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Search OptionsInsightsPPP - Get Ready - Again
On April 16, 2020, the $349 billion allocated for the Payroll Protection Program (“PPP”) authorized by the CARES Act had been fully allocated. Due to the wide-ranging success of the PPP, Congress is working towards expanding the program to replenish… 
Estate Planning During the Time of COVID-19
COVID-19 is creating a number of unique estate planning and legal challenges, from actual execution of documents to the volatility of the financial markets. However, it also has created some unique opportunities in wealth transfer planning. A.… 
Indiana Supreme Court Orders Partial Protection of CARES Act Recovery Rebates Payments
In a procedurally-unusual order issued April 20, 2020, the Indiana Supreme Court exercised its emergency rule-making authority to order that all Indiana trial courts “shall issue no new orders placing a hold on, attaching, or garnishing funds in a… 
Employer Tax-Free, Deductible Disaster Relief Benefits for Employees
An employer seeking to provide additional financial support to employees during the COVID-19 pandemic may want to consider a “qualified disaster relief payment” program. Qualifying disaster relief payments are not only tax-free to employees in most… 
New Threat on the Horizon for Schools, Colleges, and Universities: Class Action Lawsuits for Return of Tuition
COVID-19 has caused tremendous disruption and expense for colleges and universities, and other tuition-based education institutions, leading to concerns not only about when students may safely return to campus but even as to the future viability of… CMS Announces Recommendations for Reopening Facilities to Provide Non-Emergent Health Care
On April 19, 2020, the Centers for Medicare and Medicaid Services (“CMS”) issued recommendations to States for resuming non-emergent, non-COVID-19 health care in areas with “low, or relatively low incidence of COVID-19” that relate to recent… 
Developing Leave Policies to Keep Up with the FFCRA
Many employers that did not previously have a sick time policy or a Family and Medical Leave Act (FMLA) policy are now having to address employee questions and concerns, and also ensure compliance with the Families First Coronavirus Response Act… 
Federal Reserve Announces the Main Street Lending Program
On April 9, 2020, the Board of Governors of the Federal Reserve Bank (the “Fed”) announced preliminary details of two new loan programs that have aggregate funding of $600 billion, offered as part of the Coronavirus Aid, Relief, and Economic… 
SBA Issues Additional Interim Guidance on Paycheck Protection Program Clarifying Treatment of Self-Employment and Partner Income
On April 14, 2020, the U.S. Small Business Administration (the “SBA”) issued a second interim final rule (the “Second PPP Interim Final Rule”) related to the Paycheck Protection program (the “PPP”) offered under the Coronavirus Aid, Relief, and… 
IRS Provides Relief for Partnerships to File Amended Returns
On April 8, 2020, the IRS issued Rev. Proc. 2020-23 (“RP 20-23”) in response to provisions of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). RP 20-23 allows eligible partnerships to file amended partnership returns for tax… 
Changes to Net Operating Loss Carryback Rules May Provide Opportunities
[Updated April 17, 2020] The IRS posted updated FAQ’s related to temporary procedures permitting refund claims, requested on Form 1045, Application for Tentative Refund, or Form 1139, Corporation Application for Tentative Refund, to be submitted via… 
Interagency Statement on Loan Modifications and Reporting for Financial Institutions
INTRODUCTION On April 7, 2020, the Board of Governors of the Federal Reserve System (“FRB”), the Federal Deposit Insurance Corporation (“FDIC”), the National Credit Union Administration (“NCUA”), the Office of the Comptroller of the Currency (“OCC”),… |
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