Business Law Archives - Page 2 of 6 - Gawthrop Greenwood, Attorneys at Law, West Chester PA

New Pennsylvania Bill Aligns with Federal Tax Treatment of Forgiven PPP Loans

February 11, 2021
Gordon W. Prince

On February 5, 2021, Governor Wolf signed into law Act 1 of 2021 (SB 109), which, among other things, provides clarity and relief for Pennsylvanians who received Paycheck Protection Program (PPP) funds. It was made clear the forgiveness of a PPP loan will not result in Pennsylvania personal taxable income.

Change-In-Ownership Guidance for PPP Borrowers and Lenders

October 19, 2020
Gordon W. Prince

The latest information from the SBA, issued in Procedural Notice No. 5000-20057, has important implications for PPP recipients who have, are in the midst of, or are contemplating effecting a change in ownership of their entity. Of importance, certain changes of ownership will require the approval of the SBA, or, at the very least notice to the SBA.

Making a Campaign Contribution? Make Sure You’re Compliant

September 21, 2020
Gawthrop Greenwood

By Anthony T. Verwey -- As the political season continues the rush toward November, all businesses and their employees should be paying attention to recent reporting regarding “conduit” campaign contributions, which have the potential to put both parties in jeopardy.…

New PPP Loan Forgiveness Applications Issued

June 18, 2020
Gordon W. Prince

By Gordon W. Prince, Esq. In light of the newly executed Paycheck Protection Program Flexibility Act (the “Act”), discussed fully here, the SBA (in consultation with the U.S. Department of Treasury) issued a revised PPP loan forgiveness application, as well…

New Rules for Forgiveness in Paycheck Protection Program Reform Bill

June 5, 2020
Gawthrop Greenwood

By Gordon W. Prince, Esq. The Paycheck Protection Program Flexibility Act of 2020, a bill that focuses on easing restrictions on small businesses who will be seeking to have their PPP loans forgiven, has been signed into law by the…

Keep It or Return It: Major Update for PPP Loans Under $2 Million

May 14, 2020
Gawthrop Greenwood

By Gordon W. Prince, Esq. The SBA has automatically extended the safe harbor Paycheck Protection Program loan repayment deadline to May 18, 2020, in light of the new guidance it has issued regarding the good faith certification all PPP loan…

Gawthrop Greenwood Serving on Chester County’s COVID-19 Business Task Force

May 13, 2020
Gawthrop Greenwood

Gawthrop Greenwood attorney and partner Stephen McDonnell has been appointed to serve on Chester County’s Business Advisory Council, which will support the Chester County Commissioners’ COVID-19 Business Task Force. The Commissioners created the task force of local business leaders to…

Limited Civil Immunity and Relaxed Licensing Now Available for Health Care Workers and Their Employers

May 8, 2020
Gawthrop Greenwood

By John Rafferty, Esq. Requirements for Health Care Providers Fighting COVID-19 On Wednesday, May 6, Governor Wolf issued an Order that enables health care providers and certain residential facilities within the Commonwealth to more efficiently respond to the COVID-19 crisis.…

Keep It or Return It? Appropriate Handling of Government Funding During COVID-19

May 7, 2020
Gawthrop Greenwood

May 14, 2020 UPDATE: SBA guidance now provides that borrowers who received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification regarding the necessity of the loan in good…

Individual Businesses Can Apply for Up to $25,000 in Grant Funding in Chester County

May 6, 2020
Gawthrop Greenwood

The Chester County Commissioners have announced that they've set aside $5 million to provide funding for small businesses and agricultural enterprises in Chester County. Grants of up to $25,000 will be available to individual businesses through the Chester County Main…