Coronavirus Impact Updates

Showing 8 posts from December 2020.

Employers Can Still Get a Tax Credit for Paid Sick Leave in 2021

Posted In Coronavirus

Coronavirus

The Families First Coronavirus Response Act (FFCRA) became law on April 1, 2020, as a measure to try to address the effect of the pandemic on businesses and employees. It required certain employers (generally those with fewer than 500 employees) to provide their employees with paid sick leave for a number of reasons related to COVID-19. Employers could seek payroll tax credits to offset, dollar-for-dollar, the cost of providing the sick leave. The obligation on the employer to provide that sick leave ends today, December 31, 2020.

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Deadline Approaching to Take Advantage of CARES Act Retirement Benefits

Posted In Coronavirus

Coronavirus

On March 27, 2020, Congress signed the Coronavirus Aid, Relief and Economic Security (CARES) Act into law to provide financial relief to Americans suffering from the economic fallout of COVID-19. The CARES Act contained tax benefits regarding early withdrawals from employee retirement accounts. These retirement benefits were not extended by the Consolidated Appropriations Act of 2021 (CAA of 2021) that took effect this week.

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PPP and Other Financial Assistance: Tax Treatment Clarification

Posted In Coronavirus

Coronavirus

The Coronavirus Response and Relief Supplemental Appropriations Act, 2021 was signed into law by President Trump on December 27. Section 276 of the Act clarifies the tax treatment of Paycheck Protection Program (PPP) loans, which is a welcomed clarification by many. The clarification is effective as of March 27, 2020, the enactment of the CARES Act. The Act also provides for similar treatment of PPP loans and other financial assistance provided for in both the CARES Act and the new Act.

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Extension of CDC Order to Temporarily Halt Residential Evictions Nationwide

Posted In Coronavirus

Coronavirus

The Coronavirus Response and Relief Supplemental Appropriations Act, 2021 was signed into law by President Trump on December 27. Section 502 of the Act extended the Department of Health and Human Services (HHS) and the Centers for Disease Control and Prevention (CDC) Order of September 4, 2020 which temporarily halts residential evictions for failure to pay rent until January 31, 2021. The original order is discussed in more detail in a law alert from September 3rd, which can be found here.

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Consolidated Appropriations Act of 2021: PPP Second Draw

Posted In Coronavirus

Coronavirus

The Consolidated Appropriations Act of 2021 was passed by Congress on December 21, 2020 and the Act is waiting to be signed into law by President Trump. The Act creates a second loan opportunity within the Paycheck Protection Program (PPP), called a “PPP second draw” loan for businesses that are smaller (300 or fewer employees) or harder-hit. 

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Consolidated Appropriations Act of 2021: Paycheck Protection Loan Program Changes

Posted In Coronavirus

Coronavirus

Congress passed the Consolidated Appropriations Act of 2021 on December 21, 2020, which is now waiting to be signed into law by President Trump. Certain sections of the Act provide for changes to the existing Paycheck Protection Program (PPP) that are beneficial to borrowers. The changes or clarifications generally (1) increase the uses and forgivable expenses for PPP loan proceeds, (2) clarify who can qualify as a seasonal employer and the PPP loan amount that can be received, (3) exclude any EIDL grant received from PPP forgiveness calculations, (4) simplify forgiveness filing for borrowers that received a loan of $150,000 or less and (5) ask lenders to provide for borrowers who returned all or a portion of a PPP loan to reapply for the maximum allowable amount and/or increase an existing PPP loan amount due to updated regulations. A detailed summary of the PPP changes outlined above are set forth below.

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COVID-19 Vaccine - Employer and Higher Education Considerations with Respect to a Mandate or Vaccine Program

Posted In Coronavirus

Coronavirus

As of December 13, 2020, Georgia was shipped roughly 84,000 doses of the COVID-19 vaccine and has 470,000 Healthcare workers and nursing home residents in the State. In Georgia, waves of vaccinations are to be distributed as follows: 1) Healthcare Workers, Nursing home residents; 2) Essential workers – Teachers and First Responders; and 3) Pre-existing conditions, 65+. It is anticipated that it might take several months to get through wave one. This is a similar scenario in most states.

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SBA Certification Questionnaire for PPP Borrowers

Posted In Coronavirus

Coronavirus

Despite substantial comments received from many associations and other parties, the Small Business Administration (SBA) has approved use of the originally issued Loan Necessity Questionnaire (one for for-profit entities and one for non-profit entities) for PPP borrowers who received a loan of $2 million or more. Please see our original alert on the Questionnaire here, which raises significant concerns about the Questionnaire. 

Continue reading SBA Certification Questionnaire for PPP Borrowers ›

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