Covid-19 Information Hub

President Trump signed the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act on March 27, 2020. The Act, among other things, apportions $349 billion to the “Paycheck Protection Program” (“PPP”), which authorizes small business loans guaranteed by the Small Business Administration (“SBA”) under Section 7(a) of the Small Business Act, […]

On April 9, 2020, consistent with the CARES Act, the Federal Reserve announced multiple programs supported by the U.S. Treasury which are intended to provide additional liquidity to U.S. businesses in light of the COVID-19 pandemic, including terms for new loans and the expansion of existing loans under the Main […]

Last week, the Departments of Labor, Health and Human Services, and Treasury (collectively, the “Departments”) jointly issued helpful guidance for employee benefit plans that extend certain deadlines and offer other relief in light of the COVID-19 pandemic. HIPAA, COBRA, and Claims-Related Timeframes Delayed On April 29, 2020, the Departments jointly […]

The federal income tax consequence of forgiveness of all or a portion of PPP loans has been an outstanding question for some time. Forgiveness of a loan generally results in a business realizing cancellation of indebtedness income under general tax principles; however, the CARES Act expressly provides that any income […]

The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act apportioned $349 billion to the “Paycheck Protection Program,” (“PPP”) which authorizes small business loans guaranteed by the Small Business Administration (“SBA”).  To be eligible for funding, the CARES Act and SBA PPP loan application require, among other things, that each applicant certify […]