Coronavirus (COVID-19) Legal Resources for Business
Keep your business in the know during the COVID-19 outbreak.
With information concerning the Coronavirus (COVID-19) rapidly evolving, DRM is committed to providing you relevant and timely guidance on how to navigate this challenging time. We will update this site regularly as new information emerges. For immediate assistance or questions on a particular topic, please contact a member of our team.
- February 26, 2021: It is anticipated that the U.S. House of Representatives will vote on the $1.9 Trillion stimulus package titled the American Rescue Plan Act of 2021 as soon as Friday evening, February 26. The bill includes provisions extending the enhanced Federal unemployment benefits under the current stimulus acts until August 2021, providing for $1,400 stimulus payments to families, and enhancing funding available for vaccine distribution and COVID-19 testing. Read Mary Parent's full write-up.
- February 26, 2021: Since the Biden Administration came online in January, it has worked with the U.S. Small Business Administration to make the Paycheck Protection Program easier to access for small businesses, as well as more inclusive of minority-owned and women-owned businesses. The changes already made have increased funding to businesses with fewer than 10 employees approximately 60% and funding to businesses in rural communities to nearly 30%, which is great news for Vermont and New Hampshire’s small businesses. Starting Wednesday, February 24, 2021, there will be a two-week PPP application period that allows only small businesses (with 20 or fewer employees) to apply for PPP loans. This should make it easier for small business owners to get in the PPP queue. In addition, in the coming days, it is anticipated that the PPP loan amount calculation formulas for sole proprietors, self-employed individuals and independent contractors will be revisited to allow said individuals to receive more funding under the PPP than was previously available. These changes, as well as some additional changes, are anticipated to be in place by the first week of March. For more information, please see the SBA's press release. If you have questions about how PPP loans could be used to assist your small business, please reach out to DRM.
- February 16, 2021: On January 28, the U.S. Senate overwhelmingly (90 – 10) passed a bill for direct aid to the restaurant and bar industry. This “Restaurant Rescue Plan” was a bipartisan bill that had been awaiting action since June. Read Walter Judge's summary.
- January 22, 2021: On January 12, 2021, the U.S. Attorney’s Office for the Eastern District of California announced the first civil settlement related to the PPP program, in an action brought against SlideBelts Inc. Read Mary Parent's write-up.
- January 19, 2021: During the evening of Tuesday, January 19th, the SBA updated an interim final rule (“IFR”) on PPP forgiveness: Interim Final Rule - Business Loan Program Temporary Changes; Paycheck Protection Program - Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act. The purpose of this IFR is to consolidate prior rules related to forgiveness and review of PPP loans. It also incorporates changes made by the Economic Aid Act of December 27, 2020, including adding references to second draw PPP loans. Note that the SBA has not yet revised existing FAQ documents to address the Economic Aid Act, but is working on doing so.
Disclaimer: If you are wondering if your EIDL or PPP loan application has been accepted or approved by the SBA, please reach out to your lender or District SBA office. DRM cannot provide this information