COVID-19: Employee on Unemployment Who Refuses a Rehire Offer; Impact of Rehire Refusal on PPP Loan Forgiveness; New York Shared Work Program New York Unemployment Insurance Benefits A general unemployment insurance benefits guide for employers, including how to notify the Department of Labor if an employee on layoff refuses rehire or fails to report to work, how to respond to a Notice of Potential Charges, and contesting Unemployment Insurance charges is available here: [...]

CLIENT ALERT: PPP Loan Forgiveness - Deductibility of the 8-week Covered Costs The CARES Act clearly stated that the income associated with PPP Loan Forgiveness shall be excluded from gross income.  However, IRS Notice 2020-32, that was issued on April 30th, clarifies that “…no deduction is allowed under the Internal Revenue Code (Code) for an expense that is otherwise deductible if the payment of the expense results in forgiveness of a covered loan pursuant to section [...]

LOWER YOUR PROPERTY TAXES BY CONTESTING YOUR ASSESSMENT The Deadline for Most New York Property Owners to Contest Their Assessment is May 26, 2020 By Nicholas J. Scarantino, Esq. Grievance Day falls on the 4th Tuesday in May every year, and in most New York Counties, that has not changed for 2020.  However, due to COVID-19, there will be many changes to the real property tax grievance process and procedures this year.  With many municipal offices closed due to Governor Cuomo’s [...]

CLIENT ALERT:PPP Loan – Criminal and Civil Liability and the Safe Harbor Rule;Updates on Disbursements and Corporate Groups and Non-Bank and Non-Insured Depository Institution Lenders The PPP Loan Application includes several certifications, some of which are discussed below.  If a borrower finds that it obtained a PPP Loan based upon misunderstanding or misapplication of the required certification, there is a limited safe harbor which allows the borrower the opportunity to repay the [...]

CLIENT ALERT: PPP Loan Updates on Disbursements and Seasonal Employers Summary of the Interim Final Rule on Disbursements: A borrower cannot take draws on a Paycheck Protection Program (“PPP”) Loan and delay the start of the eight-week covered period.  The lender must make a one-time, full disbursement of the PPP loan within ten calendar days of loan approval; for the purposes of this rule, a loan is considered approved when the loan is assigned a loan number by SBA.   [...]