logo-small.png
- BLOG -

Headquarters

501 Boylston Street, 10th Floor

Boston, MA 02116

(617)-737-5000

info@outsidegc.com

ON-DEMAND INSIGHTS

The Coronavirus and Force Majeure

The Coronavirus and Force Majeure

April 22, 2020 at 3:33 PM - commercial contracts,

The coronavirus has toppled business as we know it, and many companies are attempting to right themselves by scaling back, including seeking to be excused from contractual obligations pursuant to a “force majeure” provision in their agreements. Force majeure is one of a handful of standard “boilerplate” contract terms that is often skimmed over (at best) or overlooked by the parties, given its relative unimportance as compared to more substantive provisions. However, when faced with unexpected and/or uncontrollable circumstances, a precisely worded force majeure clause can sometimes offer a lifeline that will excuse one party’s performance obligations.

Continue Reading
FAQ's issued by the SBA and U.S. Treasury Dept. for Paycheck Protection Program

FAQ's issued by the SBA and U.S. Treasury Dept. for Paycheck Protection Program

April 9, 2020 at 6:09 PM - COVID-19,

As previously shared, the SBA’s Paycheck Protection Program under the CARES Act makes available $349 billion for loans to small businesses to help prevent their collapse during the COVID-19 public health crisis. Since the launch of the Program, the SBA has released a formal application, as well as two interim rulings about the Program (see rulings one and two here). Despite these efforts, many small businesses remain confused about the Program, including the application process itself.

In an effort to provide more clarity, the government has released a set of frequently asked questions (“FAQs”) which address a variety of topics, including the following:  

Continue Reading
Comparing the SBA’s Economic Injury Disaster Loan and Paycheck Protection Programs

Comparing the SBA’s Economic Injury Disaster Loan and Paycheck Protection Programs

April 9, 2020 at 10:34 AM - COVID-19,

Providing financial assistance to small businesses is one of the key roles played by the Small Business Administration (SBA), including the provision of emergency loans during times of crisis under its Economic Injury Disaster Loan (EIDL) program. When the Coronavirus Aid Relief and Economic Security Act (CARES Act or Act) was passed on March 27th, certain components of the EIDL program were enhanced under the Act, and an additional SBA section 7(a) lending program - the Paycheck Protection Program (PPP) – was introduced. Deciding which loan program is right for your business depends primarily on how you plan to use the proceeds of the loan.

Continue Reading
Avoiding Layoffs: An Overview of the Employee Retention Credit and Enhanced Unemployment Benefits Under the CARES Act

Avoiding Layoffs: An Overview of the Employee Retention Credit and Enhanced Unemployment Benefits Under the CARES Act

April 3, 2020 at 3:55 PM - coronavirus,

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. Its key provisions include an Employee Retention Credit, which allows employers to recoup certain wages paid to employees who are not providing services due to a suspension of operations related to COVID-19, and the creation of a temporary Pandemic Unemployment Assistance Program. Both of these mechanisms provide ways for businesses to avoid layoffs by implementing temporary shutdowns or reductions in hours.

Continue Reading
Application and Guidance Now Available for SBA Paycheck Protection Program

Application and Guidance Now Available for SBA Paycheck Protection Program

April 3, 2020 at 12:18 PM - COVID-19,


Since announcing the Paycheck Protection Program, a component of the Coronavirus Aid, Relief and Economic Security Act or CARES Act, the Small Business Administration (SBA) has released both the loan application and additional guidance for prospective borrowers. The Program makes available $349 billion for loans to small businesses to help prevent their collapse during the COVID-19 public health crisis. 

If you intend to apply for a loan under the Paycheck Protection Program (the “Program”), it is essential that you begin taking steps to do so NOW, including familiarizing yourself with the following key SBA updates:

Continue Reading
The SBA’s New “Paycheck Protection Program” under the CARES Act

The SBA’s New “Paycheck Protection Program” under the CARES Act

April 1, 2020 at 8:10 AM - coronavirus,

A critical component of the government’s newly passed stimulus package, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act” or “Act”), is the new Small Business Administration (SBA) loan program called the Paycheck Protection Program (the “Program”). Created under Section 7(a) of the Small Business Act, this Program will make available $349 billion for loans to small businesses to help prevent their collapse during the COVID-19 public health crisis.

Continue Reading
Alternatives to Layoffs in Massachusetts During the COVID-19 Crisis

Alternatives to Layoffs in Massachusetts During the COVID-19 Crisis

March 27, 2020 at 11:03 AM - coronavirus,

During the pending COVID-19 crisis, many employers are considering layoffs to make sure they can keep their companies afloat. However, because the duration of the crisis is unknown and may be temporary, employers may wish to consider other cost-saving measures that are designed to be temporary and reversible in the event that the economy bounces back sooner rather than later. This article will address some of the cost-cutting strategies that Massachusetts employers can use in lieu of layoffs which will ensure that employers have an available workforce to call upon once business rebounds, and also save jobs.  

Continue Reading

Subscribe to our Blog

Popular Posts

   
This publication should not be construed as legal advice or a legal opinion on any specific facts or circumstances nor an offer to represent you. It is not intended to create, and receipt does not constitute, an attorney-client relationship. The contents are intended for general informational purposes only, and you are urged to consult your attorney concerning any particular situation and any specific legal questions you may have. Pursuant to applicable rules of professional conduct, portions of this publication may constitute Attorney Advertising.

Outside GC is an innovative approach to legal services for growing and mature businesses. Companies who engage Outside GC fall into two main categories: (1) those without in-house counsel who need regular, on-going legal support but do not wish to hire a full-time in-house lawyer, and (2) those with in-house counsel who do not wish to add more full-time resources to their existing in-house staff. Contact us to speak to one of our on-demand attorneys.