On March 30, 2020, DarrowEverett LLP issued a client alert on the new Payroll Protection Loan. On April 2, 2020, the U.S. Small Business Administration (SBA) issued in advance of publication an Interim Final Rule providing additional guidelines and requirements under the Paycheck Protection Loan Program. SBA Interim Final Rule The Interim Final Rule is immediately…
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Expanded Access for Businesses Seeking Streamlined Subchapter 5 Bankruptcy Protection As many are aware, Congress recently enacted the Small Business Reorganization Act (“SBRA”), effective on February 19, 2020, to add a new subchapter to the United States Bankruptcy Code, commonly referred to as Subchapter 5. The SBRA was designed to reduce the cost and expense for…
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Excluded from Gross Income, but No Deduction of Expenses for forgiven Paycheck Protection Loans The hallmark of the Paycheck Protection Loan Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), is that certain payroll costs (other than salaries, wages and tips in excess of $100,000 in annualized pay per employee,…
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These recent weeks have certainly brought unexpected change and disruption into our lives.They have ushered in unprecedented challenges, to be sure, but they have also revealed a palpable and growing spirit of community and solidarity to embrace. We are in this together and change really is the only constant in our lives. DarrowEverett is ready…
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Many industries have been upended by the Coronavirus epidemic and the local, state and national government response. Because of the fundamental role Real Estate plays in our economy and the broad umbrella of activity that falls under the category of “Real Estate Development”, developers, property owners and tenants have been particularly impacted. Landlords, tenants, contractors,…
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Many industries have been upended by the Coronavirus epidemic and the local, state and national government response. Because of the fundamental role Real Estate plays in our economy and the broad umbrella of activity that falls under the category of “Real Estate Development”, developers, property owners and tenants have been particularly impacted. Landlords, tenants, contractors,…
Read more
In an effort to alleviate the effects of the Coronavirus on the US economy, the CARES Act provides financial relief to eligible companies impacted by the Coronavirus pandemic. Below is an overview of provisions relating to Paycheck Protection Loans, Economic Injury Disaster Loans, Employer Payroll Tax Deferrals, and Employee Retention Tax Credits under the CARES…
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In an effort to alleviate the effects of the Coronavirus on the US economy, the CARES Act provides financial relief to eligible companies impacted by the Coronavirus pandemic. Below is an overview of provisions relating to Paycheck Protection Loans, Economic Injury Disaster Loans, Employer Payroll Tax Deferrals, and Employee Retention Tax Credits under the CARES…
Read more
Dear Friends, These recent weeks have certainly brought unexpected change and disruption into our lives. They have ushered in unprecedented challenges, to be sure, but they have also revealed a palpable and growing spirit of community and solidarity to embrace. We are in this together and change really is the only constant in our lives.…
Read more
On March 18, 2020, President Trump signed into law the Families First Coronavirus Response Act, H.R. 6201 (the “Act”). The Act will become effective no later than April 2, 2020 and will require all employers with less than 500 employees to provide employees with paid leave under various situations. This alert is meant to provide a…
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