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Employer Tax Credits Form, Employee Retention Credit Guidance Posted

Important Note:    An Eligible Employer may not receive the Employee Retention Credit if the Eligible Employer receives a Small Business Interruption Loan under the Paycheck Protection Program that is authorized under the CARES Act (“Paycheck Protection Loan”). An Eligible Employer that receives a Paycheck Protection Loan should not claim Employee Retention Credits.  April 1, 2020 […]

SMBs: Act Now to Take Advantage of SBA Loans and Payroll Tax Incentives

Background In light of the novel coronavirus (COVID-19) global pandemic, many small-to-medium sized businesses are struggling to manage revenue losses amid prolonged economic uncertainty. To offset the pandemic’s financial impacts, Congress has passed several stimulus bills, including the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which includes provisions […]

Guidance Issued For Families First Coronavirus Response Act

Families First Coronavirus Response Act – Guidance Related to Required Paid Sick Leave, Extended FMLA Requirements and Payroll Tax Credits Designed to Fund These Required Payments Introduction Please note that the items discussed in this memo should be discussed with legal counsel.  We are attempting to provide a summary of the rules based on our […]

Expansion of The SBA’s Business Loan Program ($10,000,000 Limit)

The SBA allows the Administrator to provide loans directly or in cooperation with the private sector through agreements to participate on an immediate or deferred (guaranteed) basis. Lenders authorized to make loans under the SBA’s current Business Loan Program are automatically approved to make and approve loans under this new program, and they may opt […]

Families First Coronavirus Response Act (“FFCRA”) – COVID-19 Second Relief Package: President Signs Scaled Back Law

On March 18, the President signed the Families First Coronavirus Response Act (FFCRA).  The signed bill scaled back the version of the law that passed the House on March 14. The FFCRA will become effective on April 1, according to guidance issued on March 24 by the U.S. Department of Labor (DOL). The FFCRA contains […]

Summary of Federal Loan Programs – Coronavirus Aid, Relief and Economic Security Act, HR 748 (“CARES Act”)

The federal government recently enacted three phases of relief in response to the coronavirus outbreak. Phase 1 offers an Economic Injury Disaster Loans available under the existing Disaster Loan Program overseen by the U.S. Small Business Administration (“SBA”). Phase 2 features no loan programs. Phase 3 is the Coronavirus Aid, Relief and Economic Security Act […]