Mike Malloy Quoted in The Philadelphia Business Journal
Obermayer business and finance attorney Mike Malloy was interviewed by reporter Jeff Blumenthal in his article “What’s in the PPP loan forgiveness application form and what’s not,” published in The Philadelphia Business Journal on May 20, 2020. In this piece, Mike discusses the long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application, issued by the SBA on May 15, 2020, and provides important clarifications with respect to how businesses are supposed to calculate payroll costs. Mike explains how payroll costs are deemed paid the day paychecks are distributed or the employer originates an ACH credit transaction. He also warns business owners that creative solutions, such as “adding independent contractors as full-time employees for the eight-week period and removing them afterwards will be sniffed out by the IRS.”
Mike spent years as an attorney in private practice helping individuals and corporations navigate their real estate and business problems, and most recently, 11 years as general counsel of one of Pennsylvania’s largest, most successful privately held suburban real estate companies. Mike has broad ranging experience in handling real estate transactions, zoning and land use cases, commercial lease negotiations, and construction disputes and also acts as “general counsel” to small and medium sized businesses, who rely daily on his legal and operational advice. Mike’s time in corporate leadership affords him a broader perspective that often enables him to consider both the practical and legal implications of a transactional, litigation or corporate matter. Mike represents real estate owners, investors and developers; as well as corporations and nonprofits. Read more about Mike and his legal experience here.