The U.S. Small Business Administration (“SBA”) has released an updated PPP Loan Forgiveness Application (and related instructions) and a shorter EZ Form application for certain qualified borrowers and related instructions with respect to the Paycheck Protection Program (“”). These releases followed the enactment of the Paycheck Protection Program Flexibility Act (“PPPFA”) which amended the previously enacted CARES Act. The SBA has also released Interim Final Rule as to PPP loan forgiveness, which has been revised by Revisions-to-First-Interim-Final-Rule (as revised, “IFR”) and the PPPFA will guide PPP borrowers as to use of loan funds and applications for forgiveness. Below we discuss some key considerations to keep in mind as you review the application, IFR, and PPPFA in relation to the PPP loan forgiveness process.
As states begin to their introduce plans to reopen their economies, employers are understandably anxious about bringing employees back to the physical workplace. While returning to work will look different for each employer, there are several global considerations that all employers should keep in mind.
The goal for those with Paycheck Protection Program (“PPP”) loans is to have the amount borrowed forgiven. Borrowers that can turn a PPP loan into a grant can defray lost revenues during the COVID-19 crisis. Meeting the requirements for forgiveness is key, but can be thwarted if the employer had to lay off or furlough staff. (For more information on the PPP, browse our various articles on the subject).
Government officials have reported a surge of malicious attempts to defraud taxpayers in connection with the coronavirus (COVID-19) Economic Impact Payments. Scams may use calls, text messages, or emails to impersonate IRS agents offering financial relief. Be aware of these scams. Here is information provided by the IRS to help identify and report fraud:
On April 20th, Governor Baker signed into law an eviction moratorium bill (H 4647) that benefits certain commercial tenants. While the new law grants extensive relief to homeowners from mortgage debt and foreclosures, and to residential tenants from evictions, it provides no relief from mortgage debt to commercial property owners, and limited relief to certain commercial tenants. This article addresses the limited relief provided by the legislation to commercial tenants.
The CARES Act provides two tools for boosting an employer’s cash flow by reducing its employment taxes through a tax credit, and by delaying payment of certain payroll taxes.
We previously issued an advisory providing guidance on a number of federal, state and private funding relief alternatives to provide capital to small businesses during the COVID-19 disaster recovery process, including as to the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
On April 1, 2020, the Families First Coronavirus Response Act (FFCRA) will commence and be effective through December 31, 2020 for employers with less than 500 employees in the United States. On March 24, 2020, the DOL issued an informal compliance guide in a Q&A form which provided some clarification on this new legislation. Here are some considerations to keep in mind as employers implement the new leave requirements.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was recently passed in response to the COVID-19 pandemic to provide much-needed economic relief to individuals and businesses. The Small Business Administration (SBA) is now offering the Paycheck Protection Program (PPP) and federal disaster loans for working capital via the Economic Injury Disaster Loan (EIDL) program to small businesses and non-profits to help small businesses in the U.S. stay afloat during this historic emergency. Although these programs are not available to state licensed cannabis related businesses, it is available for hemp producers and manufacturers. Here are 5 take-aways about the SBA’s EIDL and PPP programs:
This article originally appeared on Citybizlist as part of a series featuring Burns & Levinson attorneys helping businesses and individuals navigate the many challenges that COVID-19 presents.