SBA Releases Rules on PPP Loans in Connection with December 2020 COVID-19 Relief Bill

On January 6, 2021, the Small Business Administration (SBA) released a new interim final rule in connection with the December 2020 omnibus spending bill (the December relief bill) that contained, among other items, significant revisions and additions to the Paycheck Protection Program (PPP) established by the Coronavirus Aid, Relief and Economic Security Act (CARES Act), and previously amended by the Paycheck Protection Program Flexibility Act (PPP Flexibility Act).

To read the full text of this Duane Morris Alert, please visit the firm website.

Business Loan Program Changes and PPP First-Draw Loan Terms as Amended by Economic Aid Act

On January 6, 2021, the Treasury Department released an interim final rule discussing changes to the Business Loan Program and the Paycheck Protection Program (PPP) as amended by the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (Economic Aid Act) signed into law on December 27, 2020. The interim final rule covers a variety of topics, primarily summarizing changes made to the PPP loan program in the text of the Economic Aid Act and restating the regulations issued pursuant to the CARES Act and Paycheck Protection Program Flexibility Act.

To read the full text of this Duane Morris Alert, which outlines the key takeaways from the interim final rule and provides a list of the changes that will affect both PPP borrowers and PPP lenders following passage of the Economic Aid Act, please visit the firm website.

Pandemic Relief Extension for Employers and Employees: Enough to Stem the Tide? Perhaps for the Short Term

In response to the country’s continued battle with the COVID-19 pandemic, in late December, Congress passed and the president signed the Consolidated Appropriations Act, 2021 (CAA). The CAA extends the deadlines for various relief programs in the Coronavirus Aid, Relief and Economic Security Act and its progeny. This development brings some welcome news for both employers and employees, though the incoming administration has all but assured changes are on the horizon.

To read the full text of this Duane Morris Alert, please visit the firm website.

FHA Extends Eviction and Foreclosure Moratorium for Homeowners through December 31, 2020

On August 28, 2020, the Federal Housing Administration (FHA) announced the 3rd extension of its foreclosure and eviction moratorium through December 31, 2020, for homeowners with FHA-insured single family mortgages covered under the Coronavirus Relief and Economic Security (CARES) Act.

This extension provides an additional 4 months of housing security to homeowners. With this third extension, the FHA has now provided more than nine months of foreclosure and eviction relief to FHA-insured homeowners.

To read the full text of this post by Duane Morris partner Brad Molotsky, please visit the Duane Morris Project Development/Infrastructure/P3 Blog.

$1B of CARES Relief for Small Business in PA Governor Wolf’s Recreational Cannabis Bill

Earlier today, August 25, 2020, Gov. Tom Wolf called on the Pennsylvania legislature to legalize recreational marijuana and use the tax revenue to help small businesses that have been impacted by the COVID-19 pandemic.

According to the Philadelphia Business Journal, Gov. Wolf’s proposal on recreational marijuana was part of a package unveiled to spend the $1 billion remaining out of $3.6 billion CARES Act funding. The Governor called for a range of spending that would include$225 million in forgivable loans and grants to small businesses and another $100 million for restaurants and bars, hospitality and leisure businesses that have taken a big hit since March with business closures and occupancy restrictions. Tax revenue from the sale of recreational marijuana would add to the state’s small business funding and half would go to historically disadvantaged businesses.

To read the full text of this post by Duane Morris partner Brad Molotsky, please visit the Duane Morris Project Development/Infrastructure/P3 Blog.

Required Minimum Distributions Deadline Fast Approaching

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, changed the 2020 required minimum distribution (“RMD”) rules for any defined contribution retirement plan subject to RMD payments (such as an IRA or 401(k)). If you would have otherwise been subject to a mandatory RMD, you may choose to forgo those distributions for the 2020 year.

To read the full post by Duane Morris attorney Joanna Lardin, please visit the Duane Morris Private Client Services Blog.

New Jersey Makes $25M CARES Funds Available for Certain Small Landlords

On August 7, 2020, Governor Murphy announced the Small Landlord Emergency Grant (SLEG) Program, which will reimburse small residential rental property owners for lost rent revenue due to COVID-19 between April and July 2020. The program is structured to pass the benefit on to their tenants by requiring forgiveness of certain outstanding back rent and late fees.  The rent forgiveness is in exchange for landlords receiving these funds from the state

To read the full text of this post by Duane Morris partner Brad Molotsky, please visit the Duane Morris Project Development/Infrastructure/P3 Blog.

CARES Act Reanimates Sale-Leaseback Tax Benefits

Taxpayers looking to undergo alternative financing arrangements in response to the Coronavirus Aid, Relief, and Economic Security Act may look to engage in sale-leaseback transactions to accelerate and utilize the benefits of the CARES Act’s tax provisions.

To read the full text of this article by Duane Morris attorneys William D. Rohrer and Maximilian Viski-Hanka, please visit the firm website.