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COVID-19: Loans, Tax Credits, Contract Issues & More

We have seen a flurry of activity from all sectors of government in recent days to assist businesses who are dealing with this unprecedented time in our economy and public health arena. The following summarizes some loan opportunities, tax credits, and contract considerations.

COVID-19: Force Majeure Considerations

All businesses should assess how the COVID-19 pandemic affects their contractual obligations and whether force majeure provisions apply.

COVID-19: SBA Loan Summary

The following offers a summary of loans businesses may be able to take advantage of due to the COVID-19 pandemic.

Families First Coronavirus Response Act: Employer Obligations

On March 18, 2020, President Trump signed into law the Families First Coronavirus Response Act (“Act”) which will provide some relief to certain American workers and employers in the wake of the coronavirus pandemic. There are two sections of the Act which require covered employers to provide eligible employees with paid leave for reasons related to the pandemic: the Emergency Paid Sick Leave Act and the Emergency Family and Medical Leave Expansion Act.

Opportunity for Estate Review During Pandemic

Knox Law is committed to serving our clients during the COVID-19 pandemic. Our attorneys and staff are working remotely and are available by phone and/or email to help with any questions your clients may have regarding their estate plans.

SECURE Act of 2019: Changes Effective January 1, 2020

Although more guidance will be forthcoming from the IRS and DOL on the SECURE Act provisions, employers should be aware that some changes impact 401(k) and 403(b) plans as early as January 1, 2020.

2020 Dollar Limitations on Benefits and Contributions

With the release of Notice 2019-59 the IRS has announced the cost-of-living adjustments for pension plans and other related items for the 2020 tax year.

Opportunity Zones: 3 Waves of Investment

Though Opportunity Zones are being leveraged to garner millions of dollars of investment for Erie, critics of the Incentive claim that, as a whole, Opportunity Zones have only added to the capital stack of deals that would have been made regardless of the Tax Incentive—and they’re not completely wrong.

Opportunity Zones: The Role of Government

The Opportunity Zones Federal Tax Incentive is best utilized when all community partners work together to achieve its success. Although the initiative is not a governmentprogram, this does not mean that government is a silent bystander.

Opportunity Zones: The Erie Model

By enticing investors with tax free growth, Opportunity Zones work to give low-income communities a “shot in the arm” and a chance at making a deal that may not otherwise be possible, possible. In short, Opportunity Zones present opportunity.

Cybertheft and Retirement Plan Assets

If news headlines about cyber-attacks and data breaches have not yet frightened you to examine and bolster the security measures protecting your retirement plan assets, what kind of an epiphany are you waiting for?

Agent and Broker Mergers and Acquisitions

Mergers and acquisitions among insurance agencies and brokers in the United States and Canada continue to occur at record levels.

IRS Expands Self-Correction Program

On April 19, 2019 the IRS issued Revenue Procedure 2019-19, which updates the comprehensive system of correction programs for sponsors of retirement plans.

2019 Dollar Limitations on Benefits and Contributions

With the release of Notice 2018-83, the IRS has announced the cost-of-living adjustments for pension plans and other related items for the 2019 tax year.

Pennsylvania Breach of Personal Information Notification Obligations

In addition to various Federal requirements such as the Health Insurance Portability and Accountability Act (HIPAA) that impose obligations on entities to disclose the occurrence of data breaches involving personal information, Pennsylvania law imposes breach notification requirements.

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