Former Shareholder Liability for Prior Use of Corporate Funds for Personal Use – What Standard Should Apply?
In a recent case, the Tennessee Court of Appeals, affirming the holdings of a trial court, held that the phrase “assets used in conducting the business” was ambiguous, with respect to establishing the breadth of assets transferred in a stock transfer agreement, and...
[UPDATED 6.5.20] Guidance & New Legislation on Forgiveness for PPP Loans
Since our original post on May 20 (text below), new legislation has addressed some matters regarding the SBA’s guidance on PPP Loan Forgiveness. Some take-aways from the new legislation are: Instead of an 8-week covered period for distribution of funds, the...
Tennessee Business Relief Program: What You Need to Know
The recently-announced Tennessee Business Relief Program will distribute $200 million of federal stimulus funds to Tennessee businesses. The funds are targeted toward the public-facing businesses that faced closure or decreased revenue as a result of the COVID-19...
COVID-19’s Impact on Contract Disputes
What happens when an extreme, unanticipated event occurs that undermines or frustrates the purpose of a contract? Are the parties still bound by the contract, or are they relieved of their obligations? The COVID-19 pandemic has raised these and countless other...
