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An Ounce of Prevention: Preparing for CARES Act Fraud Investigations
The $2 trillion economic relief package from Congress' Coronavirus Aid, Relief, and Economic Security (CARES) Act has been steadily infused into our economy since March. One well-known example of these stimulus funds is the Small Business Administration's (SBA) Paycheck Protection Program (PPP), through which over 4.9 million businesses received $521 billion in forgivable loans to help maintain payroll, rehire employees and cover rent and utilities. Compared to other government-backed loan programs, the speed with which lenders processed and approved PPP applications was unprecedented.
Early on, the government made clear its commitment to rooting out fraudsters attempting to pilfer PPP funds. In late April, Treasury Secretary Steven Mnuchin said the SBA would conduct a full audit of PPP loans over $2 million prior to forgiveness and that borrowers may face criminal liability if they make false loan certifications. Based on loan data released by the SBA and Treasury Department (as of June 30), a modest number of the 4.9 million PPP loans fall above the $2 million mark — approximately 294,000, or 0.6%. But the value of these loans is significant — over $10 billion — and underscores the importance of government monitoring and enforcement.
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The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.