The Crosby Independent School District, located in unincorporated Harris County, Texas, about 35 miles north of downtown Houston, dates to the late 19th century. According to the Texas Education Agency, as of 2016 the District served 5,666 students in seven schools (including a high school). » Read More
Every lender who provides funds for commercial real estate development expects to be repaid. That expectation, a fundamental part of our capitalist system, is the basis for a continuing willingness to advance capital to others. The lender looks first to the borrower, assessing competence, experience, and honesty, as well as the details of any particular development.» Read More
On March 29, 2020, as part of a massive response to the economic distress inflicted upon businesses and working people in the United States due to the “shutdown” of the economy as part of the efforts to contain the impact of the coronavirus (“COVID-19”), Congress passed and the President signed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”).» Read More
Although brief in length, the Paycheck Protection Program Flexibility Act (the “Act”) that was signed into law by President Trump on June 5, 2020, clarifies how borrowers can use Payment Protection Program (“PPP”) loans made pursuant to the CARES Act and grants borrowers much-needed flexibility in the requirements for PPP forgiveness.» Read More
The COVID-19 pandemic is having a profound impact in numerous economic sectors including commercial loans. At this point, there are more questions than answers. Outlined below are key matters that both lenders and borrowers will need to consider.» Read More
For those who have been following the latest with the Paycheck Protection Program (PPP) loans, it was a busy end to last week! We’ve previously issued an analysis of the CARES Act of 2020 through our “Inside the CARES Act” series on the Norris McLaughlin Biz Law Blog, but this past week saw the passage of the Paycheck Protection Program and Health Care Enhancement Act (Paycheck II), as well as updated FAQs from the Treasury Department and additional guidance from the Small Business Administration (SBA) in another Interim Final Rule issued on Friday, April 24.» Read More
The onset of the COVID-19 pandemic has created a new normal in a multitude of economic sectors, including commercial transactions. From commercial leases to loan agreements to construction and supply contracts, questions are surfacing about the rights, liabilities, and defenses available to parties to a contract in view of the pandemic.» Read More
In addition to any defenses to performance that may exist under force majeure provisions contained in a contract, Pennsylvania courts recognize impracticability of performance and frustration of purpose as defenses to breach of contract claims. However, the availability of impracticability and frustration of purposes defenses in any particular case is dependent upon the language of the contract and the facts and circumstances of the case.» Read More
