On July 17, 2020, the Federal Reserve Board announced two loan options under the Main Street Lending Program for nonprofit organizations such as educational institutions, hospitals, and social service organizations. Prior to applying for a loan under the Program, nonprofit organizations should review existing loan agreements to make sure incurring new indebtedness or unsubordinated indebtedness Read More »
UPDATE! The Federal government has agreed to rescind its new policy directive preventing full online instruction in the US for International students settling a lawsuit filed by Harvard University and the Massachusetts Institute of Technology in Boston federal court. Thus, foreign students are now permitted to lawfully remain in the United States even if their schools Read More »
On June 11, June 12, June 17, and June 19, 2020, the Small Business Administration issued a series of revisions to the Interim Final Rules associated with the Paycheck Protection Program ("PPP"). These revisions are consistent with the Paycheck Protection Program Flexibility Act, which was signed into law on June 5, 2020 and which modified Read More »
A Presidential Proclamation was issued June 22, 2020, that extends the suspension on some immigrant visa entries and also suspends new entries for some individuals seeking L-1, H-1B, H-2B, or J-1 nonimmigrant work visas. The proclamation goes into effect at midnight (Eastern Time) on June 24, 2020 and will last through December 31, 2020. The effect Read More »
On May 17, 2020, the New York State Department of Health and New York State Department of Labor jointly issued guidance (the "Guidance") addressing health care employee eligibility to take leave under New York's COVID-19 Sick Leave Law. As we described in a previous alert, (https://bhlawpllc.com/publication/new-york-state-paid-sick-leave-and-covid-19/), New York State enacted this legislation in March 2020, Read More »
Recently released IRS Notice 2020-39, provides relief for qualified opportunity funds ("QOFs"), their investors and qualified opportunity zone businesses from many upcoming deadlines due to the Coronavirus. Previously, the IRS extended the 180-day deadline for investors to invest capital gains into a QOF to July 15, 2020. https://bhlawpllc.com/publication/irs-extends-deadline-to-invest-in-a-qualified-opportunity-fund/ The Notice provides relief for the following: An investor Read More »
The Paycheck Protection Program Flexibility Act is effective June 5, 2020, and modifies and relaxes some of the loan conditions in the CARES Act. Approximately $100 billion in loans are still available, and currently applications must be received by June 30, 2020. More Time: Effective for all PPP loans, this law extends several time periods Read More »
As businesses reopen, owners are confronted with untold challenges. Reopening and rehiring decisions are fraught with uncertainty in ordinary times but the governmental response to the pandemic adds additional considerations including: The impact on enhanced unemployment benefits.The need to accommodate employees as they cope with personal, child and elder care, and health concerns and demands.The Read More »
Across the country, businesses are reopening and adapting to the COVID-19 pandemic. In doing so, however, businesses must keep in mind new data security regulations from New York that could impact their operations. As of March 21, 2020, New York may penalize qualifying businesses that fail to implement "reasonable safeguards" over collected data or fail Read More »
The SBA released the much-anticipated SBA Form 3508, the application required for forgiveness of the Paycheck Protection Program ("PPP") loan. A borrower must submit a loan forgiveness application to its lender, not the SBA. The application includes very detailed instructions for determining the amount of the PPP loan that may be forgiven. There are four Read More »