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By Erich Paetsch, Attorney in the Creditors’ Rights & Bankruptcy and Litigation Practice Groups In response to the COVID-19 pandemic that is drastically impacting the United States we know, many lenders significantly increased loan loss reserves.[1] Recognizing that the economic impact of public health measures has rapidly pushed the United States into a projected recession, lenders …
This article was originally published in the Oregon State Bar Debtor Creditor Newsletter in the Spring of 2020. By Erich Paetsch, Attorney in the Creditors’ Rights & Bankruptcy and Litigation Practice Groups The Coronavirus, Aid, Relief, and Economic Security Act (the “CARES Act”) became law on March 27, 2020.[1] The largest fiscal stimulus package in the history …
By Shannon Raye Martinez, Attorney in the Creditor’s Rights & Bankruptcy and Litigation Practice Groups On May 6, 2020, the Consumer Financial Protection Bureau (CFPB) published a policy statement answering three questions relating to the Paycheck Protection Program (PPP). The policy statement clarifies when a creditor is required to provide notice to the loan applicant …
By Jeffrey G. Moore, Attorney in the Estate Planning & Probate Practice Group These are curious times. The COVID-19 has adversely affected almost everyone in one way or another. Those who have been financially affected and who own an Individual Retirement Account (“IRA”), the Coronavirus Aid, Relief, and Economic Security Act or “CARES Act,” which was …
By Nicole Burke and Caleb Williams, Attorneys in the Business & Taxation Law Practice Group On May 5, 2020, the Department of Treasury updated the PPP Frequently Asked Questions to announce it was extending the safe-harbor deadline for repayment of unneeded PPP loan proceeds to May 14, 2020. The original guidance provided that the safe …
By Joshua D. Feil, Attorney in the Litigation Practice Group On April 30, 2020, Oregon’s Department of Consumer and Business Services (“DCBS”) published Bulletin No. DFR 2020-2014 (the “Bulletin”) to provide guidance to Oregon-regulated collection agencies and debt purchasers to actively help debtors hit by the economic effects of the novel coronavirus. The Bulletin follows guidance issued at …
By Douglas Alexander, Attorney in the Business & Taxation Law Practice Group, and David Briggs, Attorney in the Employment Law and Litigation Practice Groups It seems like each day there is a new twist is issues related to damages being suffered by service providers who have been shut down as a result of the public …
By Joshua D. Feil, Attorney in the Litigation Practice Group Earlier this month, we wrote about Oregon’s Department of Consumer and Business Services (“DCBS”)’s order (“Order”) suspending all cancellations and non-renewals in place as the date of the Order. The Order applies to all types of insurance coverage and provided that it would be in place through …
By Caleb Williams, Attorney in the Business & Taxation Law Practice Group Congress has approved additional funding for the Paycheck Protection loan program for small businesses. The action allocates an additional $310 billion to the program. The CARES Act, which created the loan program, allocated an initial $349 billion to fund PPP loans. That funding …
By Nicole Burke, Attorney in the Business & Taxation Law Practice Group The first quarterly payment for Oregon’s new Corporate Activity Tax (CAT) is due by April 30, 2020. If you anticipate that your business may have a CAT liability of more than $5,000 for the calendar year, your business must pay this quarterly estimated …