The 5 Stages of Buying or Selling a Business
April 20, 2020

Three Things to Know about Business Interruption Insurance Amid the COVID-19 Pandemic
April 17, 2020

1. What is it? Business interruption insurance is insurance to cover losses when your business is unable to operate for specified reasons beyond your control. In the context of commercial real estate, it is not unusual for landlords to obligate…

COVID-19 Alert for Nonprofits
April 16, 2020

Question: If a Virginia nonprofit organization suspends its operations for a few months in response to the COVID-19 pandemic, is it required to notify the IRS? Answer: No. The IRS has no special reporting requirements for organizations that…

A Few Questions and Answers About the New CARES Act Paycheck Protection Program
April 14, 2020

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) recently passed by the U.S. Senate and House and signed by the President creates a specific loan program through the Small Business Administration (“SBA”) to help small businesses…

CARES Act Relief Extends to Existing Small Business Administration (SBA) Loans
April 13, 2020

Question: I have an existing 7(a) SBA business loan. Am I eligible for any relief? Answer: Yes. Starting no later than 30 days after the date on which the first (next) payment is due, the SBA will pay all principal, interest, and fees on…

Unpleasant Surprise in Small Biz Acquisitions: The SBA Standby Agreement
April 10, 2020

An unpleasant surprise that sometimes pops up in the days leading up to closing in small business acquisitions involving SBA financing is the SBA Standby Agreement (also known as SBA Form 155). As a condition of loan approval, some SBA lenders…

COVID-19 Alert: Can Nonprofits Offer Aid to For-Profit Businesses?
April 09, 2020

The short answer is “YES”, a nonprofit organization is allowed to provide financial aid and other assistance (e.g., meals, PPE) to groups and organizations that are NOT 501(c)(3) exempt organizations so long as the assistance is provided…

COVID-19 ALERT: RMA Launches Retail Relief 2020
April 08, 2020

Thumbs up to the Retail Merchants Association for announcing a special program to benefit the RVA small business community. Branded as “Retail Relief 2020”, RMA is offering free membership to all local retail businesses for the next six…

What is an EIN Confirmation Letter and How Do I Get One?
April 07, 2020

Millions of small business owners are currently applying for loans in one of the new SBA emergency loan programs related to the COVID-19 crisis (e.g., EIDL and PPP loans). Apparently, one of the due diligence documents lenders are asking loan…

Notifying the IRS of a Business Name Change
April 06, 2020

Every business has a name, and sometimes, for various reasons ranging from a rebranding campaign to a change in ownership, the name changes. If the business operates through a legal entity, such as a Virginia LLC, then an it changes its name…