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News / 04.04.20 /Eric P. Blaha,Kenneth R. Jacobs,Emanuela Lupu-Ferrante,Thomas W. SmithandDomenick J. Tammaro

Coronavirus: CO-OP ELIGIBILITY FOR PPP LOANS QUESTIONED BY SBA. DOES A PPP LOAN MAKE SENSE FOR YOU?

A. SBA Questions Co-op Eligibility. In our earlier E-blast, we suggested that the SBA might take the position that Co-ops might not be eligible for PPP loans. So far that appears to be the case. The SBA appears to be basing its position on portions of its “Standard Operating Procedure” handbook for loans to businesses, …

News / 04.03.20 /Eric P. Blaha,Kenneth R. Jacobs,Emanuela Lupu-Ferrante,Thomas W. SmithandDomenick J. Tammaro

Coronavirus: PPP FEVER- NEW APPLICATION FORMS!

PPP applications were made available on Tuesday night. By Wednesday, approved SBA lenders were overwhelmed with requests for assistance. This morning, Treasury issued new application forms that are completely different from the old ones! [CLICK HERE FOR APPLICATION] Meanwhile, we are getting the following feedback from lenders and asset managers: 1. They will give first …

News / 10.15.19 /Emanuela Lupu-FerranteandJack Malley

Co-op and Condo Boards Must Pay Overtime to Live-In Supers

In our practice, we have seen an uptick in lawsuits by live-in superintendents and other full-time employees against cooperatives, condominiums, homeowners associations (HOAs), and even managing agents (who are defined as employees under federal regulations). These lawsuits are frequently commenced after the employee has been terminated, and they typically allege that the employer failed to pay overtime wages …