SBA “Finalizes” Forgiveness Program Again

Last Friday night, the Small Business Administration (SBA) issued an Interim Final Rule (IFR) to govern the forgivability of Paycheck Protection Program (PPP) loans. The IFR provides that forgiveness is available for payroll costs, including bonuses and hazard pay, paid OR incurred during the Payroll Covered Period for employees up to the compensation ceiling of…

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US House Passes PPP Flexibility Act

Notwithstanding the above, more changes will likely be coming again regarding the Paycheck Protection Program and its loan forgiveness provisions, as the US House yesterday passed the Paycheck Protection Program Flexibility Act (HR 7010) and sent it to the US Senate. The legislation, if passed by the Senate and signed into law by the President,…

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DOL Finalizes Rule on Flexible Workweek

There seems to be a steady stream of interim and final rules being promulgated by various agencies of the federal government recently and the Department of Labor joined the parade this week as well. DOL issued a final rule allowing employers to offer those workers with “flexible workweeks” bonuses and/or hazard pay without jeopardizing how…

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OSHA and CDC Issue Joint Guidance

Last week, we reported separately on an Occupational Safety and Health Administration (OSHA) guidance as well as one from the Center for Disease Control (CDC) relating safety inspections/reports and reopening guidance respectively.  In our rush to get the most timely information out to our readers, we didn’t connect the two issues as clearly as we…

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De Blasio Signs Business Relief Package

New York City Mayor Bill de Blasio this week signed a small business relief package that the New York City Council approved just last week. The package, which consists of seven different bills, includes legislation that imposes limits on third-party delivery services, extends the suspension of sidewalk café fee collection and protects commercial tenants from…

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State and Local Governments Offering Loan Programs

A number of states as well as local communities have begun offering their own loan programs to help businesses recover from the coronavirus shutdowns. For example, New York Governor Andrew Cuomo announced the creation of a new $100 million loan program this past week entitled the New York Forward Loan Fund. Monies from the fund…

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States Also Pursuing Liability Shields

One of the more popular topics on Senate Majority Leader Mitch McConnell’s agenda seems to be legislating protection for businesses as they re-open in an effort to get the economy back on track. The Senate Leader has stated specifically that the next coronavirus relief legislation that will be sent to the President must include Business…

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More Pandemic Insurance Legislation Filed in US House

US Representative Carolyn Maloney, who represents most of East Manhattan along with parts of Brooklyn and Queens in New York City, this week officially filed the latest insurance-targeted legislation relating business interruption insurance. The Pandemic Risk Insurance Act (PRIA) would provide for business interruption insurance coverage going forward and protect businesses in the event of…

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Miscellaneous

A new report has been made available by Cole Market Research focusing on the global coffee market as the COVID-19 pandemic is said to have created an unfavorable impact with production, exports and imports of coffee and related products significantly reduced. Similarly, a Reuters story run earlier this month highlighted potential problems with the arabica…

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SBA Releases PPP Forgiveness Form

Last Friday, the Small Business Administration (SBA) released the Paycheck Protection Program loan forgiveness application form along with instructions for completing it and applying for loan forgiveness. The application consists of four parts: the PPP Loan Forgiveness Calculator, the PPP Schedule A, the PPP Schedule A Worksheet and the Borrower Demographic Information Form. The documents…

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