SBA Announces New Reduced 504 Loan Debenture Rates
August 18, 2020 — The U.S. Small Business Administration announced updated interest rates for the 504 Loan Program offered by Certified Development Companies (CDC) allowing small businesses to apply for low interest rates offering 20 and 25-year interest rates at 2.214% and 2.269%. The SBA 504 Loan Program provides long-term financing to small businesses for […]
Client Alert: Misleading Reports on Commercial Leases
August 10, 2020 – By Larry Hutcher and William Mack. Last week, The Real Deal published a piece entitled “Win for Moinian is a bright spot for commercial landlords.” The article purported to report on a case captioned Backal Hospitality Group LLC v. 627 West 42nd Retail LLC, No. 154141/2020. Unfortunately, the author inaccurately and […]
Force Majeure Clauses And Commercial Leases
July 30, 2020 – DHC Partners Robert Rattet, Derek Wolman, and William Mack, with Of Counsel James Glucksman published an op-ed in the New York Law Journal discussing the application of the force majeure English common law doctrine – unforeseeable circumstances that prevent someone from fulfilling a contract – to modern contract law. The force majeure doctrine was used more than one hundred […]
Update: New York State Legislative Session in Albany
July 24, 2020 – In an abnormal year due to the COVID-19 pandemic, this week the State Legislature met in Albany to conclude what was their normal session. This week was about wrapping up legislative priorities, as well as, passing bills needed for the functioning of local governments. Proposals of note that passed this week […]
Governor Cuomo Implements Three Strike Policy for New York City Restaurants
July 16, 2020 – Governor Cuomo announced a “three strikes and you’re closed” policy for restaurants and bars in New York City: any establishment that receives three violations of the social distancing requirements will be closed. Egregious violations can still result in the business’ immediate loss of its liquor license and/or a closure order. Additionally, […]
SBA and Treasury Release PPP Data
July 6, 2020 – Today, the U.S. Small Business Administration, in consultation with the Treasury Department, released data regarding the loans made under the Paycheck Protection Program (PPP). This disclosure covers each of the 4.9 million PPP loans that have been made. “The PPP is providing much-needed relief to millions of American small businesses, supporting […]
NYC Council Vote to Approve $88.19 Billion Budget and Reallocate NYPD Resources
July 1, 2020 – At last night’s Stated Meeting of the New York City Council, which ran into the early hours of this morning, Council Members voted to pass an $88.19 billion budget for FY 2021 — 32 in the affirmative, and 17 in the negative. The COVID-19 health crisis and related economic downturn; coupled with […]
Phase II Outdoor Dining Compliance & Enforcement Issues; Delay of NYC Entering Phase III
June 29, 2020 – Governor Cuomo’s announcement this morning that there are complications with New York City’s entering Phase III (which is currently anticipated to be on July 6) as a result of individuals and businesses not complying with social distancing requirements forebodes a delay in New York City’s entering Phase III and, consequentially, the […]
Executive Order Provides Relief for Tenants and Property Owners Impacted by COVID-19
June 16, 2020 – By Exec. Order 202.28 Landlords are prohibited from initiating commercial evictions by Governor Cuomo’s executive order. The original expiration of that prohibition was extended from early June to August 20, 2020. The tenant only has to show financial hardship. Executive Order 202.28 There shall be no initiation of a proceeding or enforcement […]
DHC Lawyers Represent L Brands, Inc. in Landlords & Tenants Negotiation
June 9, 2020 – Davidoff Hutcher & Citron’s Co-Managing Partner Larry Hutcher and Commercial Litigation Partner William Mack are representing L Brands, Inc. – the parent company to Victoria’s Secret and Bath & Body Works – in two litigation matters filed in the New York Supreme Court. The DHC lawyers have filed complaints seeking to […]
