- The Consolidated Appropriations Act, 2021: Important Paycheck Protection Program Provisions
On December 27, 2020, the President signed into law the Consolidated Appropriations Act, 2021 (the Act). The Act is wide-sweeping in its breadth at over 5,500 pages and provides the annual funding for the federal government.
Importantly, for many small businesses, the Act contains several important rules providing further relief for those affected by the COVID-19 pandemic, including revisions to the Paycheck Protection Program (PPP). For purposes of this alert, we will highlight some of the PPP provisions we believe will be of interest to employers.
- The Consolidated Appropriations Act, 2021: Tax-Related Changes
On December 27, 2020, the President signed into law the Consolidated Appropriations Act, 2021 (the Act). The Act, among many other things, expands the employee retention tax credit and includes favorable changes to other employer-related tax provisions.
- SBA Issues Procedural Notice Regarding Changes of Ownership
Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.
On October 2, 2020, the SBA released a procedural notice (Notice) – available here – addressed to SBA employees and PPP lenders clarifying the required procedures for changes of ownership of an entity that has received PPP funds.
- Federal Reserve Bank of Boston Announces Main Street Lending Program Is Fully Operational
The Federal Reserve Bank of Boston announced the Main Street Lending Program is “now fully operational, ready to purchase participations in eligible loans that are submitted to the program by registered lenders.”
- New York State Reopening: Status and Updates on Work From Home Requirements
New York City entered Phase III of reopening on Monday, July 6, 2020. However, indoor dining was postponed in New York City due to concerns regarding the risk of spreading COVID-19.
- Paycheck Protection Program Extended Through August 8, 2020
Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.
- SBA Issues New Interim Final Rule for Paycheck Protection Program– Guidance Your Business Should be Aware Of
Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.
- Internal Revenue Service Announces Relief for Qualified Opportunity Zone Investors
On June 4, 2020, the Internal Revenue Service issued Notice 2020-39, which provides temporary relief to qualified opportunity funds (QOFs) and their investors as a result of the COVID-19 pandemic.
- Federal Reserve Bank of Boston Modifies Main Street Lending Program
The Federal Reserve Bank of Boston announced changes to the Main Street Lending Program (Program) to allow more small and medium-sized businesses to be able to participate in the Program.
- Federal Reserve Advances Towards Launching Main Street Lending Program
The Federal Reserve recently announced that the Federal Reserve Bank of Boston has set up the special purpose vehicle (SPV) to purchase participations in loans originated by eligible lenders under the Main Street Lending Program (Program). In addition, Program loan participation agreement, form borrower and lender certifications, and other required form agreements are now available on the Federal Reserve Bank of Boston’s Main Street Lending Program Forms and Agreements website. The Federal Reserve also updated its Frequently Asked Questions (FAQs), dated May 27, 2020.
- Alternative Loan Options For Certain Small Businesses, Non-Profits and Landlords in New York State
For certain small businesses, non-profits and landlords who did not receive a Paycheck Protection Program loan or an Economic Injury Disaster Loan from the Small Business Administration, New York State is making available loans under the New York Forward Loan Fund (NYFLF). The NYFLF is a new economic recovery loan program aimed at supporting New York State’s small businesses, non-profits and landlords as they reopen after the COVID-19 outbreak and New York State on PAUSE.
- New York City Council Passes Suspension of Personal Guarantees for Certain Commercial Tenants
On May 26, 2020, New York City Mayor Bill de Blasio signed the City Council’s bill No.1932-A (the Personal Liability Bill). The Personal Liability Bill adds a new section 22-1005 to the administrative code of the City of New York, suspending the enforcement of personal liability provisions for certain commercial tenants affected by the COVID-19 crisis.
- SBA Releases Additional PPP Loan Review Guidance
On May 22, 2020, the Small Business Administration (SBA), in consultation with the U.S. Department of Treasury, published an interim final rule (the Review Guidance) to supplement previous Paycheck Protection Program (PPP) loan forgiveness guidance. The Review Guidance is intended to establish the standards by which the SBA will investigate whether a loan met program requirements and the circumstances under which it will be released from liability on a guarantee for such a loan.
- Main Street Loans: How Much May a Company Borrow?
Federal Reserve Chairman Jerome Powell announced on May 19, 2020, before a Senate Committee that the Main Street Lending Program (Program) is anticipated to be launched around the end of May. Prospective borrowers should be preparing for making loan applications with participating lenders when the Program commences.
- SBA Releases Additional PPP Loan Forgiveness Guidance
On May 22, 2020, the Small Business Administration, in consultation with the U.S. Department of Treasury, published an interim final rule to supplement previous Paycheck Protection Program loan forgiveness guidance.
- Eligibility Requirements for Federal Reserve’s Main Street Lending Program
Federal Reserve Chairman Jerome Powell announced on May 19, 2020, before a Senate Committee that the Main Street Lending Program (Program) is anticipated to be launched around the end of May. Prospective borrowers should be preparing for making loan applications with participating lenders when the Program commences.
- SBA Releases PPP Loan Forgiveness Application and Instructions
On May 15, 2020, the Small Business Administration, in consultation with the U.S. Department of Treasury released the Paycheck Protection Program (PPP) Loan Forgiveness Application (the Forgiveness Application) and detailed instructions for the Forgiveness Application. To apply for PPP loan forgiveness, the borrower must complete the Forgiveness Application and submit the completed application and required documentation to its lender.
- SBA Extends Good Faith Certification Safe Harbor Until May 18, 2020 and Loan Increases for Certain Partnerships
Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.
As the PPP went into immediate effect without the standard comment period, the SBA continues to issue additional guidance in the form of Frequently Asked Questions (FAQs) and responses as well as Interim Final Rules (IFRs). The most recently updated FAQs, current as of May 13, 2020, are available here and the most recently issued IFRs are available here. Importantly, the U.S. government will not challenge lender PPP actions that conform to the FAQs, and to IFRs and any subsequent rulemaking in effect at the time.
- The Americans With Disabilities Act and Gift Cards
Over the last few years, restaurants, retailers and other businesses have been inundated with lawsuits regarding the accessibility of their websites and mobile applications and the need to comply with the Americans with Disabilities Act (ADA). Now, they may have another issue to contend with: the requirement that store gift cards include Braille.
- Four Takeaways from the Celebrating Women Leadership in Consumer Products Panel Discussion
Tarter Krinsky & Drogin recently partnered with Anchin, Block & Anchin LLP to co-sponsor a breakfast event featuring a panel discussion centered around Celebrating Women in Consumer Products, highlighting the contributions of women to the consumer products industry. Tarter Krinsky & Drogin partner Gina Piazza attended the event with several other partners and associates of the firm.
- Giuliano Iannaccone and Gina Piazza Author Women’s Wear Daily Article on Litigation Trends Brands Need to Know to Mitigate Risk
International and Retail Group chair and Italy practice co-chair Giuliano Iannaccone and Italy practice co-chair and International and Retail Group partner Gina Piazza co-authored an article in Women’s Wear Daily titled, "Litigation Trends Brands Need to Know Now to Mitigate Risk.” The article noted that doing business in the United States comes with increased risk and exposure, and highlighted several litigation and enforcement trends that are impacting the U.S. retail sector.
