The COVID-19 pandemic has disrupted every aspect of everyday life and presents singular challenges to all of us. Our attorneys are closely monitoring national and local response to the Coronavirus issue and actively advising our clients and professional network with regard to new legislation and business risks and opportunities within the evolving landscape.
We offer these resources to help keep you informed and provide support as you navigate through these unusual and uncertain times. While we will continue to update this page regularly, we encourage you to visit the resource links directly to stay up on the latest changes.
Please contact any one of us with questions on how to respond to issues raised by the pandemic.
Congress Adopts PPP Flexibility Act of 2020, Easing Loan Terms
Since the passage of the CARES Act on March 27, 2020, and the introduction of the Payroll Protection Program (“PPP”) on April 3, 2020, almost four and a half million businesses, non-profit organizations, and self-employed individuals have received PPP loans totaling some $510 billion. The Department of Treasury and the Small Business Administration (“SBA”) worked […]
SBA Issues Interim Final Rule on PPP Loan Forgiveness
On Friday, May 15, 2020, the Small Business Administration began outlining the process for obtaining forgiveness of loans issued pursuant to the Payroll Protection Program, when it issued SBA Form 3508, entitled “Paycheck Protection Program Loan Forgiveness Application” (“Forgiveness Application”). The 11-page document sets forth information and documentation required to obtain loan forgiveness, and begins […]
After Congress’s adoption of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act, including the Payroll Protection Program (“PPP”) on March 27, 2020, the Department of the Treasury and the Small Business Administration (“SBA”) issued an Interim Final Rule (“Final Rule”) that governed the implementation of the CARES Act. Since then, the SBA has supplemented […]
Congress created the Paycheck Protection Program (PPP) as a key avenue for economic relief under the Coronavirus Aid, Relief and Economic Security (CARES) Act. Small businesses quickly drew down the $350 billion that Congress set aside for the program, and Congress is in the process of authorizing an additional $310 billion for the program. Yet, […]
In this recorded webinar, Lawrence Kamin attorneys discuss key provisions of the CARES Act as well as the SBA forgivable loans and other financial relief opportunities available to businesses impacted by the COVID-19 pandemic.
In the recently-adopted Coronavirus Aid, Relief and Economic Security (CARES) Act, Congress and the President put in place a program designed to introduce cash into the economy and provided greater liquidity for businesses. For many small and mid-sized businesses, the CARES Act provides a direct infusion of capital through the Paycheck Protection Program (PPP). The […]
The linchpin of the recently-adopted Coronavirus Aid, Relief and Economic Security (CARES) Act is the Paycheck Protection Program (PPP)—a program designed to rapidly infuse cash into the U.S. economy through forgivable Small Business Administration (SBA) loans targeted to paying employee expenses. The CARES Act was only adopted on March 27, 2020, and the Department of […]
On Wednesday, April 1, 2020, the U.S. Department of Labor posted a Temporary Rule issuing regulations pursuant to the Emergency Paid Sick Leave Act (“EPSLA”) and Emergency Family and Medical Leave Expansion Act (“EFMLEA”), both part of the Families First Coronavirus Response Act (“FFCRA”). Both the new law and rules are effective as of April 1, 2020.
Under the recently-passed CARES Act, the Federal government created several new programs to protect and bolster the United States economy from the fallout resulting from the COVID-19 pandemic. Perhaps the most important of those programs to businesses is the Paycheck Protection Program (“PPP”), because it provides loans, which can be completely forgiven, to eligible small businesses throughout the United States. The PPP also applies to other entities, including charities.
In addition to the expansion of SBA Section 7(a) loans available to subsidize payroll expenses, as provided in Section 1102, the CARES Act contains provisions (a) that allow eligible employers carrying on a trade or business to receive a refundable tax credit against Social Security taxes imposed under section 3111(a) of the Internal Revenue Code (the “Code”) or Railroad Retirement Tax Act taxes imposed under section 3221(a) of the Code, and (b) permit employers to defer payment of certain payroll taxes for up to two years. Set forth below is a summary of those provisions.
