Michael James Law

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United States
Fenton, MI
Michael James Law

Areas of Practice: Business, Estate Planning, Real Estate and Health Care. Licensed in Michigan and Florida.

12/18/2024

Michael James Law was honored to sponsor a holiday breakfast this morning for the wonderful faculty and staff of Torrey Hill Intermediate School! Thank you for all that you do for our children and the community! Happy Holidays!

05/25/2024

It’s on honor to be a program sponsor for Southern Lakes Parks & Recreation’s Dreams in Motion dance recital!

12/19/2023

We were honored to sponsor a faculty and staff breakfast at Torrey Hill Intermediate School as a thank you to all of those guide and mentor our children in the community! Thank you and happy holidays!

07/08/2022

Michael James Law won complete summary disposition against a national insurer on behalf of a home health company determining that the client is not subject to the reduced reimbursement rates under the recent changes to the Michigan No-Fault Act! Tremendous victory for home health companies and insureds throughout Michigan!

11/02/2021

Honored to be voted best law firm and attorney in the Tri-County Times 2021 Best of the Best!

05/15/2020

We saw some key updates to the PPP loans this week.

The IRS determined that while the forgiveness is not taxable by statute, the expenses giving rise to the forgiveness are also not deductible, totally negating any tax benefit from making the forgiveness tax free. Congressional legislation is in the works to override the IRS, but we need to be prepared for this scenario.

The SBA created a safe harbor for businesses with loans under $2M regarding the "good faith" certification of the loan's necessity. The safe harbor creates an assumption of good faith regarding the necessity certification. However, loans may still be reviewed/audited so careful planning and ex*****on is critical.

I would be happy to discuss these and the other changes that came out this week to the Payroll Protection Program!

04/25/2020

Payroll Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) Update:

The PPP has been refunded with an additional $310B. EIDL has been refunded with an additional $60B. Here’s how it breaks down:

$250B for general PPP funding.

$30B for PPP lending through small banks and credit unions with assets of at least $10 billion but less than $50 billion.

$30B for PPP lending through small banks and credit unions with less than $10 billion in assets or community financial institutions.

$50B for Economic Injury Disaster Loans. These are real loans - for profit companies can get up to $2M, 3.7% interest, 30 year amortization. Potential personal guarantee and collateral requirements.

$10B for Economic Injury Disaster Loan grants. These are referred to as advances, but you are not required to repay these funds. You can get $1,000 per employee, up to $10,000.

What does this all mean? 🤔

My law firm has consulted with scores of business clients on PPP loans. It is very clear that clients who work with community banks and credit unions have had more success in getting their PPP loans approved and funded.

If you haven’t applied for the PPP, you need to focus on getting an application in with a small bank or credit union. This is especially true now. While the additional funding has put an additional $250B of funding into the general PPP pool, it’s almost certain that these funds will be gobbled up quickly by the 700k-1M applications in que when the initial funding went dry. The banks have had over a week now to review and get these loans ready for submission to the SBA.

SBA will resume taking PPP loan applications on April 27, at 10:30 Eastern time "from approved lenders on behalf of any eligible borrower."

Please let me know if I can assist you with your COVID-19 strategy or navigating these stimulus and relief programs.

04/21/2020

Some key stats about the Payroll Protection Program so far:

At least $243.4M of the total $349B went to publicly traded companies.

4,400 of the approved loans exceeded $5 million.

The size of the typical loan nationally was $206,000, according to the SBA report released April 16 (that’s a typical 2019 payroll just under $1M).

04/08/2020

The Payroll Protection Program (PPP) is moving fast! Some reports have $66B of the $349B already committed. That's approximately 19% of the funds in less than 3 full business days of processing applications... There is a significant push to add another $251B to the program by the end of the week (taking the program total to $600B). Collectively, Bank of America and Chase have received over 625,000 applications worth tens of billions in prospective loans.

If you have not gotten your PPP application in, now is the time to do so! If you need assistance with your business's COVID-19 strategy and/or the various loan and stimulus programs, please do not hesitate to reach out to me!

04/01/2020

This afternoon, we received our first peek at the Payroll Protection Program (PPP forgivable loan). A few new, key pieces of information will likely have a significant impact on your small business’s COVID-19 strategy!

If you need assistance developing a COVID-19 strategic plan tailored to your unique circumstances, customers, and employees or assistance navigating federal relief and stimulus, Michael James Law is open and ready to help! Feel free to call any time. (810) 936-4040.

10/26/2019

The 2019 Lake Fenton Boo Bash was spooktacular! Thank you Lake Fenton PTO for the opportunity to sponsor such an amazing event!

Address

108 S. Pine Street , Suite 1
Fenton, MI
48430

Telephone

+18109364040

Website

http://www.linkedin.com/in/MichaelJamesLaw

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