Ansell Grimm & Aaron PC partner Rick Brodsky was recently interviewed by international real estate publication Mansion Global on the property tax burden faced by New Jersey home owners. You can check out his comments here: Why Do New Jersey Residents Pay the Highest Taxes?
According to a recent report in the NJCannabis Insider (subscription required) applicants from the 2019 Request for Applications for medical cannabis licensing denied due to corruption of their online applications continue to await their day in court.
Josh Bauchner, an attorney with Ansell Grimm & Aaron PC representing several clients who were disqualified from the RFA, told NJCannabis Insider the state made it clear it had no intention of settling the case despite concerns from the presiding judge that further delays may cause serious harm to medical cannabis patients.
Bauchner’s pursuing redress for his clients due to data corruption of the PDF version of their applications based on the belief that the corruption was due to problems with the Department of Health’s online submission portal or the PDF files obtained from the DOH.
He noted that his clients have been placed at a significant disadvantage in the marketplace, as the existing and subsequently successful licenses have been able to move forward developing their business while those denied will still require significant time to become operational.
“This could all be fixed with a pen stroke,” Bauchner told NJCannabis Insider. “Someone in leadership in Trenton, all they have to do is say, ‘Permit people to resubmit their applications and restart scoring.’ You could probably award these licenses in 30 days.”
While we are facing a global crisis in connection with the Coronavirus, or COVID-19 pandemic, life as we know it has been significantly disrupted. Small businesses are struggling to stay afloat, especially those that have been made to work remotely, close their doors entirely, or substantially limit their business operations by order of state and local governments.
There may be help on the horizon, however. Congress has passed the $2 trillion dollar Coronavirus Aid, Relief, and Economic Security (CARES) Act in an attempt to minimize the inevitable impact that COVID-19 has and will have on small businesses.
While the Act is very in-depth, there is one section that may be particularly useful to small business owners. The Paycheck Protection Program (“PPP”) has set aside $349 billion for loans that will allow small businesses, which were in operation on February 15, 2020, to retain their employees by covering the cost of payroll amongst other permitted costs.
What costs are permitted under the PPP?
Subject to certain exclusions, costs permitted under the PPP include employee payroll; commissions and cash tips; vacation, parental, family, medical or sick leave; health care premiums; interest on mortgage or other debt obligations; rent under lease agreements; and utilities.
When should I apply?
Loans are only available at this time until June 30, 2020, so prompt application is advisable.
Who do I apply to for a PPP loan?
Loans will be made by lenders who currently provide SBA 7(a) loans, as well as new lenders (both public and private) that the SBA is working quickly to qualify. Forgiveness will also be applied for through the lender.
Who is eligible for a PPP loan?
In order to qualify for a PPP loan, the business (including standard businesses, non-profits, veterans organizations and tribal businesses) has to have fewer than 500 employees, or, according to the SBA, the “applicable size standard in number of employees for the North American Industry Classification System (NAICS) industry as provided by SBA, if higher.” Also, any business that employs 500 or less people per location and has an NAICS code beginning with 72 is eligible. Independent contractors and certain self-employed individuals may qualify for PPP loans, as well.
What are the terms of a PPP loan?
Under the PPP, the maximum loan amount is 250% of the average monthly payroll costs, not to exceed $10,000,000. The goal is to provide businesses with eight weeks’ worth of permissible expenses. For those amounts not otherwise forgiven, the loan term can be up to ten years with an interest rate no higher than 4%. Principal, interest and loan fees will all be deferred for a minimum of six months and a maximum of twelve months. No collateral or personal guaranties may be required in connection with a PPP loan.
What makes a PPP Loan eligible for forgiveness?
PPP Loans are eligible for forgiveness if all employees are retained (or rehired by June 30, 2020). Loan forgiveness will be reduced by the amount that payroll decreases for employees with salaries less than $100,000 per year, if that decrease exceeds 25%. The lender must render and notify the business applicant of a decision within 60 days of the forgiveness application submission.
For more information on the Paycheck Protection Program and to determine your company’s eligibility, please contact us at Ansell Grimm & Aaron, PC at covid19taskforce@62q.f7d.myftpupload.com.
