PPP Round 2: Who’s Eligible & The Summary of Terms

by Karen Young

If your business or nonprofit did not get funds from the first round of the Paycheck Protection Program (PPP), and maybe even if it did, you could get another bite at the apple. Your business/nonprofit may also be eligible to re-apply in the next round if you were rejected in the first round OR if you used up your first PPP loan (with some exceptions) if you can prove that your receipts are down at least 25% in at least one equivalent quarter from 2019 and 2020.

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The New Definition of "Accredited Investor" Is...

by Sean Farrell

In August 2020, the SEC amended its definition of “accredited investor,” expanding the list of individuals eligible to invest in companies via private offerings under Regulation D.

The “accredited investor” definition is important for companies who intend to file safe harbor exemptions for private offerings under Regulation D, including under Rules 506(b) and 506(c). For more information on these exemptions, please see our previous blog post on this topic. Until the recent amendment, an individual did not qualify as an “accredited investor” unless that individual had either (i) an income exceeding $200,000 in the two most recent years (or $300,000 jointly with a spouse); or (ii) had an individual net worth (or joint net worth with spouse) exceeding $1,000,000 at the time of the purchase (excluding the value of the individual’s private residence).

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Indiana Businesses: Do You Have Your Required COVID-19 Business Plan in Place?

by Shannon Middleton

Governor Holcomb’s Executive Order 20-43, signed on September 24, 2020 requires all businesses situated or operating in Indiana to create a COVID-19 response plan outlining measures and safeguards for the safety of employees, customers, clients and members of the public. The plan must be provided to all employees and posted publicly. Existing policies should be reviewed and updated to reflect current practices and standards.

The minimum requirements of the COVID-19 response plan include:

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Pros & Cons: Is There Really Any Fun in Crowdfunding?

by Audrey Wessel

The Securities and Exchange Commission (SEC) reports that in 2019, out of a total estimated $2.7 Trillion dollars raised through private offerings, only $62 Million – or about 0.0023% of all private fundraising, was completed through crowdfunding offerings. Since the inception of the rules allowing for this type of crowdfunding in May 2016, through December 2019, the SEC states that 795 crowdfunding offerings have taken place with an average raise of $210,000 per raise.

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My Experience as a Gutwein Law Summer Associate in 2020

by Patrick Fagan

This summer, I had the opportunity to work as a Summer Associate at Gutwein Law. It has been a great privilege to be able to complete a full Summer Associate program at an exceptional law firm amidst the COVID-19 Pandemic. I thoroughly enjoyed the opportunity to grow as a professional and get to know the great people at Gutwein Law. Even among the COVID-19-related changes and uncertainties in their own personal and professional lives, the members of the Gutwein Law team, at all levels, were willing to go above and beyond to ensure that I was put in a position to be successful and always received the support I needed.

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