Updated July 10, 2020 The Main Street Lending Program (“MSLP”), created by the CARES Act and incorporated into Section 13(3) of the Federal Reserve Act, will provide a total of $600 billion in financing for small and medium-sized businesses affected by the coronavirus pandemic. Using funds allocated by the CARES Act, the Federal Reserve will…

Joe Rosenbaum’s article “Managing Contract Risks & Remedies in a Time of Coronavirus”, featured in the Thomson Reuters publication Cyberspace Lawyer, Volume 25, Issue 5. Read the publication below. Joe Rosenbaum is a New York‐based partner at Rimon, P.C. and Chair of Rimon’s Global Alliance.  Rimon is an innovative and highly selective entrepreneurial firm that combines…

Rimon Partner Dror Futter was recently featured in venture fund Work-Bench’s Enterprise Playbook Series. In his article, Dror covers topics such as: How to best handle customer and contract evaluation, contract renegotiation, contract renewal, contract termination, handling non-paying customers, and force majeure. Read more here. Dror Futter focuses his practice on startup companies and their investors,…

On June 5, 2020, the new Paycheck Protection Flexibility Act (“PPPFA”) entered into law which materially changed certain terms of the Paycheck Protection Program previously created under the CARES Act. The emphasis of the PPPFA is to ease the criteria that small business borrowers must comply with to have their PPP loans forgiven. The key provisions of…

Rimon Partner Juan Zuniga recently participated in the San Diego Volunteer Lawyer Progam (SDVLP), COVID-19 Small Business and Nonprofit Brief Legal Advice Clinic, which provides free legal help to eligible small businesses and nonprofits impacted by the pandemic. Participating attorneys provided pro bono legal advice on a variety of issues arising out of the COVID-19 crisis, including:…

We wrote earlier about the COVID-19 shutdown threat to gallery solvency, and possible creditor claims to works on consignment. Now two months into confinement, the threat to galleries is real with a quarter of Los Angeles fine art galleries responding to the Los Angeles Times April 20, 2020 Fine Art Gallery Survey that they would face permanent closure…

Sponsor Keller Center of Princeton University Date & Time May 5th, 2020, 12 pm ET Why You Should Attend Rimon Partner, Dror Futter, spoke on “COVID-19 Legal Watch – Top 10 Steps for Small and Medium-sized Businesses (SMBs).” COVID-19 may prove to be life-threatening to many small and medium-sized businesses (SMBs). Times have changed overnight and companies…

Many businesses and contracting parties are looking at the possibilities of getting out of, delaying, modifying, or enforcing contracts as a result of COVID-19 or government actions and restrictions. Typical legal issues and arguments relating to those actions include: force majeure clauses, impossibility, commercial impracticability, frustration of purpose, bankruptcy, or other possibilities. Each contract is unique, and…

The Secretary-General of the State of Baja California, Amador Rodriguez, ordered the temporary closure of all maquiladoras[1] as of April 16, 2020. The Secretary-General explained that this measure was taken after many companies continued operations, despite not being considered “essential” activities as defined in the order promulgated by Mexican Ministry of Health on March 30, 2020.[2]…

On March 30, 2020, the Mexican government declared a public health emergency due to the COVID-19 pandemic. Consequently, the Ministry of Health issued new measures to suspend all “non-essential” activities until April 30, 2020 (the “Order”), and established that only those activities deemed “essential” may continue to operate. List of “Essential” Activities under the Order Activities…