Paycheck Protection Program (PPP) borrowers across the nation have struggled to meet the Small Business Administration’s (SBA) guidelines, with many resorting to new and creative payroll expenditures to meet spending minimums and qualify for full forgiveness of the loan. On June 3, 2020, the U.S. Senate passed House Bill 7010, the “Paycheck Protection Program Flexibility Act of 2020”, which was promptly signed by the president the following day. My colleague Cat Rice explains the PPP Flexbility Act in this Porter Wright Law Alert.
UPDATE: Main Street Lending Program
Earlier this week, the Federal Reserve Board provided another update to the terms of the Main Street Lending Program that is intended to provide financing opportunities to small and medium–sized businesses. My Treasury Sec. Steve Mnuchin initially announced the details of the program on April 9, 2020. My colleagues Jack Beeler and Jack Meadows explain the details in this Porter Wright Law Alert.
Main Street Lending Program terms updated
The U.S. Treasury Department’s Main Street Lending Program is expected to be up and running within days. The program is intended to provide financing opportunities to small and medium–sized businesses. U.S. Treasury Secretary Steve Mnuchin announced details on the program on April 9, 2020 and updated the terms recently with a second set of FAQs. My colleagues Jack Beeler and Jack Meadows explain in this Porter Wright Law Alert.
COVID-19 detection testing: You shall not pass (unless you pass the test)
With many businesses opening back up again, many are pondering the question of how to screen for COVID-19. The U.S. Equal Employment Opportunity Commission (EEOC) has released guidance allowing employers to test employees for COVID-19 under certain circumstances. My colleague Jyllian Bradshaw explains on this Employer Law Report blog.
Antitrust concerns, price gouging, hoarding and protecting your business during the COVID-19 pandemic
We’ve seen some incredible collaborations and innovations during the COVID-19 pandemic. We have also seen price volatility during these uncertain times. While these may not be top of mind for some, antitrust law and consumer protection law still apply and ignoring them could be costly for businesses down the road. Porter Wright’s Jay Levine discussed these topics with partner Allen Carter in a three-part Antitrust Law Source podcast series focused on antitrust law and price gouging.
Think twice before hitting “record”
It is simple enough: press record and you can easily share your internal video conference call, re-watch it later, or forget it and move on. You move on until you receive a discovery request or a subpoena for information if the company is sued. Now, your internal video call is discoverable and may be seen by those outside your intended viewership.
My colleagues Abby Chin and Molly Crabtree delve into this issue on the Technology Law Source blog.
Paycheck protection: Lender considerations before round two
Lenders are getting some much-deserved rest after enduring nearly two weeks of processing applications for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), which ran out of funds in the early hours of Thursday, April 15 – tax day. The program has been sharply criticized by lenders and borrowers alike, citing confusing guidance and technological glitches with the SBA e-Trans system, to the overwhelming sense that the program was underfunded and biased given the expanded eligibility criteria.
How to claim COVID-19 tax credits via payroll
Employers may claim the Employee Retention Tax Credit and the tax credits available under the Families First Coronavirus Response Act (FFCRA) for relief during the COVID-19 pandemic. They do this first, by reducing the employer portion of Social Security taxes, and then, by reducing the employer’s payroll deposits in an amount equal to the refundable portion of the accrued credits, instead of depositing said amount with the IRS.
My colleagues Victoria Hanohano-Hong, Gerhard Schulte, Mark Snider and Dave Tumen explain to to claim these credits via payroll in this Employer Law Report blog.
UPDATE: Additional information released about delayed federal tax filing and payment deadlines
The Internal Revenue Service (IRS) has released additional information on the delayed payment and filing deadlines to ease the burden on taxpayers during the COVID-19 pandemic. We’ve written previously about the deferral of the federal income tax payments and filing obligations and initial guidance released last month. Ohio has also followed the federal government in the deferral, which we’ve written about here.
Main Street Lending Program
On April 9, 2020, U.S. Treasury Secretary Steve Mnuchin announced the details for a “Main Street Lending Program” intended to provide financing opportunities to small- and medium–sized businesses. Secretary Mnuchin said, “The Main Street Business Lending Program will make a significant difference for the 40,000 medium-sized businesses that employ 35 million Americans.”
My colleagues Jack Beeler, Jack Meadows and Cassandra Rice summarize the program and eligibility in this Law Alert.
