New SBA FAQs #46 & #47 – Safe Harbor Guidance: The SBA Gets It (Partially) Right for Once
The SBA issued additional safe harbor guidance for PPP loans in FAQs #46 and #47 on May 13, 2020.
Top 10 PPP Loan Issues Needing More Guidance
In addition to the complicated rules and requirements to achieve maximum loan forgiveness, there are a number of open issues the SBA and Treasury must address in order to get a better (and more complete) picture on how a PPP loan borrower can get the best use and results from the PPP loan funds.
Deadline for Economic Furloughs
To effectuate an economic furlough, the board of directors of a school district must, no later than 60 days prior to the adoption of a final budget, adopt a resolution of intent to furlough professional employees in the following fiscal year. As school districts are required to adopt final budgets by June 30th, the possible last day to adopt the economic furlough resolution is May 1st.
Maximize Your PPP Loan Forgiveness
It is not too early to start thinking about the ways to maximum your PPP loan forgiveness... because, let’s face it, that is one of the most attractive features of these PPP loans.
CARES Act Retirement Plan Relief
The CARES Act permits greater access to retirement plan distributions and loans, and a one-year waiver of the Internal Revenue Code’s required minimum distribution rules. Employer sponsors of retirement plans may amend their plans to adopt the relief measures afforded by the CARES Act.
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.
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