Coronavirus Impact Updates

Showing 16 posts by Christina L. Moore.

Updated Guidelines for Georgia Childcare and Camping Programs

Coronavirus

Georgia Governor Brian Kemp has issued two executive orders governing Georgia childcare and camping programs, dated May 21, 2020 and May 28, 2020. Together, the two orders extend the new rules through June 15, 2020, allow more children and staff in groups, and allow overnight camps beginning May 31. The highlights of the new rules are:

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Payroll Protection Program Loan Audit Considerations and Guidance

Coronavirus

On May 22, 2020, the U.S. Small Business Administration (SBA), in consultation with the Department of Treasury, issued an interim final rule on review procedures and related borrower and lender responsibilities with respect to Payroll Protection Program (PPP) loans. This interim final rule provides information to borrowers who have received a PPP loan as to what to expect in the SBA’s review of an individual PPP loan and/or audit of a PPP loan. Additionally, the interim rule expressly states the SBA may review any size PPP loan issued under the PPP loan program at any time (and noting that borrowers must retain PPP documentation for six (6) years after the date the loan is forgiven or repaid in full) and provides information as to what the SBA may review.

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Payroll Protection Program Loan Regulations on Forgiveness

Coronavirus

On May 22, 2020, the U.S. Small Business Administration (SBA), in consultation with the Department of Treasury, issued an interim final rule (regulations) on the forgiveness process, requirements and considerations with respect to Payroll Protection Program (PPP) loans. This interim final rule provides information to borrowers on forgiveness and is in line with the guidance contained in the Loan Forgiveness Application published on May 15, 2020.

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SBA Forgiveness Application: Qualifying Costs and Forgiveness Considerations

Coronavirus

As set forth in the Paycheck Protection Program (PPP) provisions of the CARES Act, a borrower is eligible for forgiveness of a PPP loan in an amount equal to the sum of, generally, payroll costs, rent obligations, mortgage interest expense and utilities incurred and paid during an 8-week period commencing on the date a PPP loan is funded. In connection with eligibility for forgiveness, the Small Business Administration (SBA), in consultation with the U.S. Department of Treasury, recently issued the Paycheck Protection Program (PPP) Loan Forgiveness Application. The application is the first piece of guidance issued by the SBA with respect to forgiveness and aids borrowers in the tracking and calculation of loan forgiveness. Further, the form application and related instructions change certain anticipated aspects of forgiveness, while also increasing costs that may qualify for forgiveness. The following is a summary of the notable forgiveness application items relevant to many businesses.

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Affiliation Rules and Foreign Employees: Regulations Issued

Coronavirus

Under the Paycheck Protection Program (PPP) provisions of the CARES Act, generally a business is eligible for a PPP loan if the business, together with its affiliates, has 500 or fewer employees or operates in a certain industry and meets the applicable Small Business Administration (SBA) employee or revenue based size standard for that industry. Using the SBA permitted size standards, in some circumstances, a business (when considered together with its affiliates) could still be eligible for a PPP loan with greater than 500 employees.

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Update on Georgia Childcare and Camping Programs

Coronavirus

Governor Kemp has issued a new executive order (the Order) that extends the state’s social distancing and other protocols to mitigate spread of the coronavirus through May 31, 2020, changes some rules for childcare programs, and sets out specific rules for summer camps. The highlights of the new rules for childcare and camps are:

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Paycheck Protection Program Loan Forgiveness and Tax Deductions

Coronavirus

On April 30, 2020, the IRS announced in Notice 2020-32 (the Notice), its position regarding the disallowance of certain otherwise allowable tax deductions for a borrower (taxpayer) that is forgiven repayment of a Paycheck Protection Program (PPP) loan. While the notice is apparently contrary to the intent of Congress and not entitled to judicial deference because it was issued without prior notice and comment, the IRS nevertheless will attempt to enforce it. 

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Waivers in the Time of Coronavirus

Coronavirus

As Georgia businesses consider reopening or expanding after Gov. Kemp’s most recent executive order, many are considering liability waivers to have clients and/or customers sign. To date, no courts have reviewed any waivers specifically in light of COVID-19, but there are some general principles available.

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Reopening Youth Programs

Coronavirus

Gov. Kemp’s most recent executive order (the “Order”) has specific rules for licensed child care facilities and general rules for other youth-serving organizations.  The order does not change many rules, but it does put all of them in one place.  If you are thinking about whether to open your program, these are the rules you will have to follow:

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Non-Legal Guidance – SBA FAQs Regarding Payroll Protection Program Loans

Coronavirus

On April 6, 2020, the U.S. Small Business Administration (SBA) issued FAQs in an effort to provide timely additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP).

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