CARES Act Employee Retention Credit; NY Insurance Relief; and Small Business Grants Employee Retention Credit under the CARES Act Refundable payroll tax credit for Eligible Employers equal to 50% of Qualifying Wages paid after March 12, 2020 and before January 1, 2021 Eligible Employers: either had operations fully or partially suspended as a result of a government order limiting commerce, travel, or group meetings OR had greater than 50% reduction in quarterly gross receipts Qualifying [...]

CLIENT ALERT: Paycheck Protection Program Loan Forgiveness Requirements  You received your PPP Loan (“Loan”), now how do you maximize the amount to be forgiven?  Here are some helpful tips: Your eight-week Loan forgiveness period (the “Covered Period”) begins on the date the lender makes the first disbursement of the Loan to you The amount of Loan forgiveness can be up to the full principal amount of the Loan plus accrued interest, but the actual amount of [...]

PAYCHECK PROTECTION PROGRAM UPDATE: Additional Eligibility Criteria and Requirements for Certain Pledges of Loans   The U.S. Small Business Administration (SBA) has released an interim final rule on additional eligibility criteria and requirements for certain pledges of loans under the Paycheck Protection Program (PPP) established by the CARES Act.  Some of the highlights include the following: Individuals with self-employment income who file a Form 1040, Schedule C  [...]

Construction in the Age of COVID-19  Pursuant to updated guidance on New York Executive Order 202.6, all “non-essential” construction must safely shut down. Essential construction may proceed, to the extent that it is: for infrastructure, healthcare facilities, homeless shelters, or schools; for affordable housing; necessary to protect the health and safety of occupants of a structure; necessary to continue a project if allowing the project to remain undone would be [...]

COVID-19: Business and Employment Update Main Street Lending Program (MSLP) Eligible Businesses: up to 10,000 employees or up to $2.5 billion in 2019 annual revenues Loans capped at $25 million, with a term of four years that includes an automatic one-year deferral Includes compensation, stock repurchase, and capital distribution restrictions More information is available here: https://www.federalreserve.gov/newsevents/pressreleases/files/monetary20200409a7.pdf NY Executive Order [...]