We are facing a rapidly changing environment. The challenges affect every aspect of life and every member of our communities. We have set up this webpage to provide up-to-date information on legal matters as well as health, financial, tax and business resources, as well as CARES Act information, that may be useful to you in handling your day-to-day concerns and needs. This page provides short Alerts on recent developments and links to government and private resources and programs. We also encourage you to follow our updates on LinkedIn and Facebook.
At Bousquet Holstein, we are continuing to focus on you, our clients and friends, on your legal matters and on working together to stay current on developments. All of our attorneys, paralegals and support staff are working remotely and accessible to you by email and by calling their office phones or cell phones.
If you are new to the firm, and would like to speak with legal counsel to assist you or your business during this difficult time, you may call 315.422.1500. We have a receptionist taking calls remotely weekdays between 8:30 AM and 5:30 PM. Or you are welcome to complete the Contact Form at the bottom of this page and we will respond to you as quickly as possible.
New | SBA, Treasury Department PPP Guidance
The Small Business Administration (SBA) and the Treasury Department have released new Paycheck Protection Program guidance, including:
- Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns
- Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act
- Paycheck Protection Program Second Draw Loans
SBA Releases Responses to FAQs on the Application for Forgiveness of the PPP Loan
On August 4, 2020, the Small Business Administration released responses to Frequently Asked Questions (“FAQs”) regarding the application for forgiveness of the Paycheck Protection Program (“PPP”) Loan. For details please review this Legal Alert posted by Bousquet Holstein Attorney Christy Vouri-Misso: http://bhlawpllc.com/publication/sba-releases-responses-to-faqs-on-the-application-for-forgiveness-of-the-ppp-loan/
SBA Updates Requirements for New PPP Loans and Loan Forgiveness
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 the original PPP rules in the CARES Act. For more details please read this Legal Alert posted by Attorney Gregory Eriksen: https://bhlawpllc.com/publication/sba-updates-requirements-for-new-ppp-loans-and-loan-forgiveness/
LOOSENED RESTRICTIONS ON USE AND FORGIVENESS OF PPP LOANS – LOANS STILL AVAILABLE INFORMATION
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. For more information please review this Legal Alert posted by attorney Gregory Eriksen: http://bhlawpllc.com/publication/loosened-restrictions-on-use-and-forgiveness-of-ppp-loans-loans-still-available/
CARES ACT AND PPPIA INFORMATION
Paycheck Protection Loans and Economic Injury Disaster Loans and Grants
On Friday, March 27, 2020, the President signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses. On Friday, April 24, 2020, the President signed the PPPIA into law which authorized an additional $310 billion for the Paycheck Protection Program loan program and the set-aside of a portion of these new funds for lending by small and community-based lenders.
The PPPIA also authorized $10 billion more for grants under the Economic Injury Disaster Loan program (EIDL) and $50 billion more for EIDL loans directly administered by the SBA. For more information please review this Legal Alert: http://bhlawpllc.com/publication/more-funding-ava…-to-meet-payroll/
For detailed information on funding options, loans, grants, relief program, and the Paycheck Protection Program, please visit these government websites, and please contact your attorney for guidance:
- Small Business Administration (SBA)– here you will find information on all COVID-19 related programs that SBA is providing, including the Paycheck Protection Program, Economic Injury Disaster Loans and Emergency Grants, and Small Business Debt Relief.
- Department of Treasury– here you will find information on the Paycheck Protection Program, as well as other tax provisions meant to help employers, including non-profits.|
- NEW! The Small Business Administration has released the much-anticipated SBA Form 3508, the application required for forgiveness of the Paycheck Protection Program loan. A borrower must submit a loan forgiveness application to its lender, not the SBA. For detailed information and a link to the application form please review this Legal Alert posted by attorneys Jean S. Everett and Christy Vouri-Misso. http://bhlawpllc.com/publication/paycheck-protection-program-loan-forgiveness-application-released/
- The Department of Treasury has issued an updated list of frequently asked questions regarding PPP. Find the list of FAQs here: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf
- To help small business owners and entrepreneurs better understand the new programs that are available to them, the US Senate Committee for Small Business and Entrepreneurship has created a comprehensive guide many of the small business provisions in the CARES Act. These programs and initiatives are intended to assist business owners with whatever needs they have right now. This guide will be updated as new guidelines and opportunities are made available.
