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Changes to PPP Loans by the Paycheck Protection Program (PPP) Flexibility Act of 2020

Updated July 8, 2020 On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, which established, in relevant part, the Paycheck Protection Program (PPP), a loan program that offers eligible borrowers the potential for loan forgiveness. For more information on the PPP … Continue Reading

Applying for Loan Forgiveness under the Paycheck Protection Program (PPP)

Updated June 23, 2020 On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, which established, in relevant part, the Paycheck Protection Program (PPP), a loan program that offers eligible borrowers the potential for loan forgiveness. For more information on the PPP … Continue Reading

IRS Updates Guidance on Temporary Procedures to Fax Forms 1139 and 1045 to Obtain Quick Tentative Refunds due to NOL Carrybacks and Accelerated Use of AMT Carryforward Credits

In an April 17, 2020 post to the Liskow Energy Law Blog, we advised our clients and friends that the Internal Revenue Service (“IRS”) had published guidance on how refunds attributable to the CARES Act newly-permitted 5-year carryback of NOLs in section 172 of the Internal Revenue Code (the “Code”) and the accelerated use of … Continue Reading

Main Street Lending Programs

In addition to the SBA’s Payment Protection Program (PPP) and Economic Injury Disaster Loans (EIDL), on April 9, 2020, the Federal Reserve announced that it was going to provide up to $2.3 trillion in loans to support the economy through various programs, including the Main Street Lending Program (“MSLP”).  The MSLP will support credit flow … Continue Reading

New IRS Guidance on Obtaining Refunds for Net Operating Loss Carrybacks, Corporate AMT Carryforward Credits and Filing Amended Returns for Partnerships

In a previous post to the Liskow website, we advised clients and friends that the CARES Act, P.L. 116-136, enacted modifications to the rules for the use of net operating losses (“NOLs”) and corporate alternative minimum tax carryforward credits (“AMT Carryforward Credits”) for tax years beginning after December 31, 2017 and before January 1, 2021.  … Continue Reading

Emerging on the Other Side of the Coronavirus Pandemic: Raising Structured Capital for Small and Mid-Size Businesses

Background The Coronavirus Pandemic has wreaked havoc on small and mid-sized businesses (“SMBs”) throughout Texas and the rest of our country.  Many SMBs have had to close their doors due to mandatory stay-at-home orders and other social distancing orders and requirements.  The CARES Act and other recent legislation passed by Congress and signed into law … Continue Reading

Applying for a Loan under the Paycheck Protection Program (PPP)

Updated July 8, 2020 On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, which provides for various economic stimulus measures, including a new loan program regulated by the U.S. Small Business Administration (SBA) called the Paycheck Protection Program (PPP). You can … Continue Reading

COVID-19 Federal Legislative Response

Day-to-day life has been dramatically impacted by the coronavirus disease 2019 (COVID-19), and many businesses have been forced to close or limit their service to slow the spread of COVID-19. In response, Congress has passed several pieces of legislation to assist individuals and businesses affected by the virus.… Continue Reading

Louisiana and Texas COVID-19 Stay-at-Home Orders and Effects on State Courts

This article was updated on April 14, 2020. Day-to-day life has been dramatically impacted by the coronavirus disease 2019 (COVID-19), and many courts in Louisiana and Texas have been forced to close or limit operations in conjunction with stay-at-home orders.  A brief discussion of how COVID-19 has affected Louisiana and Texas courts is discussed here.… Continue Reading

Key Issues in OTC Derivatives Contracts as COVID-19 Disrupts Global Financial Markets

It has been an extraordinary few weeks as businesses face challenges presented by the COVID-19 outbreak.  Companies are grappling with a multitude of issues — from the health and safety of employees to increased cyber security risks to financial and operational stability.  Understandably, assessments of significant contractual and market exposures have been prioritized.  Potential exposures … Continue Reading

2019 Louisiana Investment Adviser Update

Fingerprints Effective January 1, 2019, Louisiana Senate Bill 416 requires all investment adviser representative (“IAR”) applicants to submit fingerprints for a criminal background check to the Louisiana Commissioner of Securities.  La. R.S. 51:703(D)(5).  Investment adviser representatives registered before January 1, 2019 (unless they change advisers) and IAR’s already registered with FINRA do not need to … Continue Reading

Texas Court Holds Drop in Oil Prices is Not Force Majeure

On Thursday, a divided panel of the Texas Court of Appeals in Houston held that the 2014-2015 drop in oil prices is not a force majeure for purposes of general force majeure contractual protection. In TEC Olmos, LLC v. ConocoPhillips, the court addressed a dispute between ConocoPhillips Company and TEC Olmos over a farmout agreement … Continue Reading

Strong Dissent Warns of “Devastating Economic Repercussions” of Second Circuit’s Decision in Oil & Gas Case

In Gloria’s Ranch, L.L.C. v. Tauren Exploration, Inc., the Louisiana Second Circuit upheld a trial court’s ruling that Wells Fargo, a mortgage lender with a security interest in a mineral lease, was solidarily liable with its borrowers (the mineral lessees) for a breach of the mineral lessees’ contractual and statutory obligations to produce in paying … Continue Reading

Louisiana Second Circuit Finds Holder of Mortgage Encumbering a Mineral Lease Solidarily Liable with Mineral Lessees for Damages Under the Louisiana Mineral Code

In Gloria’s Ranch, L.L.C. v. Tauren Exploration, Inc., the Louisiana Second Circuit upheld a trial court’s ruling that the holder of a security interest in mineral leases was solidarily liable for damages under the Louisiana Mineral Code stemming from its mineral lessees/mortgagors’ actions.[1] In the case, a landowner sued its mineral lessees for: (1) failure … Continue Reading

Louisiana Second Circuit Provides Clarity on Production in Paying Quantities and Affirms Lease Cancellation Under Mineral Code Article 140 for Failure to Pay Royalties

On June 2, 2017 the Louisiana Second Circuit Court of Appeal affirmed a trial court’s judgment cancelling a mineral lease under Mineral Code article 140 and provided further clarity on a production in paying quantities analysis under Louisiana Mineral Code article 124.[1]  The dispute in Gloria’s Ranch, L.L.C. v. Tauren Exploration, Inc., arose from a … Continue Reading

UCC8, UCC9, and The Hague Convention

Lenders who take security interests in securities accounts are familiar with the rules of Articles 8 and 9 of the Uniform Commercial Code that identify the governing jurisdiction for these transactions.  Commencing April 1, 2017, those lenders and their counsel may also have to consult the Hague Convention on the Law Applicable to Certain Rights … Continue Reading

New Government Contractor “Blacklisting” Reporting Requirements Put on Hold

Hours before a controversial set of new reporting requirements for government contractors was set to take effect, a federal court in Texas enjoined implementation of the requirements across the country.… Continue Reading

Derivatives: ISDA Announces 2016 New York Law Variation Margin Credit Support Annex

On April 14, 2016, the International Swaps and Derivatives Association, Inc. (ISDA) announced the 2016 ISDA Credit Support Annex for Variation Margin for use with New York law transactions (the 2016 CSA). ISDA is in the process of updating certain of its documents to account for recent regulatory reforms.  The 2016 CSA introduces updates to … Continue Reading
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