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The Commissioners of the Securities and Exchange Commission (“SEC”) have voted to overhaul significant portions of the regulatory framework for registered and exempt offerings under the Securities Act Rules. The Final Rule issued on November 2, 2020, “Facilitating Capital Formation and Expanding Investment Opportunities by Improving Access to Capital in Private Markets” (the “November Rule”), has four stated goals:

  • Modernizing

On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act of 2021, which includes the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic Aid Act”), which reopens the Paycheck Protection Program (“PPP”) for small and medium sized businesses that have yet to receive a PPP loan and allows certain small and medium sized

As the COVID-19 pandemic continues to evolve, business owners and executives are navigating changes that affect their operations and employees. At this uncertain time, there is a pressing need to be informed, aware, and mindful about maintaining a safe environment while effectively communicating to employees.
BoyarMiller offers guidance and strategies to help businesses adapt to a changing world. Firm Shareholders

Over the last few months, M&A lawyers have been pointing out various issues faced by a borrower having received a loan under the Paycheck Protection Program (“PPP”), and wanting to sell its business either through an asset or equity sale transaction. For instance, many of the PPP promissory notes signed by borrowers include a provision requiring consent of the PPP

On October 7, 2020, the U.S. Small Business Administration (the “SBA”), in conjunction with the Department of Treasury, issued a new Interim Final Rule, which makes the loan forgiveness process much simpler for those borrowers receiving loans under the Paycheck Protection Program (“PPP”) less than $50,000.
The SBA introduced a new loan forgiveness application, the Form 3508S. They have clarified

Demand letters are, ideally, a tool that can be used to recover funds and settle a dispute without the need to file a lawsuit. Of course, demand letters do not always lead to settlement and, thus, they are frequently a predecessor to litigation. This dual impact—a shot at settlement and the “teeing up” of potential claims—makes demand letters critical.
Unfortunately,

The Texas Supreme Court recently announced that it will allow lawsuits to be served over Facebook, Twitter, email and other social media sites or technology when traditional means have failed.
The changes were made in accordance with S.B. 891 which called for an update to the rules in order to adapt to the changes in technology and use of social

The Interim Final Rule posted by the Department of Treasury in conjunction with the Small Business Administration on August 24, 2020 (the “IFR”), sets forth a few new rules related to loan forgiveness for businesses with related party leases, related party mortgages and expenses related to home-based businesses as follows:
Are rent payments to a related party eligible for loan

The Commissioners of the Securities and Exchange Commission (“SEC”) voted to amend and expand the definition of an “accredited investor” used in the Securities Act Rules. The Final Rule issued on August 26, 2020, adopts and incorporates a broader understanding of financial sophistication that would allow a greater number of entities and natural persons to participate in private securities offerings

“Everyone hates lawyers until they need one.” This quote has been around so long that I could not even source it. I think the adage has stuck because it contains some degree of truth. If so, then I suppose the best you can hope for is not to hate your lawyer. And the best way to avoiding hating your lawyer