On July 29, 2021, the Department of the Treasury published updates to its Paycheck Protection Program FAQs. The updates come in response to the Small Business Administration’s (SBA) decision to discontinue the use of its Loan...more
8/2/2021
/ CARES Act ,
Certifications ,
Coronavirus/COVID-19 ,
Federal Loans ,
Good Faith ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Questionnaires ,
SBA ,
SBA Lending Programs ,
Small Business
In March 2020, Congress passed the Families First Coronavirus Response Act of 2020 (FFCRA), which mandated that employers with fewer than 500 employees provide paid sick and FMLA leave to eligible employees for specified...more
As we have reported, the stimulus bill passed by Congress and signed by President Trump late last year enacted major changes to the popular Paycheck Protection Program (PPP). And this week, consistent with that law’s 10-day...more
1/11/2021
/ Audits ,
Business Expenses ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Loan Forgiveness ,
NAICS ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Property Damage ,
Relief Measures ,
SBA ,
Tax Benefits ,
Worker Protection Standard
Congress voted last night to approve a $900 billion COVID-19 stimulus package that includes key measures for health care providers. President Trump has indicated he will sign the new legislation once it reaches his desk....more
Last night (Dec. 21, 2020), the U.S. House of Representatives and then the U.S. Senate passed a long-debated $900 billion stimulus package as part of broader overall government funding legislation. The bill now goes to the...more
Late yesterday, the Department of Labor (DOL) published regulatory guidance relating to employee paid leave entitlements under the Families First Coronavirus Response Act (FFCRA). The guidance predominantly further responds...more
9/14/2020
/ Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Diagnostic Tests ,
Exemptions ,
Families First Coronavirus Response Act (FFCRA) ,
Family and Medical Leave Act (FMLA) ,
Health Care Providers ,
Integrated Care Program ,
Local Health Departments (LHDs) ,
New Guidance ,
New York ,
Paid Leave ,
Preventive Health Care
Late yesterday, the Department of Labor (DOL) once again updated its frequently asked questions concerning leave under the Families First Coronavirus Response Act (FFCRA). This time, the updates answer the burning questions...more
Yesterday, the Tennessee Senate and House each passed the Tennessee COVID-19 Recovery Act (Act), which now heads to Gov. Lee’s desk for signature. The Act provides Tennessee businesses, nonprofit organizations, schools,...more
Gov. Lee announced yesterday (July 21) that the Financial Stimulus Accountability Group – a bi-partisan group of Tennessee General Assembly members, Lt. Gov. Randy McNally, and Finance and Administration Commissioner Butch...more
As has become a theme, late Friday night, the Small Business Administration (SBA) and the Treasury Department issued two sets of guidance relative to forgiveness of the Paycheck Protection Program (PPP) loan proceeds. In the...more
Most are aware that the $349 billion in the Paycheck Protection Program (PPP) funds that were originally appropriated were exhausted last week. Late on Tuesday, April 21, 2020, after much political wrangling and negotiations...more
Certain employers may be entitled to a tax credit against employment taxes if the operation of the employer’s trade or business is fully or partially suspended during the calendar quarter due to orders of a governmental...more
The Paycheck Protection Program will enable eligible nonprofit organizations that have been adversely affected by the COVID-19 pandemic to obtain funds to cover payroll, rent, interest, and utilities. For further information...more
4/14/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Employee Retention ,
Federal Loans ,
Financial Stimulus ,
Large Employer ,
Nonprofits ,
Payroll Taxes ,
Relief Measures ,
Religious Institutions ,
SBA ,
Small Business ,
Tax Relief
As businesses continue to evaluate current operations and how they will modify them as shelter-in-place orders are lifted and employees and customers return, it is important for each business to anticipate potential COVID-19...more
4/14/2020
/ Business Continuity Plans ,
Business Interruption ,
Commercial General Liability Policies ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
D&O Insurance ,
Force Majeure Clause ,
Infectious Diseases ,
Insurance Claims ,
Insurance Industry ,
Policy Terms ,
Public Health ,
Supply Chain ,
Travel Insurance ,
Workers' Compensation Claim
Today, the Department of Health and Human Services (HHS) announced the delivery of the initial $30 billion tranche from the $100 billion provider relief fund established under the Coronavirus Aid, Relief, and Economic...more
4/14/2020
/ Accelerated Payments ,
CARES Act ,
Centers for Medicare & Medicaid Services (CMS) ,
