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Young-Ji to Participate as Panelist for "COVID Federal Relief for Business: PPP and EIDL Loans, SVOG & ERC" Webcast
Firm Counsel Young-Ji Park will serve on "COVID Federal Relief for Business: PPP and EIDL Loans, SVOG & ERC" webcast panel for Smolin Webinar Series on April 27th.
Genova Burns Announces Counsel Promotions
Genova Burns LLC of Newark, NJ is pleased to announce that four Firm Associates will be elevated to the position of “Counsel” effective April 1, 2021
Paycheck Protection Program: More Clarifying Rules, Second Draws and a New Application Form
On January 6, 2021, the SBA and the Treasury Department released interim final rules for the Paycheck Protection Program (“PPP”) Second Draw Program, which was created as part of the stimulus bill enacted into law on December 27, 2020, namely the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Act”).
Stimulus – Implications for Recipients of PPP and EIDL Advances
Late Monday evening, Congress passed a $900 billion stimulus bill that, among other things, includes some continuation of relief (albeit on a modified basis) for individuals and businesses impacted by the coronavirus (COVID-19) pandemic, adds additional categories of allowable expenses under the Paycheck Protection Program (“PPP”), and tackles the prior determination of the Internal Revenue Service (“IRS”) that precluded recipients of PPP loans from taking deductions for expenses that were paid for with PPP loans and results in forgiveness.
Paycheck Protection Program Update: Where do you Stand?
The SBA, in consultation with the Treasury, released a new interim final rule, to simplify loan forgiveness for certain borrowers of Paycheck Protection Program (“PPP”) loans. Specifically, the SBA has issued a rule that provides for a de minimis exemption from the full-time equivalent employee reduction penalty and the employee salary and wage reduction penalty for loans of $50,000 or less
Paycheck Protection Program: Allocability of Nonpayroll Costs to Your Business
The SBA, in consultation with the Treasury, released another set of interim final rules, dated August 27, 2020 regarding forgivable costs under the Paycheck Protection Program.
Separate PPP Loan Forgiveness FAQs Now Released
The Small Business Administration (in consultation with the Department of the Treasury) has issued a separate set of FAQs to deal with the forgiveness component of the Paycheck Protection Program.
Paycheck Protection Program: More Interim Rules Issued by SBA
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.
COVID-19 "EZ" 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.
Six Genova Burns Attorneys to Present "Managing Workplace Risk Post-COVID" Seminar for NJCAR
Genova Burns' attorneys Dina M. Mastellone, Douglas E. Solomon, John R. Vreeland, Brigette N. Eagan, Keith A. Krauss, and Young-Ji will present a webinar on June 17 for NJCAR entitled, "Managing Workplace Risk Post-COVID."
Paycheck Protection Program: New Interim Final Rule
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.
Paycheck Protection Program: Congress Responds to Business Concerns Regarding Forgiveness Period
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.
Paycheck Protection Program Forgiveness Application Form Finally Released!
The Treasury Department and the U.S. Small Business Administration (SBA) have released the Paycheck Protection Program Loan Forgiveness Application, which sheds further light into how borrowers may seek, and obtain, forgiveness of their Paycheck Protection Program loans. In addition to worksheets that calculate eligible forgiveness amounts, the loan application and its accompanying instructions clarify a few prior unknowns (mysteries).
SBA Finally Issues Anticipated Further Guidance on Borrower’s Good Faith for Certification of Necessity
Minutes ago, the Treasury Department released an update of the Program FAQs for the Paycheck Protection Program, addressing Question 31, which had imposed a heightened, but uncertain, standard of need on borrowers, suggesting many may need to return funds by May 14, 2020
COVID-19 Payroll Protection Update: SBA Adds Liquidity Requirement to Qualify
Announcement – The Treasury Department updated its FAQS regarding the economic uncertainty and need certification to be made by PPP applicants/borrowers, requiring that borrowers take into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations.
COVID-19 Paycheck Protection Program
An interim final rule – affecting changes to the Paycheck Protection Program was released Friday, April 24th.
TODAY AT 12 NOON: U.S. Chamber of Commerce Small Business Grant Applications Go Live
The U.S. Chamber of Commerce Foundation has announced that it, through its Save Small Business Fund, will make $5,000 grants to small employers, with between 3 to 20 employees and have been harmed financially by the COVID-19 pandemic.
COVID- 19:How Will my Business Survive?
Join the Honorable Timothy Dougherty, Mayor of Morristown, Counsel Keith Krauss, and Associate Young-Ji Park of Genova Burns as they discuss the availability of funding programs from the NJEDA to assist your business.
COVID-19: SBA Paycheck Protection Program
The Interim Final Rule (the “Rule”) pertaining to applications for the Paycheck Protection Program was released this evening, April 2, 2020.