proposed a series of amendments to modernize and simplify disclosure requirements for public companies, investment advisers and investment companies, particularly those disclosure requirements under Regulation...more
When disclosing information in a filing with the SEC, it is important to know whether such disclosure and any related exhibits should be "filed" or "furnished". To non-lawyers, this may seem like semantics or another...more
Most in-house counsel of public companies are very familiar with the reporting obligations required by the trifecta – Form 8-Ks, Form 10-Qs and Form 10-Ks – but they oftentimes rely on outside counsel to help determine...more
Earlier this month, the SEC released a small entity compliance guide for issuers regarding its recently passed crowdfunding regulation to help provide issuers with some additional clarity. ...more
Annual reporting season is once again upon us, so as you dust off your to do list, here are a few of the many important items for in-house counsel to consider during the inevitable flurry of activity in the coming weeks....more