A Bankruptcy Response to COVID-19: The Small Business Reorganization Act

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

Who CARES: Insolvency and the Payroll Protection Program

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

CFPB Provides Guidance to Lenders Regarding PPP Loans

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

Oregon DCBS Guidance to Collection Agencies and Debt Buyers Regarding COVID-19

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

Business Interruption Coverage in the Age of COVID-19

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

Oregon’s DCBS Extends Suspensions of Insurance Cancellations and Non-Renewals

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

New Funding is Now Available for PPP Loans

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

Oregon’s Corporate Activity Tax (CAT) – Quarterly Payment Due April 30, 2020

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