HR Minute

Showing 27 posts by Christina L. Moore.

Economic Aid Act Second Draw Specific Regulations and Opening of Portal to Accept Applications for Second Draw Loans

Posted In Coronavirus

Coronavirus

Eligible borrowers who would like to obtain or increase their Paycheck Protection Program (PPP) funding will be able to act as early as this week, due to recent action by Congress and the U.S. Small Business Administration (SBA). On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (EAA) (included within the Consolidated Appropriations Act of 2021) became law. On January 8, 2021, the SBA announced that the portal to accept PPP loan applications, pursuant to the EAA, will re-open Monday, January 11, 2021. To promote access to capital, the SBA will initially only accept First Draw PPP Loan applications, including requests for increases on First Draw PPP Loan amounts, from community financial institutions. Second Draw PPP Loan applications will be accepted beginning January 13, 2021.

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Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) and Expansion of Employee Retention Credit (ERC) enacted by the CARES Act

Posted In Coronavirus

Coronavirus

On December 27, 2020, the Consolidated Appropriations Act of 2021 (CAA) became law. The CAA includes the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (the Act), which extends and expands the Employee Retention Credit (ERC) enacted by the CARES Act. Thus, thanks to the CAA, eligible employers may still have CARES Act tax credits available to them in 2021 that otherwise would have expired at the end of 2020, or for which they otherwise would not have been eligible, or for a larger credit than they might have qualified for otherwise.   

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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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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. 

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SBA Certification Questionnaire for PPP Borrowers

Posted In Coronavirus

Coronavirus

On October 26, 2020, the Small Business Administration (SBA) issued a Notice in the Federal Register seeking approval from the Office of Management and Budget (OMB) to collect information about PPP borrowers who received a PPP loan in excess of $2 million. The Notice states collection of information by the SBA would be done through the requirement that those certain PPP Borrowers complete a questionnaire (note: there is one for for-profit entities and one for non-profit entities). The Notice provides for a comment period of 30 days; meaning the published form questionnaires constitute drafts that may change to reflect comments submitted during the comment period. 

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State Powers to Mandate COVID-19 Vaccination and Employee Vaccination Considerations for Employers

Posted In Coronavirus

Coronavirus

In 1955, Canada used an 18-month polio vaccine trial period to set up a compulsory vaccination program. Facing the same health crisis and given the same time period, the U.S. Federal government chose a limited role in engaging State governments to prepare for and distribute the vaccine. Many claimed the U.S. Federal government’s failure to work with the States to prepare and lead in the 1950s led to distribution problems of the polio vaccine, with many poor communities being overlooked for more than a decade.

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