News & Analysis as of

U.S. Treasury CARES Act Coronavirus/COVID-19

Husch Blackwell LLP

PPP Loan Audits Could Affect Millions of Borrowers

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In March 2020 during the height of the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law establishing, among other things, the Payment Protection Program (PPP) administered...more

Schwabe, Williamson & Wyatt PC

Treasury Department Unveils Crucial Changes to Coronavirus Relief Funds

On November 20, 2024, the Treasury Department issued an interim final rule that makes changes to the regulations that govern the Coronavirus State and Local Fiscal Recovery Funds. The new rule clarifies how state, local, and...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Finalizes Rules to Collect Taxes on Erroneously Claimed Employee Retention Credits and Other COVID-19 Tax Credits

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have finalized rules for the recapture of erroneously claimed Employee Retention Credits (ERC) and other tax credits provided to employers for...more

Husch Blackwell LLP

The End of the COVID Emergency and Its Impact on Group Health Plan Coverage Requirements

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After nearly three years of emergency measures related to COVID-19, the U.S. government acted this spring to officially end the COVID-19 Public Health Emergency and the National Emergency. Accordingly, the Departments of...more

Foley & Lardner LLP

Health Providers Must Avoid COVID Reimbursement Missteps

Foley & Lardner LLP on

One Health Resources and Services Administration program, “COVID-19 Claims Reimbursement to Health Care Providers and Facilities for Testing, Treatment, and Vaccine Administration for the Uninsured,” has been a huge source of...more

Schwabe, Williamson & Wyatt PC

CRFs Are Not Taxable to Alaska Native Corporations or Their Shareholders

CRF Payments to ANCs and Their Shareholders Are Not Taxable On January 21, 2022, the Department of the Treasury held a consultation with Alaska Native Corporations on the federal income tax consequences of Coronavirus Relief...more

Schwabe, Williamson & Wyatt PC

Treasury Updated Compliance Guidance for the ARP State and Local Recovery Fund

On February 28, 2022, the U.S. Department of Treasury issued revised and updated Compliance and Reporting Guidance for the American Rescue Act of 2021’s Coronavirus State and Local Fiscal Recovery Fund. The new Compliance and...more

Schwabe, Williamson & Wyatt PC

Desk Review Procedures for Coronavirus Relief Fund

The Coronavirus Aid, Relief, and Economic Security (CARES) Act assigned the U.S. Department of Treasury Office of Inspector General (OIG) responsibility for compliance monitoring and oversight of the receipt, disbursement,...more

Williams Mullen

At-Home COVID Tests Must be Reimbursed by Insurance Companies

Williams Mullen on

Group health plans and health insurance issuers are now required to cover the cost of over-the-counter (OTC) COVID-19 diagnostic tests. Last week, the Departments of Labor, Health and Human Services, and the Treasury issued...more

BCLP

Covid-19 Testing Coverage Mandate Expanded

BCLP on

Earlier this week, the COVID-19 testing coverage mandate was significantly expanded pursuant to FAQs issued jointly by the Departments of Labor, Health and Human Services and the Treasury (collectively, the Departments). The...more

Schwabe, Williamson & Wyatt PC

Eligible Uses of CARES Act Funds for Compliance and Management Expenses in 2022‎

Although the deadline for “incurring” CARES Act funds has passed, Alaska Native Corporations can still use CARES Act funds to pay for administrative and compliance related expenditures in 2022, including staff time spent...more

Schwabe, Williamson & Wyatt PC

Treasury Update Regarding Guidelines on Use of CARES Act Funds

On December 14, 2021, Treasury issued an important update to its guidance on use of ‎CARES Act funds. Currently, there is a deadline of December 31, 2021 to spend CARES Act ‎funds on eligible expenses. While Congress is...more

Wiley Rein LLP

PPP Recipients Beware – Your Loan Forgiveness May Be a Credit Due Back to Government

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One of most significant aspects of the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was the “Paycheck Protection Program” (PPP). PPP, administered by the Small Business Administration (SBA), authorized...more

Sheppard Mullin Richter & Hampton LLP

The Special Inspector General for Pandemic Recovery Calls For Increased Funding and Expanded Jurisdiction In Its Quarterly Report...

On July 30, 2021, the Special Inspector General for Pandemic Recover (“SIGPR”), Brian D. Miller, submitted his quarterly report to Congress. SIGPR was created as an independent watchdog of the Department of the Treasury...more

Lowenstein Sandler LLP

Make The CARES Act Eviction Moratorium Fair To Landlords

Lowenstein Sandler LLP on

In spring 2020, the CARES Act placed a partial moratorium on residential evictions across the country. The order prohibited residential landlords nationwide from evicting certain tenants. On Sept. 1, 2020, the Centers for...more

Chambliss, Bahner & Stophel, P.C.

Initial PRF Reporting Deadline Extended to September 30; Other New Deadlines Provide

On Friday, June 11, 2021, the Department of Health and Human Services (HHS) announced four new deadlines for using and reporting on Provider Relief Fund (PRF) distributions. The new guidance was issued through an updated...more

McGuireWoods LLP

Coronavirus State and Local Fiscal Recovery Funds: Five Things Governments Need to Know

McGuireWoods LLP on

On May 10, 2021, the U.S. Department of the Treasury published its interim final rule to implement the Coronavirus State Fiscal Recovery Fund and the Coronavirus Local Recovery Fund (recovery funds). The American Rescue Plan...more

Lowenstein Sandler LLP

Paycheck Protection Program Round 2: FAQs For Microbusinesses - June 2021

The Paycheck Protection Program closed on May 28, 2021. The SBA is no longer accepting new applications from participating lenders. The following FAQs are for informational purposes only and to assist borrowers who obtained...more

Baker Donelson

OIG Reports Lessons Learned from the CARES Act and Advises on American Rescue Plan

Baker Donelson on

Last year, the CARES Act authorized the U.S. Department of the Treasury (Treasury) to make $150 billion payments to state, local, territorial, and tribal governments from the Coronavirus Relief Fund (CRF). Treasury issued...more

Fox Rothschild LLP

COVID-19 Fraud Task Force Established

Fox Rothschild LLP on

Intensifying its crackdown on suspected fraud in pandemic relief programs, the U.S. Department of Justice has established the COVID-19 Fraud Enforcement Task Force, sending a clear message that any individual or business that...more

Alston & Bird

Treasury Launches Coronavirus State and Local Fiscal Recovery Funds

Alston & Bird on

Our Legislative & Public Policy Team reviews the latest federal fiscal relief for state, local, and tribal governments and how they can be used to help recover from the massive effects of the coronavirus pandemic....more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter - April 2021

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Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more

Miller Canfield

UPDATED: PPP Application Deadline Extended to May 31, 2021

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UPDATED, APRIL 5, 2021: On March 30, 2021, President Biden signed the PPP Extension Act of 2021 into law extending the Paycheck Protection Program from March 31, 2021, to June 30, 2021. However, the SBA may not accept new...more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs For Microbusinesses - UPDATED March 2021 #3

On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

Lowenstein Sandler LLP

2020 and Q1 2021 Developments And Annual Compliance Checklists

Summaries of recent legislative and regulatory developments with respect to: •The SEC’s Examination Priorities for 2021- •The SEC’s Focus on Digital Asset Securities- •The SEC’s New Marketing Rule... ...more

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