In the News
Secure Act 2.0: Changes To Retirement Plans Are Coming Your Way
If you are a business owner or an employee, your retirement plans may have changed following Congress’s bipartisan $1.7 trillion spending bill, Secure Act 2.0. Inside the bill, which is headed to the President for signing, are provisions directed toward increasing retirement savings and access to 401(k) and other individual retirement accounts for low- and middle-income workers. Some of the key retirement provisions of the legislation include: Starting in 2025, many businesses must enr...
PPP at 8 or PPP at 24 Weeks … Which Best for You? Read this First
Under new PPP regulations, borrowers with loans dated June 5th or earlier can elect to use either the original 8-week schedule or the new 24-week schedule to spend their PPP funding while still qualifying for forgiveness. Meanwhile, later borrowers are automatically subject to the 24-week period. For those early borrowers, there can be significant consequences - and benefits – depending on their decision – read on. Tempted at 24 but maybe 8? Although many borrowers might be tempted...
HOW TO GET READY FOR “PPP FORGIVENESS” MAKING IT HAPPEN!
So your business received PPP funding and you meet all the qualifications of forgiveness… What happens next? At the end of the covered period, you will need to work closely with your lender to begin the forgiveness process. Although your lender should be experienced and prepared to walk you through the process and although regulations are still in flux, this article is meant to give businesses an idea of what to expect when it comes time to apply for loan forgiveness. Have your documents r...
BREAKING NEWS: How Relaxation of PPP Guidelines Affects You and Answers to Your PPP Questions
On June 5th, The Paycheck Protection Program Flexibility Act became law after it was signed by the President – having received nearly unanimous support in both the House and Senate. This new law relaxed some of the regulations, and many businesses may be wondering how this affects PPP funding. Although the regulations are still in flux, the purpose of this article is to provide a concise snapshot of how PPP funding can be used to qualify for forgiveness. Because self-employed individuals and ...
IS YOUR INVESTMENT IN BANKRUPTCY? WHAT IS CLAWBACK AND SHOULD YOU BE CONCERNED? DON’T THROW IN THE TOWEL IF CLAIMS ARE MADE FOR CLAWBACK
Giving Back What You Got? Federal bankruptcy and state insolvency laws permit a bankrupt or insolvent company to “claw back” or recover payments made to investors and third parties. Most understand bankruptcy laws – but beware that all states have some kind of “insolvency laws” which is similar to bankruptcy laws but only applicable to a particular state’s proceedings. Both procedures claw back money and assets in these cases for a variety of reasons. Most important is that, i...
D.C. Wage Payment: Pay the Right Amount and Stay Out of Trouble
If you are an employer in the District of Columbia, your employees are owed certain compensation. To avoid wage disputes and substantial fines, make sure your employees have been properly paid for their work. How much and when do you need to pay your employees? Under the District of Columbia Minimum Wage Act, most employees within the District of Columbia are protected and must be paid the minimum wage. The minimum wage in the District increased to $16.10 per hour on June 1, 2022. Ti...
EMPLOYMENT HANDBOOKS → EMPLOYMENT CLAIM INSURANCE
Clients are overwhelmed with government regulations in business operations and oftentimes overlook one important tool that can provide some insurance against many employee claims: the employment handbook. With the “welcome mat” that most courts give employees for just about any grievance against employers, the employment handbook can be a valuable defense shield against many of these lawsuits. When weighed against the significant dollars that a single employee lawsuit can cost, the employme...
Docu-“don’t”-sign: Don’t rely on Docusign!
Are you relying on Docusign as proof of a signature? You shouldn’t be. When the World Wide Web launched in 1993, it changed the world. An entirely new domain was opened to the public and we began to see a shift from commerce to “e-commerce,” mail to “e-mail,” book to “e-book,” and sports to “e-sports.” Then, about ten years after the emergence of the internet, Docusign, a company that wanted to “centralize and simplify agreement processes” ushered in an era that saw ...
REDEMPTION FOR THE BROKERAGE COMMUNITY: DC CIRCUIT REVERSES DENIAL OF $780,000.00+ COMMISSION
(JLL was Denied Commissions by Trial Court – Appellate Court Reverses) Over the last decade, a single broker representing both parties in a transaction has become increasingly common for the sake of efficiency; that is what Jones Lang LaSalle Brokerage (“JLL”) had in mind when it signed up 1441 L Associates L.L.C. to lease its building at 1441 L Street, NW. Earlier this year, US District Court Judge Florence Pan (District of Columbia.) ruled in Jones Lang LaSalle Brokerage Inc v. 14...
WHO IS THE OWNER? CONTRACTORS, BROKERS AND AGENTS BEWARE!
IF YOU AREN’T CAREFUL, YOU WILL NOT COLLECT. Here is the scenario … you spend months working on a project and you are a bit behind in billing or collecting from the owner. The owner is “ghosting you” and you pull your team off the job. You now want to file a mechanics lien or file suit against the owner when your attorney tells you that the owner is not the property management company or project manager but a limited liability company or partnership which is not the party that signed...