Tips on Conducting Contest and Sweepstakes PromotionsApril 27, 2020
Contests and sweepstakes are popular marketing tools in today’s economy as businesses compete for market share and publicity. Unfortunately, many business owners fail to realize that a variety of federal and state laws regulate these activities,…
What is “ADR”?April 22, 2020
QUESTION: What is "ADR" and should ADR language be included in my business contracts?
ASNWER: The term “ADR” refers to alternative dispute resolution—methods of resolving disputes outside of court. In my experience, resorting to litigation…
Startup Financing from “Friends and Family”April 21, 2020
Question: My family is giving me money to fund my business startup, do I need to put anything in writing?
Answer: Startup financing from “friends and family” is very common, but usually handled very poorly. The more these transactions…
Three Things to Know about Business Interruption Insurance Amid the COVID-19 PandemicApril 17, 2020
1. What is it? Business interruption insurance is insurance to cover losses when your business is unable to operate for specified reasons beyond your control. In the context of commercial real estate, it is not unusual for landlords to obligate…
COVID-19 Alert for NonprofitsApril 16, 2020
Question: If a Virginia nonprofit organization suspends its operations for a few months in response to the COVID-19 pandemic, is it required to notify the IRS?
Answer: No. The IRS has no special reporting requirements for organizations that…
A Few Questions and Answers About the New CARES Act Paycheck Protection ProgramApril 14, 2020
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) recently passed by the U.S. Senate and House and signed by the President creates a specific loan program through the Small Business Administration (“SBA”) to help small businesses…
CARES Act Relief Extends to Existing Small Business Administration (SBA) LoansApril 13, 2020
Question: I have an existing 7(a) SBA business loan. Am I eligible for any relief?
Answer: Yes. Starting no later than 30 days after the date on which the first (next) payment is due, the SBA will pay all principal, interest, and fees on…
Unpleasant Surprise in Small Biz Acquisitions: The SBA Standby AgreementApril 10, 2020
An unpleasant surprise that sometimes pops up in the days leading up to closing in small business acquisitions involving SBA financing is the SBA Standby Agreement (also known as SBA Form 155). As a condition of loan approval, some SBA lenders…
COVID-19 Alert: Can Nonprofits Offer Aid to For-Profit Businesses?April 09, 2020
The short answer is “YES”, a nonprofit organization is allowed to provide financial aid and other assistance (e.g., meals, PPE) to groups and organizations that are NOT 501(c)(3) exempt organizations so long as the assistance is provided…