The July 2020 version of THE FOCUS, The Closing of an SBA 504 Loan (Part 1), covered some very important elements and considerations regarding how to prepare for and close an SBA 504 loan. That article discussed several of the most important parts of the pre-closing and closing process concerning the Term Loan and the […]
Read MoreUSDA Loans and the CARES Act
The August 2020 edition of the Fogel Law Group FOCUS provides some insight into the government-guaranteed loan program operated by the United States Department of Agriculture (“USDA”). Known as Business and Industry Loans, or B&I Loans, these USDA Loans (“USDA Loans”) are credit facilities that are available to small businesses, non-profits, cooperatives, and other eligible entities operating in rural areas throughout […]
Read More
Posted in Uncategorized
Leave a comment
The Closing of an SBA 504 Loan (Part 1)
Congratulations! The Lender and the Certified Development Corporation (“CDC”) have approved your SBA 504 Loan! With the assistance of the Lender and the CDC, you have navigated your way through the application process, answered many questions, provided all of the required documentation, and you have now received an approval for your 504 loan. So…what’s next? […]
Read More
Posted in SBA News
Leave a comment
The Rules For PPP Loan Forgiveness Have Changed…Again
On June 5, 2020, President Trump signed the Paycheck Protection Program Flexibility Act (“PPPFA”) into law. This bipartisan legislation addresses many concerns that have arisen in the small business community regarding the Paycheck Protection Program (“PPP”) created under the Coronavirus, Aid, Relief, and Economic Security Act (“CARES Act”); changes several of the key PPP loan […]
Read More
Posted in Hot Topics
Leave a comment
Closings in the Age of COVID-19…and Beyond: Meet RON.
The COVID-19 pandemic is speeding up the revolution in how real estate and loan closings are conducted. Even before social distancing and shelter-in-place became common words in our vocabulary, the federal government and many states recognized the public’s need and desire for electronic signatures in lieu of wet signatures and face-to-face meetings and enacted legislation […]
Read More
Posted in SBA News
Leave a comment
Congratulations, you just received your PPP Loan! Now what?
Well, first you need to start using those PPP loan funds for the purposes they are intended and permitted under the CARES Act (“Act”), Pub. L. 116-136. According to the Act, PPP loan proceeds are to be used for only the following purposes: payroll costs; interest payment on any mortgage incurred prior to February 15; […]
Read More
Posted in Uncategorized
Leave a comment
SOP 50 10 5 (J) – Updated Equity Injection Requirements
Announced on October 16, 2017, and effective January 1, 2018, the Small Business Administration (“SBA”) has issued a newly amended Standard Operating Procedure (“SOP”), known as 50 10 5 (J), which includes substantive changes to the SBA’s equity injection requirements for applicants financing start-up businesses and/or changes of ownership. Specifically, SOP 50-10 5(J) provides (see Page […]
Read More
Posted in Hot Topics, SBA News
Leave a comment
SBA’s Change of Ownership Requirements
The SBA provides very specific Change of Ownership Requirements, which can be found in revised SOP 50 10 5(J), effective January 1, 2018. The SBA’s policy recognizes that frequently it is an individual, not a business, that purchases an existing business. Under the new policy, SBA permits a change of ownership transaction to be structured […]
Read More
Posted in Hot Topics, SBA News
Leave a comment
Business Acquisition Considerations
Buying a business often involves the simultaneous closing of three separate but closely related transactions: (1) the purchase of the business, (2) the financing of the acquisition, and (3) the business management and ownership agreement among the co-owners/co-purchasers. While many entrepreneurs know how to operate a business, many also need assistance in handling any or […]
Read More
Posted in Hot Topics
Comments Off on Business Acquisition Considerations
How to Structure SBA 7(a) and 504 Loan Short Sales
Please click on the link below to view the Powerpoint presentation prepared by Mitchell C. Fogel for a recent Webinar he did with Coleman Publishing that presented How to Structure SBA 7(a) and 504 Loan Short Sales. Regarding commercial short sales, this Webinar provided information on the short sale process in general, addressed specific issues […]
Read More
Posted in Hot Topics, SBA News
Leave a comment
