When the government announced the Paycheck Protection Loan Program (PPP), it chose to rely on Borrower certifications, rather than normal underwriting, to issue the loans.  Recent announcements and guidance from the U.S. Treasury Department and the U.S. Small Business Administration have announced their intention to audit Borrowers with loans in excess of $2,000,000.00 and to pursue criminal or civil penalties against Borrowers who they find have falsely certified the need of these loans due to

On Thursday, March 18, 2020, the United States Government (through its Small Business Administration “SBA”) approved Arizona Governor Doug Ducey’s request to qualify all of Arizona for the SBA’s Economic Injury Disaster Loan program. Small businesses in Arizona may now apply for SBA loans for economic injury incurred as a result of the spread of the Coronavirus, and its related illness COVID-19. The government estimates that up to $50,000,000,000 will be available under this program.
WHO MAY APPLY?

• Any business otherwise eligible

In the past week, we have witnessed unprecedented cancellations, suspensions, and closures.  Professional sports leagues have suspended their seasons.  The NCAA Tournament has been canceled.  Theaters and theme parks have closed.  Universities, high schools, and grade schools across the country have suspended classes.  Access to public buildings have been restricted.  The President has discouraged frequenting restaurants and bars, and strongly encouraged people to work from home.  While the economic impact of the efforts to stop the spread of

Both the Arizona Legislature and the Arizona Supreme Court have taken recent action that ought to be prompting members of Arizona LLC’s without operating agreements to be immediately drafting them.  Indeed, even for those LLC’s that already have an operating agreement, members should be pulling them out and reviewing them in light of the recent developments in the law.  Simply stated, the rules have changed.  Recent legislation and case law has redefined certain

In recent years text messaging has become an inexpensive form of marketing for businesses.  Unfortunately, for the unsuspecting business owner, texting could put your business in jeopardy if not done right.
The Telephone Consumer Protection Act (TCPA) is not a new law.  It was passed in 1991.  While it was originally enacted to target the telemarketing industry making invasive phone calls into homes across America, it was drafted to allow consumers to bring small claims court actions for violations of the Act[1], in recent years

In 1991, Congress passed the Telephone Consumer Protection Act (TCPA). In simple terms, the TCPA prohibits businesses and individuals from using automatic telephone dialing systems to call or text cell phones unless it is an emergency (e.g. such as an amber or weather alert) or prior express consent has been given. While the TCPA was initially designed to prevent the telemarketing industry from making invasive and potentially costly calls to individuals’ cell phones, the Act also

In 1991, Congress passed the Telephone Consumer Protection Act (TCPA). In simple terms, the TCPA prohibits businesses and individuals from using automatic telephone dialing systems to call or text cell phones unless it is an emergency (e.g. such as an amber or weather alert) or prior express consent has been given. While the TCPA was initially designed to prevent the telemarketing industry from making invasive and potentially costly calls to individuals’ cell phones, the Act also

Are you forming a limited liability company (LLC) or a limited partnership (LP) in Arizona?  Do you anticipate issuing ownership interests at the time of formation?  If the answer to these questions is yes, then effective August 6, 2016, the offer and sale of those ownership interests may be exempt from registration under Arizona’s blue sky laws.
Arizona’s blue sky laws, namely the Arizona Securities Act (the Act), require any securities offering to be registered before those interests are sold or offered for sale