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Firm Highlights
Publication/Podcast
60% Is Not a Cliff, Indeed
On June 11, the Small Business Administration (SBA) and the Treasury Department published important guidance that the revised 60% condition under the Paycheck Protection Program Flexibility Act will be applied proportionately, and not as...
News
Bill is Passed for Eased Restrictions on PPP Loan
On June 3, the Senate passed the Paycheck Protection Flexibility Act, easing the restrictions on how businesses spend their Paycheck Protection Program (PPP) loans, which may allow small business owners more room for qualifying...
News
Ensuring Paycheck Protection Program Loan Forgiveness
On May 8, Forbes published an article, "Here's What You Can Do Now to Ensure Paycheck Protection Program Loan Forgiveness," discussing eligible businesses looking for the Paycheck Protection Program (PPP) funding that was made...
Matter
Allagash becomes Maine’s First Benefit Corporation
Publication/Podcast
PPP Math for the Self-Employed: And, Yes, There is Still Time
The Small Business Administration reports that as of May 23 it still had nearly $150 billion of untapped Paycheck Protection Program funds. The Program has been underutilized by self-employed business owners, in part due...
Matter
Banking: Establishment of Non-Depository Trust for National Company
Verrill served as special counsel to a national firm in the chartering and licensing of a Maine non-depository trust company as the client’s wholly-owned subsidiary. Non-depository trust companies are highly regulated, and the matter...
News
Paycheck Protection Program Focuses on Short-Term and Misses Long-Term Damages
On June 8, the Portland Press Herald published an article, "Revamped emergency loan program remains a short-term fix," discussing the Paycheck Protection Program's (PPP) extended deadlines and loosened restrictions, but lack of solutions to...
Matter
Banking: Helping Non-Depository Trust Companies Do Business in Other States
Verrill has helped to form more non-depository trust companies in Maine than any other law firm. We have also helped our trust clients when they look to expand their business into other states. In...
Publication/Podcast
FINALLY!!! . . . SBA Guidance on the Forgiveness Math
The Punch Line : On Friday, May 15, the Small Business Administration published a new form entitled Loan Forgiveness Application Instructions for Borrowers which, at long last, provides a great deal of guidance on...
Publication/Podcast
The New PPP Math: 24 + 60 = > Forgiveness + > Paperwork
On June 5, the President signed into law the Paycheck Protection Program Flexibility Act. This is the second amendment to the Program, the first being on April 24, to increase funding levels to $659...