COVID-19

On June 5, 2020, the president signed into law the bipartisan Paycheck Protection Flexibility Act of 2020 (PPFA), which eases rules on how Paycheck Protection Program (PPP) loan funds can be used and extends the forgiveness application deadline from eight weeks from the origination date of the loan to 24 weeks from the origination date…

Since this article was published, Congress has passed and the president has signed into law the Paycheck Protection Flexibility Act of 2020 (PPFA), which makes changes to the loan forgiveness provisions discussed below. To read more about those changes, read our update on the PPFA here. On May 15, 2020, the Small Business Administration (“SBA”) published…

On April 1, the Department of Labor (DOL) issued temporary regulations implementing the Families First Coronavirus Response Act (FFCRA), which provides paid sick leave to eligible individuals impacted by the novel coronavirus, COVID-19. The regulations expand on and clarify a number of FFCRA provisions as well as the DOL’s own previously published Q&A informal guidance.…

The IRS has expanded its extended deadline relief to Forms 990 and other forms and payments applicable to tax-exempt organizations originally due on or after April 1, 2020, and before July 15, 2020. These forms and payments are now due by July 15, 2020. The IRS previously announced an extended deadline of July 15 for…

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides certain temporary relief for eligible retirement plans, giving employers important options to consider as the nation recovers from the COVID-19 pandemic. Plan sponsors are not required to adopt these provisions but may elect to do so to assist employees suffering financial hardship due to…

On April 9, 2020, the Federal Reserve Board released the details of its Main Street Lending Program (MSLP), which will provide up to $600 billion in loans to small and mid-sized businesses, that were in good financial standing before the COVID-19 pandemic. The MSLP is not yet operational, but it is anticipated to be available…