Posts
April 13 2020
Client Alert: Deferral of Social Security Tax Payments Available for Employers Obtaining PPP Loans
The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) permits all employers to defer the payment of their share of social security taxes during the period of March 27, 2020 through December 31, 2020. Last week the IRS released guidance in the form of FAQs on this topic.
Click here to read the alert.
April 09 2020
Client Alert: Families First Coronavirus Response Act Documentation & Recordkeeping Requirements
As previously reported in our Client Alert of March 30, Federal CARES Stimulus Relief Package Forgivable Loan Program & Business Tax Relief, the Families First Coronavirus Response Act (FFCRA) requires employers with fewer than 500 employees provide emergency paid sick leave and emergency paid FMLA leave for COVID-19 related reasons. Employers are eligible to recover the cost of such paid leave by claiming refundable tax credits.
Click here to read the alert.
April 07 2020
Client Alert: COVID-Related Furloughs and Retirement Plan Partial Terminations
Employers that provide a qualified requirement plan for their employees should be aware of the rules governing “partial terminations” if they are contemplating the termination or furloughing of employees in the present COVID-19 environment.
Click here to read the alert.
April 03 2020
Client Alert: EIDL & Advance Grant – Early Applicants Need to Reapply & Exhaustion of Credit is Not a Requirement
The U.S. Small Business Administration (“SBA”) confirmed that certain applicants for its Economic Injury Disaster Loans (“EIDL”) must reapply using a revamped website, which launched earlier this week.
Click here to read the alert.
April 02 2020
Client Alert: COVID-19/CARES- PPP Loan Application
The federal government recently released guidance and information on the Paycheck Protection Program (“PPP”), including a Loan Application, a Lenders Information Fact Sheet, and a Borrowers Information Fact Sheet.
Click here to read the alert.
March 30 2020
Client Alert: Clarifications on the Families First Coronavirus Response Act
The United States Department of Labor (USDOL) updated the Questions and Answers page providing further guidance on the Families First Coronavirus Response Act (FFCRA).
Click here to read the alert.
March 30 2020
Client Alert: Federal CARES Stimulus Relief Package: Forgivable Loan Program & Business Tax Relief
The federal government has initiated the largest fiscal stimulus package in modern history: the “Coronavirus Aid, Relief, and Economic Security Act” (“CARES Act” or “Act”). The Cares Act allocates $350 billion to create the Paycheck Protection Program (“PPP”). The PPP provides forgivable loans of up to $10 million to any business or non-profit with less than 500 employees.
Click here to read the alert.
March 23 2020
Client Alert: The NYS Quarantine Leave Law: New York State Enacts Job-Protected Leave Benefits for Employees Impacted by COVID-19
On March 18, 2020, New York State enacted the Quarantine Leave Law (“Law”) which provides for additional paid and unpaid leave, as well as an expansion of the state’s paid family leave and disability benefits, to certain employees who are “subject to mandatory or precautionary orders of quarantine or isolation… issued by the State, the Department of Health, local board of health or any government entity authorized to issue such order” related to COVID-19. The law became effective immediately.
Click here to read the alert.