Paycheck Protection Program: More Interim Rules Issued by SBA
New Rules to Align with the Flexibility Act; Implications of EID Loans for Payroll Costs
On June 22, 2020, the SBA issued another set of interim final rules to conform earlier issued rules with the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”). Specifically, these rules revise the interim final rules issued on June 1, 2020 regarding loan forgiveness and the SBA’s loan review procedures.
EMPLOYEES COVID-19 RELATED COMPLAINTS IN NEW JERSEY
What We are Seeing
The pandemic brought pandemonium to many New Jersey workplaces. With the second largest outbreak in the country only behind New York, and being the most densely populated state in the country, New Jersey was hit particularly hard by the pandemic giving rise to a number of employee suits.
COVID-19 "EZ" Loan Forgiveness
New Forms for Paycheck Protection Program Loan Forgiveness
The SBA has released a revised version of the previously issued Paycheck Protection Program Loan Forgiveness Application, updated to reflect changes effected by the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”), enacted into law on June 5, 2020.
Paycheck Protection Program: New Interim Final Rule
New Set of Interim Final Rules Released as of June 11, 2020
Please note that another set of interim final rules has been released, amending the first interim rules, for the Paycheck Protection Program, to reflect modifications effected by the Paycheck Protection Program Flexibility Act of 2020 enacted on June 5, 2020.
CARES Act: Expanded Small Business Reorganization Act Can Assist Distressed Businesses
On February 19, 2020, just a few months before the COVID-19 pandemic sent shockwaves throughout the business communities, the Small Business Reorganization Act (“SBRA”) became effective.
Paycheck Protection Program: Congress Responds to Business Concerns Regarding Forgiveness Period
Congress extends time for forgiveness
On June 3, 2020, the Senate approved the Paycheck Protection Program Flexibility Act (the “Flexibility Act”), which purports, among other things, to extend the 8-week ‘covered period’, for the incurrence and payment of eligible forgivable costs and to reduce the 75% payroll costs requirement.
Re-Opening New Jersey: Preparing a COVID-19 Preparedness and Response Plan
As Employers look to reopen businesses that have been closed due to the COVID-19 Pandemic, it is crucial that they consider OSHA's guidance to develop a COVID-19 Preparedness and Response Plan.
Paycheck Protection Program: Two New Interim Final Rules
What will the SBA review? How does Forgiveness work?
COVID-19 Amendments Affecting Permit Extension Act and Governmental Approvals Awaiting Governor Murphy's Signature
As the Covid-19 pandemic continues to significantly affect all aspects of the real estate industry, the legislature of the State of New Jersey has passed amendments to the Municipal Land Use Law (the “MLUL”), codified at N.J.S.A. 40D:55-1, et. seq.
Estate Planning Wealth Transfer in the COVID-19 Environment
We would like to take a moment to emphasize that the current, challenging circumstances perversely present estate planning wealth transfer opportunities. These opportunities result from historically low interest rates, coupled with reduced asset values, which we outline in the following article.