Coronavirus Impact Updates

Showing 18 posts from March 2020.

COVID-19 and Lease Obligations

Coronavirus

Rent Abatement Requests

In light of the COVID-19 pandemic, tenants are looking closely at leases to see if any relief can be found or what defenses a landlord may have for the nonpayment of rent.  Despite statewide, county or municipal orders that may restrict operations at leased premises, leases remain enforceable contracts. Generally speaking, both landlords and tenants are obligated to comply with lease terms by maintaining the property and paying rent. 

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Tax Provisions in the CARES Act

Coronavirus

The CARES Act, signed by President Trump March 28, 2020, legislates several amendments to the tax code in order to help businesses obtain higher levels of liquidity and give them cash. The relief is extended in hopes that employers who benefit from the emergency rules will be able to keep employees on the payroll during the COVID-19 pandemic. This article provides a top level summary of the various tax incentives targeted at businesses. Except where noted below, these provisions apply equally to companies regardless of how many employees they have.

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Coronavirus Aid, Relief, and Economic Security (CARES) Act Paycheck Protection Program and Loan Forgiveness

Coronavirus

On March 27, 2020, the bipartisan legislation, known as the Coronavirus Aid, Relief and Economic Security (CARES) Act, was signed into law and became the third aid package from Congress in the month of March to address the growing pandemic. Section 1102 of the CARES Act created a new loan product within the Small Business Administration’s 7(a) Loan Program known as the Paycheck Protection Program as discussed below. 

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SEC Temporarily Changes Rules for Form ID Filers

Coronavirus

With many businesses closed and many working from home, the Securities and Exchange Commission and its staff recognized that many applicants for EDGAR access were having difficultly getting signatures notarized on their Form ID applications.  Such notarization is required by Rule 10(b) of Regulation S-T.

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Families First Coronavirus Response Act Posting Requirements

Coronavirus

The Families First Coronavirus Response Act (“FFCRA”) requires covered employers to post a notice regarding the law’s requirements.

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Updated March 30, 2020 - CARES Act EIDL Loans and Emergency Grants

Coronavirus

CARES Act EIDL Loans and Emergency Grants

Under the approved CARES Act, many small businesses are now able to obtain Section 7(a) SBA loans under the Paycheck Protection Program (which also allows for loan forgiveness). The regulations for the new Paycheck Protection Program Act may take time to implement and borrowers who have an extremely limited headcount may not be qualified. If you do not have time to wait for the Paycheck Protection Program Act to be implemented and have fewer salaried employees, you may want to consider filing for an Economic Injury Disaster Loan (EIDL). 

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Updated March 30, 2020 - CARES Act: Paycheck Protection Program (SBA 7(a) Covered Loans) and Loan Forgiveness

Coronavirus

The CARES Act signed by the President, creates a new loan product within the Small Business Administration’s 7(a) Loan Program called "Paycheck Protection Loans". The expressed intention of the program is to assist and incentivize businesses to keep their doors open and keep as many employees employed during the crisis, by providing them low-interests, partially forgivable loans, to cover expenses like rent, payroll, employee health insurance benefits, and the paid leave impose on them under the Families First Act. Below is a summary of the program.

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Department of Labor Releases Q&A Regarding Coronavirus Emergency Paid Sick Leave and FMLA Leave Rules

Coronavirus

The United States Department of Labor (DOL) on Tuesday issued a concise Q&A relating to the leave, pay calculation, employee count, overtime, and other technical details contained in last week’s Families First Coronavirus Response Act (FFCRA).  The Q&A answers many of the immediate and common questions raised by the recently released emergency changes to the nation’s paid sick leave and paid FMLA leave requirements.

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$2 Trillion Federal Coronavirus Stimulus Package Deal Announced

Coronavirus

A $2T stimulus package deal was announced by Congress and Administration late last night after lengthy negotiations.  It is expected that the package will be passed and enacted within days. The New York Times reports that portions of the bill are still being drafted as of early today, for a vote expected when the Senate convenes this afternoon. 

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Shutdowns and Child Care Centers

Coronavirus

In the last 24 hours, we have seen three shutdown orders, only two of which affect Georgia child care centers. Under Mayor Bottom’s order, Atlanta residents are confined to their homes, but the order specifically exempts child care centers as essential businesses.  The mayor of Savannah’s order exempts child care centers providing services to employees of other exempt businesses and has several restrictions.  

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