economic relief – Coronavirus (COVID-19)

May 18, 2020August 31, 2020 by Duane Morris

HEROES Act Proposes New Changes to the Tax Code

On May 15, 2020, nearly a month and a half since the passage of the Coronavirus Aid, Relief and Economic Security Act (CARES Act), the House of Representatives passed the $3 trillion Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act) in an effort to blunt COVID-19’s increasingly severe economic impact. The HEROES Act aims to continue the CARES Act initiative by helping businesses and individuals. It also adds relief to state and local governments. While the Senate has not yet voted on the bill, this is the first step toward securing an additional round of stimulus for an economy that is desperate for relief.

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

April 2, 2020August 31, 2020 by Duane Morris

Pennsylvania Offers Economic Relief Programs for Businesses and Nonprofits

In response to the current COVID-19 pandemic, federal, state and local governments are ushering in an array of programs and tax relief measures to help mitigate the adverse economic impact of COVID-19 on business and nonprofit entities.

To read the full text of this Duane Morris Alert, which identifies and provides an overview of available economic programs, tax relief measures and deadline extensions for applicable Pennsylvania and Philadelphia organizations affected by the COVID-19 pandemic and closures, please visit the firm website.

March 27, 2020September 1, 2020 by Duane Morris

CARES Act Offers Small Businesses Relief Through Paycheck Protection Program

On the evening of March 25, 2020, the Senate approved the Coronavirus Aid, Relief and Economic Security Act legislation (CARES Act), providing over $2 trillion of relief designed to ease some of the economic hardship caused by the COVID-19 outbreak. This legislation still requires approval from both the House and president, which is expected over the next few days. The relief package is the largest in history and includes relief for businesses and individuals.

This Alert highlights the small-business section of the CARES Act and the creation of the Paycheck Protection Program, which provides cash flow and liquidity through loan opportunities for small businesses, sole proprietors and independent contractors across various industries. Additional detail will be provided as the Small Business Administration drafts implementing regulations, which is required to occur within 15 days once the CARES Act becomes effective.

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