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Northern Virginia Legal Blog

PPP Program/CARES Act - Eligibility of Residential Cooperatives and Condominiums for Funding

We at Fox & Moghul have been receiving several queries on whether residential cooperatives and condominium associations are eligible for SBA loan funding under the Paycheck Protection Program ("PPP") included the CARES Act.

What is the PPP Program?

The PPP program is designed to provide small businesses with forgivable loans up to $349 billion to retain employees during this time of crises, which includes up to 8 weeks of payroll costs, interest on mortgage, rent and utilities. The loans would be forgiven for qualified expenses as long as the employees are retained on the company's payroll. For more details, please see U.S. Treasury Fact Sheet.

Options For Businesses Affected By The Coronavirus - Details Of The $2 Trillion Coronavirus Stimulus Package - Senate Bill 3578 (Coronavirus AID, Relief, And Economic Security ACT or The Cares ACT)

We at Fox & Moghul have been monitoring the government's continuing efforts with respect to the coronavirus emergency stimulus bill. Last night, the Senate passed a bill that will aid large and small business, employees that are laid off, hospitals and state and local governments financial assistance through this coronavirus period. While the bill will still have to be passed by the House of Representatives and signed by the President, we have reason to quell many of the most serious fears that have arisen over the past few weeks.

Coronavirus and Your Mortgage - Possible Options for Borrowers Affected By COVID-19

COVID-19 has wreaked havoc with the ability of many people to timely pay their current mortgage. We at Fox & Moghul have been receiving a high-volume of calls by distressed homeowners seeking assistance on this issue. If you are one of those affected by the coronavirus pandemic, and are facing financial difficulties, including an inability to pay your mortgage, then there may be several options that are available to you under the proposed CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT OR THE CARES ACT.

What Can You Do If Your Business is Affected By the Coronavirus (COVID-19)

We at Fox & Moghul have been getting an increased number of queries from small business owners concerning the Trump Administration's decision to inject some emergency liquidity into the economy to save distressed businesses. Given the increasingly uncertain environment these days, the U.S. Small Business Administration (SBA) has initiated the Economic Injury Disaster Loan program (EIDL) to assisted distressed businesses with much needed financial assistance during this time. These funds are to be disbursed directly from the Federal SBA to eligible applicants.

Are you at risk of losing your business in a divorce?

If you are a business owner who is considering filing for divorce, you need to first examine how a divorce could affect the ownership of your business. You don't want to end up having to sell the business or perhaps even worse, remain in partnership with your ex.

So, what options do you have in these situations?

Should you open a franchise business?

One sure path to business ownership for many entrepreneurs is to open a franchise. This can wind up being a very lucrative move, but it is not without certain drawbacks.

How can you know if purchasing a franchise is a good option for you? Listing the pros and cons of franchise ownership is a good place to start.

Types of Real Estate Deeds In Virginia

A deed is an instrument which transfers title from one individual or entity to another individual or entity (the "Grantee"). Typically, deeds contain the name of the current owner (the "Grantor"), the name of the new owner (the "Grantee"), the legal description of the real property, and the signature (notarized) of the Grantor. The deed will also describe how title is being held by the Grantee. This article will discuss the different types of deeds and their respective purposes to give you a better understanding as to what type of deed you may need.

Real Estate Transactions (Purchasing Real Property) Deeds:

This section will discuss the different types of deeds a person may come across when purchasing real property.

Issues To Consider Before Leasing Commercial Property In Virginia

The purpose of this article is to give interested parties an overview of the commercial leasing process. This memorandum is not intended to establish an attorney client relationship and the information provided herein is strictly for informational purposes only.

When preparing to acquire a commercial property, either by lease or purchase, the principal of "caveat emptor" should be at the forefront of our minds. This is because the many protections often afforded by statutes or common law to the purchaser of a home are absent from a commercial transaction.

Is your business partnership doomed to fail?

Just as with a marriage, no one ever enters into a business partnership expecting it to fail. Yet, also like many marriages that end in divorce, many business partnerships are also unable to weather the storms and go the distance.

By one account, as many as 70% of business partnerships wind up failing. Read on to see whether yours shows any of these common red flags.

Terry Fox's Key Note Presentation At The National Business Institute Spotlighted In Business Insider

Firm's senior real estate partner Terry Fox's key note presentation for the NBI was spotlighted in Business Insider. View more below.

https://markets.businessinsider.com/news/stocks/terry-l-fox-provides-cutting-edge-insight-into-curing-complex-real-estate-title-defects-1028719167

FAIRFAX, Va., Nov. 26, 2019 /PRNewswire/ -- Terry L. Fox, Esq., senior partner at the real estate boutique firm of Fox & Moghul based out of Fairfax, Virginia, delivered a cutting-edge lecture at the National Business Institute's CLE on Top Tools for Curing Title Defects.

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