Coronavirus/COVID-19 ,
Health Care Providers ,
Hospitals ,
Medicare ,
Medicare Part A ,
Medicare Part D ,
Physician Medicare Reimbursements ,
Physicians ,
Relief Measures
In response to unprecedented health care demands and economic conditions caused by the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted on Friday, March 27, 2020. The Act...more
4/14/2020
/ CARES Act ,
Comment Period ,
Coronavirus/COVID-19 ,
Credit Facilities ,
Federal Reserve ,
Financial Stimulus ,
Healthcare Provider Corporations ,
Healthcare Workers ,
Lenders ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Relief Measures ,
SBA ,
Small Business ,
Special Purpose Vehicles ,
Term Sheets ,
U.S. Treasury
The CARES Act adds $100 billion to the “Public Health and Social Services Emergency Fund” to reimburse “eligible health care providers” for “health care-related expenses or lost revenues that are attributable to Coronavirus.”...more
4/14/2020
/ Banks ,
Business Closures ,
Business Interruption ,
CARES Act ,
Centers for Medicare & Medicaid Services (CMS) ,
Compliance ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Families First Coronavirus Response Act (FFCRA) ,
Federal Loans ,
Federal Reserve ,
Financial Stimulus ,
Health Care Providers ,
Healthcare ,
Lenders ,
Lending ,
Liquidity ,
Medicaid ,
Medicare ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Securities and Exchange Commission (SEC) ,
Small Business ,
Tax Relief ,
Unemployment Insurance
The CARES Act provides $350 billion to the Paycheck Protection Program to allow the Small Business Administration (SBA) to guarantee 100% loans (with interest rates not to exceed 4%) made by local SBA preferred lenders to...more
4/14/2020
/ Affiliated-Business Arrangements ,
Affiliates ,
Board of Directors ,
Business Interruption ,
CARES Act ,
Core Funding Ratio (CFR) ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Electronic Records ,
Employee Retention ,
Executive Compensation ,
Federal Loans ,
Financial Stimulus ,
Health Insurance ,
Lenders ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Shareholders ,
Shelter-In-Place ,
Small Business ,
Social Distancing ,
Stocks ,
Tax Relief
The CARES Act establishes a $500 billion loan program accessible by cities, states, and businesses, while also providing for more than $250 billion in direct funding to state and local governments. The majority of the direct...more
4/14/2020
/ Banks ,
Business Closures ,
Business Interruption ,
CARES Act ,
Centers for Medicare & Medicaid Services (CMS) ,
Compliance ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Families First Coronavirus Response Act (FFCRA) ,
Federal Loans ,
Federal Reserve ,
Financial Stimulus ,
Health Care Providers ,
Healthcare ,
Lenders ,
Lending ,
Liquidity ,
Medicaid ,
Medicare ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Securities and Exchange Commission (SEC) ,
Small Business ,
State and Local Government ,
Tax Relief ,
Unemployment Insurance
On April 9, 2020, the Federal Reserve announced the details of the Main Street Lending Program (the Program), which is a lending program authorized by the CARES Act for purposes of supporting the economy during the COVID-19...more
4/10/2020
/ CARES Act ,
Comment Period ,
Coronavirus/COVID-19 ,
Credit Facilities ,
Federal Reserve ,
Financial Stimulus ,
Lenders ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Relief Measures ,
SBA ,
Special Purpose Vehicles ,
Term Sheets ,
U.S. Treasury
Late on Friday, April 3, the Small Business Administration (SBA), responsible for administering the Paycheck Protection Program under the recently enacted Coronavirus Aid, Relief, and Economic Security Act (CARES), issued...more
The Department of Labor (DOL) has once again updated its frequently asked questions to clarify questions related to employee rights and employer obligations under the Families First Coronavirus Response Act (the Act). Some of...more
Late on April 6, 2020, the Department of the Treasury and the Small Business Administration (SBA) jointly issued additional guidance in the form of FAQs addressing key points under the Paycheck Protection Program (Program)....more
4/7/2020
/ Affiliated-Business Arrangements ,
Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Employee Retention ,
Executive Compensation ,
Federal Loans ,
Financial Stimulus ,
Health Insurance ,
Lenders ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Shareholders ,
Small Business ,
Stocks ,
Tax Relief
The Department of Labor (DOL) continues to provide guidance concerning an employer’s obligations under the Families First Coronavirus Response Act (the Act). Key issues have now been addressed, significantly including the...more
On March 31, 2020, the Treasury Department and Small Business Administration (SBA) released guidance for prospective borrowers and lenders under the Paycheck Protection Program (the “Program”) created by the Coronavirus Aid,...more