Tag Archives: stimulus

Small Business Administration Releases New Interim Final Rule on Paycheck Protection Program Loan Forgiveness

On August 24, 2020, the Treasury Department and Small Business Administration (SBA) released a new interim final rule on certain aspects of the loan forgiveness process for Paycheck Protection Program (PPP) loans.

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

$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.

New Jersey Announces Small and Micro Business PPE Access Program

On August 11, Governor Murphy announced the first phase of the New Jersey Small and Micro Business PPE Access Program . The goal of the PPE Program is to provide small businesses and nonprofits with access to the fairly priced personal protective equipment necessary to facilitate safe working conditions during the COVID-19 pandemic.

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.

Congress Extends Paycheck Protection Program Deadline to August 8

On July 1, 2020, the United States Congress passed an extension of the deadline for Paycheck Protection Program (PPP) loans made under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) and Paycheck Protection Program Flexibility Act.

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

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.

Small Business Administration Opens Economic Injury Disaster Loan Applications to Agricultural Businesses

On May 4, 2020, the Small Business Administration (SBA) resumed accepting Economic Injury Disaster Loan (EIDL) applications from eligible “agricultural enterprises” with 500 or fewer employees on a limited basis in order to provide relief to U.S. agricultural businesses. This updates our prior Alert.

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

CARES Act 2.0 Update on Hot Topics – Need Certifications, Forgiveness, Audits, Tax Deductions, Seasonal Business Loan Applications and Nonprofit Hospital Loan Eligibility

The Paycheck Protection Program and Health Care Enhancement Act (CARES Act 2.0) was signed into law on April 24, 2020, providing additional funding for the Small Business Administration’s Paycheck Protection Program (PPP) and Economic Injury Disaster Loans program. Subsequent guidance issued since the passage of CARES Act 2.0, as well as heightened public scrutiny of the PPP loan program, has resulted in further restrictions regarding the types of businesses that are eligible for PPP loans and further scrutiny regarding need for the loans. This has prompted reconsideration on the part of applicants regarding whether to return PPP loan proceeds. In addition, guidance continues to be issued to clarify need certifications, forgiveness and other PPP-related matters.

To read the full text of this Duane Morris Alert, which provides an update on the newest guidance, please visit the firm website.

Don’t Leave CARES Act Dollars on the Table (or in the Wrong Pocket)

As part of a suite of COVID-19 relief programs, the CARES Act appropriated $100 billion into a Provider Relief Fund meant for “hospitals and other healthcare providers on the front lines of the coronavirus response.” Medicare providers and facilities should have seen funds appear in their accounts between April 10 and April 17 when the first $30 billion of the $50 billion general allocation was distributed. Further, eligible recipients should begin to see funds from the remaining $20 billion of the general allocation as well as additional targeted allocations for hospitals in hot zones or rural areas.

To read the full text of this post by Duane Morris attorney Ryan Wesley Brown, please visit the Duane Morris Health Law Blog.

New Jersey extends GROW NJ, ERG and HUB Filing Deadlines Due to COVID-19

The New Jersey Economic Development Authority (NJEDA) has extended the annual reporting deadlines for businesses that received tax credits through the Grow New Jersey, Economic Redevelopment & Growth (ERG) and Urban Transit Hub (HUB) programs because of the impact of COVID-19, the EDA announced on April 13, 2020.

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