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Showing 30 posts in Coronavirus.

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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Kemp's Post-Exposure Quarantine Requirements for Camps

Posted In Coronavirus

Coronavirus

As noted in the alert, “Georgia Governor Institutes Post-Exposure Quarantine Requirements for Certain Businesses,” Governor Kemp issued a new Executive Order (covering January 1 - 15, 2021) that imposes a new Post-Exposure Quarantine Protocol (PEQP) under certain circumstances, including in relation to children’s camps. Children’s “Camp” is defined by the Order to apply to any entity offering organized sessions of supervised recreational, athletic or instructional activities held between typical school terms or during school breaks, including those commonly referred to as a “day camp” and any license-exempt day camps operating during school terms.

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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.   

Continue reading 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 ›

Consolidated Appropriations Act of 2021: Payroll Tax Deferral Extension

Posted In Coronavirus

Coronavirus

The Consolidated Appropriations Act of 2021 was signed into law on December 21, 2020. The Act extended timeframes related to the Presidential Memorandum and Executive Order whereby the President directed the Secretary of the Treasury to allow for the deferral of the employee-portion of payroll taxes withheld under IRC Section 3101(a) (6.2% for Old-Age, Survivors and Disability Insurance) on wages earned during the period of September 1, 2020 through December 31, 2020 (“Deferral Order”). 

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Georgia Governor Institutes Post-Exposure Quarantine Requirements for Certain Businesses

Posted In Coronavirus

Coronavirus

In response to surging case numbers and crowded hospitals, Governor Kemp last week updated the requirements of the statewide Executive Order for the first time in several weeks. The update explicitly adopts a quarantine requirement for Georgians exposed to COVID-19 and imposes an obligation on certain businesses regarding such persons. The requirement does not apply to all businesses in Georgia, and it imposes different requirements on different kinds of businesses.

This Alert will describe the quarantine protocol and its general application to businesses in Georgia. We will publish additional guidance later this week regarding specific application of the quarantine protocol to children’s Camps, Live Performance Venues, and gyms and fitness centers.

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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

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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. 

Continue reading Consolidated Appropriations Act of 2021: PPP Second Draw ›

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