Wishing you a wonderful holiday season!
Proposed Tax Reform and the Evolution of Estate Planning
I recently spent time with two friends, who happen to be financial advisors, where we discussed the proposed tax reform legislation and what it means for estate planning now and in the future. A link to the podcast is here. Enjoy listening! #estateplanning #legacyplanning #taxplanning #taxreform
Giving Back Time to the Community
Happy New Year!
Wishing you and yours a peaceful, joyous and healthy New Year!
Happy Thanksgiving!
THANK YOU FOR YOUR SUPPORT THIS PAST YEAR. WISHING YOU AND YOURS A WONDERFUL AND PEACEFUL THANKSGIVING!
ICYMI – Navigating Private Philanthropy During a Pandemic
In case you missed the virtual seminar this week on “Navigating Private Philanthropy During a Pandemic”, the recording can be found HERE and ask yourself, what will you do with your charitable dollars this year?
Navigating Private Philanthropy During a Pandemic
If you are looking to learn more about charitable giving and the options to engage in 2020, then please join me for a panel discussion on July 15, 2020 at 3:00 p.m. More information can be found here and below.
Latest News from COVID-19 Resource Center and More
Here is a roundup of the June news from the Odin, Feldman & Pittlemen, P.C. COVID-19 Resource Center and about new Virginia statutes.
New Paycheck Protection Program Flexibility Act
On June 3, 2020, the Paycheck Protection Program Flexibility Act of 2020 (PPP Flexibility Act) was unanimously approved by the Senate, after overwhelming approval by the House last week. Under the PPP Flexibility Act, which is expected to be signed into law by the President, the CARES Act was amended to provide additional flexibility to borrowers. The highest profile change is to the definition of “covered period,” which now shifts from eight weeks from loan origination to the earlier of 24 weeks or Dec. 31, 2020.
Learn more about the PPP Flexibility Act from Shareholder Michelle DiCintio by CLICKING HERE.
Four Things to Know About the CARES Act and the New Small Business Bankruptcy Reorganization Act
In an attempt to make chapter 11 more streamlined and less expensive for debtors, Congress amended the bankruptcy code to add a brand new reorganization chapter: Subchapter V. Subchapter V is available exclusively to small-business debtors and provides a new option that is intended to be quicker and cheaper; it also offers less oversight and fewer reporting requirements than a traditional chapter 11 case. Congress originally made the new Subchapter V option available to all businesses with $2.7 million or less in aggregate secured and unsecured non-contingent and liquidated debt. That amount was increased to $7.5 million for the rest of 2020 under the CARES Act.
Learn more from OFP Attorney Brad Jones: CLICK HERE.
SBA, Treasury Streamline Loan Forgiveness Application and Update Guidance
Earlier this month the Small Business Administration (SBA) and Department of Treasury streamlined the path to applying for loan forgiveness under the Paycheck Protection Program (PPP), the lifeline extended to small businesses suffering financial pressures resulting from the COVID-19 pandemic. A revised loan forgiveness application and a new EZ version of the form are designed to slash the layers of paperwork, documentation and calculations required to request loan forgiveness. New instructions for Borrowers were also issued for both the Revised Form and the EZ Form.
Learn more from OFP Shareholder Michelle DiCintio.
New Virginia Contractor Misclassification Law
Spring brought significant changes to Virginia’s employment law landscape. Virginia Governor Ralph Northam recently signed a series of new employee-centric laws, including the ones intended to fight against worker misclassification.
Learn more from OFP Shareholder Sara Sakagami: CLICK HERE.
OFP COVID-19 Resource Center – Commercial Leases
The latest from OFP attorneys regarding the impact of COVID-19 on commercial lease agreements.
Commercial Leases and COVID-19:
Force Majeure, Frustration of Purpose, and Impossibility under the Laws of Virginia, Maryland, and the District of Columbia
As landlords and tenants in the DC Metro region navigate the COVID-19 climate and an unprecedented dip in the economy, provisions within commercial leases related to excusing nonperformance are being tested, and in some cases, for the first time. Force majeure clauses are front and center in the debate over excuses for nonperformance, opportunities for termination, and the allocation of liability. However, the common law doctrines of frustration of purpose and impossibility may also be applicable. This set of articles explores the defenses that may be available to commercial tenants in Virginia, Maryland, and the District of Columbia during the coronavirus pandemic, keeping in mind that in these unprecedented times, case law on the impact of the crisis is developing.
To learn more about Virginia, CLICK HERE.
To learn more about Maryland, CLICK HERE.
To learn more about the District of Columbia, CLICK HERE.