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The information provided in this alert was up-to-date at the time of publication, is provided for general purposes only and does not constitute legal advice, and the transmission and receipt of this information does not create or constitute an attorney-client relationship.
Summary: The Families First Coronavirus Response Act (“FFCRA”) has made substantial changes to employee rights and employer responsibilities, including the creation of emergency paid sick leave and the expansion of the FMLA to include paid leave in certain circumstances.
The Families First Coronavirus Response Act
On March 18, 2020, the president signed the FFCRA into law. The FFCRA contains several significant changes to federal law in response to the COVID-19 pandemic, including the creation of emergency paid sick leave and an expansion of the Family and Medical Leave Act (“FMLA”). The FFCRA goes into effect no later than fifteen (15) days after it became law. We have provided a brief synopsis of two sections of the FFCRA that are most relevant to employers and employees. (more…)
As the COVID-19 situation continues to evolve, many business owners have questions about New Jersey law. Many are asking whether they are required to pay employees under certain circumstances in a pandemic. Our Labor and Employment attorneys share the following information.
Under New Jersey law, do we have to pay our employees if our business slows down or is forced to close as a result of COVID-19?
It depends on the circumstances. The following employees must be allowed to use earned sick leave in relation to COVID-19: (more…)
NJ Cannabis Insider reported on its largest panel and networking event, NJ Cannabis Insider Live: The Road to Legalization held on Tuesday, March 10, 2020, at the New Jersey Convention and Expo Center in Edison. The event featured regulators, industry power players, entrepreneurs and professionals.
Among the speakers highlighted were Joshua Bauchner of Ansell, Grimm & Aaron. Other speakers included Jeff Brown, assistant commissioner in charge of the Department of Health’s Medicinal Marijuana Program; Joseph Zoltowski, plant industry director for the state Department of Agriculture; Scott Rudder, president of the New Jersey CannaBusiness Association; Janice Kovach, mayor of Clinton and the first vice president of the New Jersey League of Municipalities; and South Orange Mayor Sheena Collum.
Read the full article on NJCannabisInsider.nj.com (subscription required)
David Byrne, partner in the Ansell, Grimm & Aaron’s Community Association Practice Group spoke with Raymond Dickey from AssociationHelpNow in this informational video: Coronavirus Information For Boards & Managers: Environmental, Risk Management and Legal Perspectives.
LoopNet reported on owner-financing (also called seller-financing), a complex alternative to the traditional financing, and some of the factors to consider before exploring owner-financed deals including terms, due diligence, tax advantages and income.
Ansell Grimm & Aaron attorney Jessica T. Zolotorofe shared why it’s essential to consult a lawyer before finalizing any owner-financed deal and the importance of having good contract terms for both buyers and sellers. Zolotorofe devotes her practice to real estate transactions, including buying, selling, leasing and financing commercial properties.
New Jersey recently launched a hemp program in accord with the federal Hemp Farming Act of 2018 which removed hemp (generally defined as cannabis with less than 0.3% THC) from Schedule I of the Controlled Substances Act instead treating it as an ordinary agricultural commodity. Its provisions were incorporated into the 2018 United States Farm bill that became law on December 20, 2018.
New Jersey State Senate President Steve Sweeney spoke at the State Agricultural Convention this month expressing his hopes for the emerging industrial hemp industry in the State, calling hemp the “next major cash crop for New Jersey.” New Jersey Secretary of Agriculture Doug Fisher also praised this emerging industry: (more…)
Event: 2nd Annual Cannabis Symposium
Date: Wednesday, March 18, 2020
Location: Webcast
Details: Ansell Grimm & Aaron shareholder, Joshua S. Bauchner will present at the 2nd Annual Cannabis Symposium presented by the New Jersey Institute for Continuing Legal Education (NJICLE) in cooperation with the New Jersey State Bar Association (NJSBA) Cannabis Law Special Committee. On Wednesday, March 18, 2020 at 9:10 a.m., Bauchner will join David Vitale, VP, Optimus Partners, LLC in sharing insights on getting legalization on the ballot and into law.
