Thursday, 04 June 2020 16:33

The PPP FLEXIBILITY ACT:


On June 3rd, the U.S. Senate passed the “Paycheck Protection Program Flexibility Act” (the “Flexibility Act”) which had been previously passed by the House of Representatives on May 28, 2020. It is expected that President Trump will sign the legislation today, June 4th.  The Flexibility Act provides a number of modifications to the Paycheck Protection Program (“PPP”) provisions of the CARES Act, which will significantly increase the forgivable loan amounts of PPP borrowers.  Arguably, the Flexibility Act turns the PPP into more of a small business subsidy/assistance program, rather than a true paycheck protection program.

The Flexibility Act includes the following changes to the PPP:

Published in Legal Updates

May 14, 2020

Yesterday the Small Business Administration (SBA) issued updates to its Frequently Asked Questions (FAQs) guidance on the Paycheck Protection Plan (PPP) Loans, and added Questions/Answers (Q&A) 45 and 46, with the latter Q&A being directly related to the certification issues, and to the corresponding May 14th deadline for the return of funds as a “safe harbor” from civil and criminal penalties relating to the certification of need.

As previously reported, the PPP applications required borrowers to certify that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”  Until its issuance of this Q&A, the SBA’s guidance suggested that it would seek to impose civil and criminal penalties relating to the certification as a first resort, if it determined that the loan was unnecessary.  In doing so, the SBA induced a sense of fear; and then further induced a sense of urgency by offering the safe harbor from such penalties, allowing borrowers to return the funds on or before May 7th to avoid such penalties.  Such deadline was further extended to May 14th.

By Michael Mills and Elaine Yandrisevits


Taxing jurisdictions continue to assess how to respond to the COVID-19 pandemic, with state and local jurisdictions being challenged by budget limitations.  In the forefront of most people’s minds is the tax deadline for personal income tax returns normally due on April 15th.  The following is an updated overview of the tax payment and filing deadlines applicable to our region:

Published in Legal Updates

As most of you know, last night the U.S. Senate passed the “Coronavirus Aid, Relief and Economic Security Act”, being referred to as the CARES Act, which is now being sent to the House of Representatives for a final vote.  It is expected that the House will pass the measure without further changes, and that it will be signed into law by the President.  More details will be provided as we move along, but broadly speaking the CARES Act provides the following benefits and stimulus to U.S. small businesses and individuals:

Published in Legal Updates


On Friday, March 20, 2020, Treasury Secretary Mnuchin stated, via Twitter, that the federal government is “moving Tax Day from April 15 to July 15,” and that “all taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”  Though the U.S. Treasury and Internal Revenue Service have not yet issued any official written pronouncements, Secretary Mnuchin indicated that he was tweeting at the direction of President Trump.  

Published in Legal Updates


On March 18, 2020, President Trump signed the Families First Coronavirus Protection Act (the “Act”) into law.  The Act includes provisions to assist employers and employees during these extraordinary times. 

Expansion of Protections Under the Family and Medical Leave Act

For the period of time beginning April 2, 2020 to December 31, 2020, the Act expands the protections of the Family and Medical Leave Act (“FMLA”).  Employees may be eligible for a combination of paid and unpaid leave for a period of up to 12 weeks under the FMLA, under certain conditions. 

Published in Legal Updates

On December 22nd, President Trump signed into law the Tax Cuts and Jobs Act, which will take effect on January 1st.  This legislation will have far reaching implications for both individual and corporate taxpayers.  The attached analysis and charts provide an overview of some of the key changes made by the new Act, along with some planning considerations between now and year-end.

Tax Cuts and Jobs Act

 

Published in AMM Blog

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