The SBA has issued new guidance (FAQ #40) that Taxpayers who apply for loan forgiveness will not be required to reduce laid-off workers from the forgiveness calculation if the employer made a good faith written offer to rehire the employee(s) for the same salary/wages and the same number of hours. This should be welcome news as the decision to accept on offer to rehire is not under the control of the employer.
The IRS has issued new guidance (IRS Notice 2020-32) that Taxpayers who receive loan forgiveness of some or all of a PPP Loan will not be allowed a tax deduction for the corresponding expenses. As a result, accounting for PPP Loan proceeds and expenses just got a lot more challenging.
The current COVID-19 crisis has caused many business owners to look to property/casualty or comprehensive insurance policies for relief. However, as quickly as these claims are being submitted, insurance companies are processing denials. Whether your insurance policy covers your business for losses related to the COVID-19 crisis involves a complex analysis which requires a careful review of your policy, and an analysis of the specific facts involved in your claim.
Today, Pennsylvania Governor Tom Wolf approved legislation effectively detailing how municipalities may, if they so choose, conduct public meetings and hearings electronically during this time of public emergency in the Commonwealth of Pennsylvania.
During these difficult times we know that fear and uncertainty can add a great deal of stress to our lives. We want you to know that we are available to discuss any legal concerns you may have or to assist you in preparing, reviewing or revising your estate plan documents.
Now that the COVID-19 crisis has paralyzed the economy, Riley Riper Hollin & Colagreco and other law firms are getting inquiries from commercial landlords and tenants regarding leasehold obligations. Below are some initial considerations.
The Small Business Administration (“SBA”) has just provided more information with respect to the Paycheck Protection Program (“PPP”) by way of Interim Final Rule. This new “guidance” demonstrates once again how fluid the current regulatory environment has become as adjustments are being made on a daily basis.
On March 31, 2020, the Small Business Administration (“SBA”) released an Information Sheet containing guidance for borrowers with respect to the Paycheck Protection Program (“PPP”) created by the CARES Act. The Paycheck Protection Program authorizes up to $349 billion in forgivable loans to eligible small businesses, sole proprietors, independent contractors, self-employed individuals, nonprofits and certain other organizations that were operational and paying employees on February 15, 2020 to assist such businesses with certain operational costs during the coronavirus (“COVID-19”) pandemic.
On Friday March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), providing over $2 trillion in economic relief to individuals, businesses and hospitals impacted by the economic fallout from the coronavirus (“COVID-19”) pandemic.