Cannabis in glass jar on desk.

Proposed Changes to Federal Laws Look to Remove Industrywide Marijuana Hurdles

Many states, including New York, have recently legalized recreational marijuana; however, the current federal banking laws prohibit most banking institutions from any involvement in the cannabis industry. Proposed amendments to the relevant federal statutes seek to remove this hurdle. Despite the fact that marijuana is now legal, in some form, in more than thirty states, […]

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Your PPP Lender Says You Were Ineligible for Your PPP Loan – Now What?

If your Paycheck Protection Program (PPP) lender has informed you that you were not eligible for the PPP loan that you received, you should be aware of the potential consequences of this determination if it goes unchallenged. What’s at Stake? Although this area of PPP law is currently developing and comes with a lot uncertainty, […]

Cannabis in glass jar on desk.

Cannabis: Green Gold Mine or Divisive Drug?

On March 31, 2021, New York became the fifteenth state in the United States to legalize recreational marijuana. Recreational marijuana has been legal in Massachusetts  for several years and New Jersey recently enacted legislation making it legal there as well. Part of the impetus for legalizing cannabis in New York was a concern that residents […]

Person Holding Green Cannabis

New York Has Legalized Marijuana… Now What??

On March 31, 2021, New York became the fifteenth State in the U.S. to legalize recreational marijuana. Some of the changes, such as expungement of past possession convictions, legalization of possession of certain amounts, and the ability to grow plants at home, are effective immediately, Others, such as the creation and adoption of laws regulating […]

PPP Loans & Bankruptcy: SBA Issues New Guidance

Earlier this month, the Small Business Administration (SBA) issued new guidance regarding the Paycheck Protection Program (PPP) and bankruptcy. When Congress passed the CARES Act, it did so without any statutory limitation on lending to businesses that were involved in bankruptcy proceedings. However, shortly after the PPP was first implemented, the SBA issued Interim Final […]

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Second Draw PPP Loan Applications & Eligibility Issues

  On March 11, 2021, President Biden signed into law the American Rescue Plan Act. Among many other things, the law extended the Paycheck Protection Program (PPP) loan application deadline from March 31, 2021 to May 31, 2021 for both First Draw and Second Draw Paycheck Protection Program loans. Are you eligible for a Second […]

New York City Property Value Declines Also Expected in Upstate Markets

The January 2021 New York City annual report of the City’s real property tax base shows expected COVID-related hits across the spectrum. Retail buildings and hotels/motels registered a market value decline of 21.1% and 22.4%, respectively. Office buildings experienced a decline of 15.6% in market values.[1] Although the New York City real estate market differs […]

Is Takeout Alcohol Here to Stay?

New York Among States Contemplating Extension of Temporary Provisions New York Assembly Member Pat Fahy has sponsored a bill, which, if passed, would allow takeout and delivery of alcohol by restaurants and bars to continue for two years after the end of the pandemic-related emergency. A similar bill sponsored by State Senator Brian Benjamin is […]

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Hotel/Motel, Office and Selected Retail Property Assessments Should Be Reviewed

While some business sectors have weathered the COVID-19 coronavirus pandemic disruption remarkably well, others, including hotel/motel, specific retail, and office sectors, have been severely impacted. According to CBRE, U.S. hotels suffered the worst annual occupancy level in 2020 since the Great Depression (1). Compounding a drop in tourist occupancy, business demand for hotel and motel […]

Important MLMIC Demutualization and Sale Update: On December 9, 2020, the Appellate Division, Second Department issued its decision in Maple Medical v. Scott, joining the Third and Fourth Departments in ruling in favor of MLMIC Policyholders in Disputes over MLMIC Conversion Payouts.

On October 1, 2018, Medical Liability Mutual Insurance Company (“MLMIC”) was converted from a mutual insurance company to a stock company and sold to Berkshire Hathaway for $2.502 billion in cash consideration. Following MLMIC’s sale, litigation ensued throughout New York State between healthcare providers and their employers or former employers over which of them was […]