Automotive/Transportation

PPP Loan Forgiveness Application

PPP Loan Forgiveness Application

On May 15, 2020, the U.S. Small Business Administration (SBA) announced its long-awaited forgiveness rules through the release of the PPP Loan Forgiveness Application. The application and accompanying instructions specify how loan recipients can apply for PPP loan forgiveness and allow companies to complete the detailed calculations to determine forgiveness amounts. The 11-page application package summarizes eligible and […]

Understanding the SBA’s New PPP Certification Guidance

Understanding the SBA’s  New PPP Certification Guidance

On April 24, 2020, President Trump signed into law the Paycheck Protection Program and Health Care Enhancement Act. In relevant part, this Act increases by $310 billion the funds appropriated for the PPP established on March 27, 2020, by the CARES Act. The Small Business Administration (SBA) has announced that new loans under this second tranche of […]

You Auto Know®! – SHUTTING DOWN YOUR BUSINESS

Posted on in Automotive/Transportation, News

In these difficult times, many stores have taken different courses of action regarding their hours and employees. In most instances, the vast majority of dealerships have kept stores open with a limited sales staff, but an almost fully staffed service and parts department. Obviously, these circumstances change daily depending on the spread of COVID-19. I […]

Senate Passes Keeping American Workers Paid and Employed Act as Part of Coronavirus Response

Senate Passes Keeping American Workers Paid and Employed Act as Part of Coronavirus Response

Late last evening, in a bold response to the crisis currently facing our country, the Senate passed the nearly $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act. This bill, known as Phase 3, is extremely beneficial for small business of all sizes and includes unique provisions to help provide liquidity and to help businesses […]

BUSINESS INTERRUPTION COVERAGE – INSURANCE INDUSTRY AND LAWMAKERS WEIGH IN

BUSINESS INTERRUPTION COVERAGE – INSURANCE INDUSTRY AND LAWMAKERS WEIGH IN

In a letter dated Wednesday March 18, 2020, a bipartisan group of U.S. Congressional lawmakers urged four major insurance trade organizations “to make financial losses related to COVID 19 and other infectious disease-related losses part of their commercial business interruption coverage for policy holders.” The lawmakers advised that the “shelter-in-place” orders that have been issued […]

COVID-19 and Force Majeure

COVID-19 and Force Majeure

Unforeseeable circumstances – such as the outbreak of coronavirus (“COVID-19”) – that prevent a party from fulfilling its contractual duties may fall under the force majeure clause of that contract. However, a great deal depends on the nature of the event and its impact on the specific contract and its performance by the parties.  The […]

YOU AUTO KNOW® – Risk of Loss

Posted on in Automotive/Transportation, News
YOU AUTO KNOW® – Risk of Loss

Scenario:  Mr. Jones takes delivery of his new vehicle. During the period of time when the title is being transferred to Mr. Jones, he is in a serious accident, and the vehicle is determined to be a total loss. Mr. Jones contacts you and states that the dealership is responsible for payment of the vehicle since […]