What You Can Do Today: April 23

Resources and LP's response to COVID-19.

We know that return-to-work protocols are a priority for our readers, and we are preparing to share information and legal considerations in an upcoming edition. Stay tuned.

Please email us here if there are additional topics you would like to see covered.

1. Double-check your PPP loan application certifications. The SBA has issued new guidance on the certification that has to be made with any PPP application that, “the current economic uncertainty makes the loan request necessary.” The new guidance gives an example of a public company that could have accessed the funds elsewhere and provides that a company like that probably could not make the certification. The guidance also provides an opportunity for any borrowers who have already received proceeds to look back at their own certification and determine if they can still make the certification given the new guidance. If a borrower has already received proceeds and now believes the certification to be untrue given the new guidance, the borrower can return the loan proceeds by May 7, essentially without any recourse to the borrower for making a false certification. As this new guidance is only hours old, LP is still considering the effects of this regulation and will advise further as we better understand the implications of this guidance.

2. Buyers and sellers, comply with the Illinois Commercial Code. It’s clear that the supply chain in many markets has been massively disrupted. With government restrictions impacting onsite business operations, workers becoming sick and factories closing, contracts for the sale of goods are far more complicated than they were just weeks ago. Buyers and sellers need to understand how the Illinois Commercial Code protects them.  

3. Decide if you want to make changes to your retirement plans based on the CARES Act and COVID-19 pandemic. We recently talked about all of the potential changes you can make to your retirement plans based on the provisions of the CARES Act. So what should you be doing now?

For more resources and LP's response to COVID-19, visit this webpage.