Transportation Brief: Navigating PPP Loans in A Business Sale
June 2, 2021
One potentially thorny issue that frequently arises in the COVID-pandemic era is the treatment of Payroll Protection Program (PPP) loans in the context of a transaction involving the purchase or sale of a company. According to Small Business Administration guidance, the PPP loan borrower remains responsible for all loan-related obligations. As a result, the PPP loan borrower must notify the PPP-loan lender of a potential change in ownership of the borrower and provide certain documentation relating to the transaction for the lender’s review. In addition, the outstanding PPP loan balance must be escrowed as part of the transaction through receipt of loan forgiveness and repayment to the funding lender. However, where the PPP loan has already been repaid or is forgiven prior to the transaction’s closing, all such notice requirements and restrictions on the change of ownership fall to the wayside.
Transportation Brief: The PRO Act – Dropping Barriers for Unions
by Shannon M. Cohen , A. Jack Finklea , Prasad SharmaIn a sea of legislation threatening business interests, the PRO Act or Act stands out as particularly harsh, making it easier for unions to represent workers. With the recent Amazon vote to reject union representation typifying a longer-term trend among workers, Democrats in Congress seek to re-write the rules according to what many have characterized as a union’s wish list. Learn more about the PRO Act and upcoming democratic control of the NLRB.
Transportation Brief: Export Air Cargo Rules Changing in July
by Braden K. Core , Nathaniel G. SaylorOn July 1, 2021, the rules governing cargo offered for international air transportation will undergo a significant change. Read more about distinctions that will be eliminated, the technology involved, and how companies can plan for the upcoming changes.
Transportation Brief: Do Your Company’s Internal Safety Policies Increase Exposure to Negligence Claims?
by Andrew F. Marquis , Michael K. RobertsA work atmosphere focused on safety can help reduce exposure from claims and litigation costs. But, can your company’s internal safety policies increase exposure by raising the standard of care?
Transportation Brief: What Will It Take to Return to The Office?
by Alaina C. Hawley , David D. Robinson
The prospect of a return to in-person work raises a myriad of issues for employers. Read more about considerations including timing, preparations, and how to monitor and keep up with evolving CDC/OSHA guidance.
Transportation Brief: Spotlight on STC’s Leadership Transition
Scopelitis Law Firm subsidiary STC announced a leadership transition plan. Learn more about STC's next phase, including a new team member and more service offerings.
- On the Road
Scopelitis attorneys are often invited to participate in meetings with transportation industry leaders. Learn more about their trips this quarter.
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