SBA Triples Disaster Loan Limits

The Small Business Administration (SBA) is increasing the maximum loan amounts under its Economic Injury Disaster Loans program (EIDL) effective April 6. In addition, the increase may also include some level of retroactivity. The EIDL, which was capped last year at six months’ worth of economic injury up to $150,000 maximum, will now be extended…

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Like IRS, Most States Postpone Tax Day

Although they haven’t all followed suit, most states across the country have followed the Internal Revenue Service example and postponed their state tax filing deadlines until May 17. As we advised you last week, the IRS for the 2nd consecutive year has postponed the tax filing date – for individual taxpayers only this time –…

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Updating Liability Shields

In the absence of a national policy limiting business liability against claims that stem from the coronavirus pandemic, more states are stepping up with limited liability protection to ensure that small businesses are not unfairly subjected to frivolous litigation. Most recently, the state of West Virginia became the latest state to put a law on…

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Paid and Supplemental Sick Leave

Despite our getting closer to a complete reopening of the economy in the wake of the coronavirus pandemic, some employers around the country are still being saddled with additional mandates and dictates from their own state governments. One glaring example comes from the state of New Mexico, where the state senate last week passed a…

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House Votes to Extend PPP

On Tuesday, the U.S. House of Representatives voted, by an overwhelming margin of 415 – 3, to approve a two-month extension of the Paycheck Protection Program (PPP).  The PPP is currently set to expire on March 31 but under the House-passed measure, the SBA would continue to accept and approve applications from businesses for the…

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IRS Extends Tax Filing Deadline

On Wednesday of this week, the Internal Revenue Service along with the U.S. Department of Treasury announced that the filing deadline for individual taxpayers has been extended for an additional month, to May 17, 2021. The extension only applies to individual taxpayers – not business taxes – and is automatic and therefore does not require…

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Other State COVID-Restrictions Loosen

The steady march of states loosening some of their COVID-related restrictions continued with Minnesota Governor Tim Walz signing an order to ease restriction on businesses and gatherings. Now, restaurants and bars there can offer indoor dining at 75 percent of capacity with parties limited to six people and on-site dining required to close at 11…

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New York Mandates Paid Vaccine Leave

Notwithstanding the struggles that many, if not most, small businesses have undergone during the coronavirus pandemic, New York is piling on with its latest mandate – the third paid leave mandate in a year – this time, paid vaccination leave for their employees. The embattled New York governor, accused of sexual harassment by seven women…

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Biden Signs COVID Bill into Law

  Earlier this week, the House of Representatives approved the Senate changes to the $1.9 trillion COVID relief bill and President Biden without any delays at all, signed it into law yesterday. Aside from the direct stimulus payments of $1400 to most Americans under certain income levels, the bill includes an additional $7.25 billion going…

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COBRA Rules Changed

Some of the provisions in the COVID Relief bill make significant short-term changes to the rules governing the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA). Specifically, the legislation, which President Biden will sign into law today, allows individuals eligible for coverage under COBRA to maintain their employer-sponsored coverage after a layoff, furlough or reduction…

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