Business

SNW Partner Ryan J. Richmond obtains confirmation of Louisiana’s First Subchapter V (Small Business) Bankruptcy Plan

Sternberg, Nacarri & White, LLC is pleased to announce that Partner Ryan J. Richmond has achieved a significant milestone in Louisiana bankruptcy plans: he has successfully obtained confirmation of Louisiana’s first Small Business Bankruptcy Plan of Reorganization under the new Subchapter V. Richmond’s Client, A. P. B. Trucking, LLC d/b/a Batiste’s Trucking (APB)’s plan of reorganization received …

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Senate Passes the Paycheck Protection Flexibility Act; President Signs into Law on June 5, 2020

On Wednesday, June 3, 2020, the Senate passed the Paycheck Protection Program Flexibility Act of 2020 (the ”Act”), which the President signed into law on June 5, 2020. This Act significantly changes the Paycheck Protection Program. Note, we expect additional regulations to modify or clarify aspects of this Act, as was the case with the PPP. …

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SBA Releases PPP Forgiveness Application, Providing Guidance

The Small Business Administration has unveiled the Paycheck Protection Program Loan Forgiveness Application. The application offers the first set of significant guidance regarding loan forgiveness under the program including expected documentation, changes to certain definitions, and processes for numerous calculations involved in the determination. Access to such information allows for a tremendous opportunity for proper …

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Watch our Wednesday Webchat on Small Business Reorganization and Bankruptcy

New SNW.LAW Partner Ryan Richmond led a brief discussion on small business reorganization during our Wednesday Webchat this week. Historically, small businesses have struggled to reorganize effectively and efficiently in a chapter 11 bankruptcy. Both debtors and creditors have wasted time and money in a process designed for multimillion dollar companies. Last year, Congress enacted the Small …

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Baton Rouge-based Richmond Law, LLC Merges Practice with SNW, Expanding Firm’s Business Offerings and Adding a Bankruptcy Practice

NEW ORLEANS/BATON ROUGE – The law firm of Sternberg, Naccari & White, LLC is pleased to announce that Richmond Law, LLC, the practice of well-known Baton Rouge business and bankruptcy lawyer Ryan Richmond, has merged with the firm. In the midst of our statewide stay-at-home order, the firm is committed to continue its aggressive expansion …

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Distilleries and Breweries Lend a Hand to COVID-19 Recovery through Hand Sanitizer Production

Distilleries and breweries across the country are chipping in to fight the spread of the novel coronavirus (COVID-19) by modifying their production to begin manufacturing and bottling alcohol based hand sanitizer. While such efforts are greatly assisting in the supply shortages of critical sanitizing goods, could they run afoul of federal regulations? On March 18, …

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Home Equity Lines of Credit May Provide Additional Liquidity for Businesses and Families

The SBA has announced they are unable to accept new applications for the Paycheck Protection Program based on current funding. However, there is a large source of other potential emergency funding for businesses and families: their home equity. For the first time in several decades, and as a consequence of the financial crises of 2008, …

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PPP For Sole Proprietors and Independent Contractors

Key Takeaway: Self-employed Individuals who file an IRS form 1040 Schedule C with or without employees can still apply for a forgivable loan accounting for their income. Under the CARES Act, the Paycheck Protection Program (PPP) rolled out on April 3, 2020. PPP offered employers of small businesses an opportunity to get a loan during …

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Paid Leave for Employees Expands Due to COVID-19

In response to the COVID-19 pandemic, the federal government has expanded mandatory paid leave for employees. The Families First Coronavirus Response Act (“FFCRA”) covers employers with less than 500 employees. Employers must provide up to 12 weeks of paid leave in some cases. The law also provides refundable tax credits to businesses to offset these …

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