- The SBA and DOT issued another round of Frequently Asked Questions for the Paycheck Protection Program including confirming the significance of the certification required to be made by Applicants that current economic uncertainty makes this loan request necessary to support their ongoing operations. https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf
- The IRS has released Revenue Procedure 2020-23 which allows certain partnerships to file amended returns for the 2018 and 2019 tax years thereby permitting those partnerships to amend returns in order to take advantage of the retroactive tax relief available to partnerships in the CARES Act. https://bhlawpllc.com/publication/irs-releases-revenue-procedure-allowing-partnerships-to-amend-returns-to-take-advantage-of-cares-act-benefits/
BOUSQUET HOLSTEIN LEGAL ALERTS AND ANNOUNCEMENTS:
(Please scroll down for CDC websites, local and state hotlines, and health department links)
- The COVID-19 pandemic and government response measures present numerous challenging issues within supply chain, landlord/tenant, and other business relationships. On Friday, May 1st, Bousquet Holstein Attorneys Larry Bousquet, Joe Porcello and Josh Werbeck hosted a webinar as part of the Tompkins County Chamber of Commerce COVID-19 Business Readiness Series, focusing on Contractual Obligations and COVID-19: Force Majeure and Other Excuses for Non-Performance. If you were unable to attend, you may review the recorded webinar here: https://youtu.be/VK7LIx_GV78
REAL ESTATE ISSUES
- Governor Cuomo today extended the NYS eviction moratorium for residential and commercial tenancies through August 20, 2020 (it previously expired in June). The Governor is also prohibiting late charges and requiring that landlords permit tenants to use security deposits for monthly rent.
- The Office of the Comptroller of the Currency, Treasury; Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation are adopting an interim final rule to amend the agencies’ regulations requiring appraisals of real estate for certain transactions. The interim final rule adds a new, temporary provision to the appraisal regulations that provides a 120-day deferral of appraisal and evaluation requirements for all transactions secured by commercial or residential real estate during the COVID-19 pandemic, excluding transactions for acquisition, development, and construction of real estate. The interim final rule does not revise any of the existing appraisal exceptions or any other requirements with respect to the performance of evaluations. http://bhlawpllc.com/wp-content/uploads/2020/04/Interim-Rule-from-Federal-Bank-Regulators-Deferring-Appraisals.pdf
- 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. For a detailed review of this guidance please read this Legal Alert posted by attorneys Rebecca R. Cohen and John L. Valentino: https://bhlawpllc.com/publication/new-york-issues-guidance-on-covid-19-sick-leave-for-health-care-employees/
- 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: 1) the impact on enhanced unemployment benefits, 2) the need to accommodate employees as they cope with personal, child and elder care, and health concerns and demands, 3) the impact of collective bargaining agreements and anti-discrimination laws and policies, 4) and employment reduction penalties on forgiveness of a Paycheck Protection Program loan. For more details on these issues, please review this Legal Alert posted by attorney Kavitha Janardhan: http://bhlawpllc.com/publication/tough-decisions-rehiring-laid-off-and-furloughed-employees/
- In further response to the COVID-19 crisis in NYS, Governor Andrew Cuomo issued Executive Order 202.16 on April 12, 2020, providing, among other things, that:
- All essential businesses or entities must provide, at their expense, face coverings for those employees who are present in the workplace and have direct contact with customers or members of the public.
- Such face coverings shall be worn by employees when in direct contact with customers or members of the public.
- This requirement shall be effective Wednesday, April 15 at 8:00 p.m.
- The U.S. Department of Labor Wage and Hours Division has provided the first required posting regarding the Families First Coronavirus Response Act to be made available to all employees: FFCRA Posting 1
- On Wednesday, March 18, 2020, President Trump signed the Families First Coronavirus Response Act (FFCRA) effective April 1 through December 31, 2020. The FFCRA seeks to assist employees impacted by COVID-19 and covers employers with less than 500 employees and certain public agencies. This Legal Alert posted by Employment Attorney Kavitha Janardhan is focused on the Emergency Family and Medical Leave Expansion Act portion of the FFCRA. The Emergency FMLA Expansion Act amends the Family and Medical Leave Act providing additional protections to employees affected by COVID-19. https://bhlawpllc.com/publication/emergency-family-and-medical-leave-expansion-act/
- On Wednesday, March 18, 2020, President Trump signed the Families First Coronavirus Response Act (the “FFCRA”), effective April 1 through December 31, 2020. The FFCRA seeks to assist employees impacted by COVID-19 and applies to employers with less than 500 employees and any covered public agencies. This summary is focused on the Emergency Paid Sick Leave Act (the “Act”) portion of the FFCRA. https://bhlawpllc.com/publication/federal-emergency-paid-sick-leave-act/ Posted by John L. Valentino, Esq. and Rebecca R. Cohen, Esq.
- New York State is acting swiftly to respond to the COVID-19 pandemic. On March 18, 2020, Governor Cuomo signed a bill into law that provides paid sick leave to employees directly impacted by COVID-19. For more information please review this Legal Alert posted by Employment Law Attorneys John L. Valentino and Rebecca R. Cohen. https://bhlawpllc.com/publication/new-york-state-paid-sick-leave-and-covid-19/
- Employers are becoming increasingly concerned about their rights and obligations with respect to maintaining a safe workplace for their employees and complying with various federal and state labor and employment laws. Please review this Legal Alert for more information: Coronavirus – Employment Legal Issues for Employers Posted by John L. Valentino, 315.701.6308 email@example.com
- 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. For more information please review this Legal Alert posted by Public Finance Attorney Jean S. Everett: http://bhlawpllc.com/publication/main-street-loan-program-now-available-to-nonprofit-organizations/
- 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. For more information please review this Legal Alert posted by attorney Christy Vouri-Misso: http://bhlawpllc.com/…/irs-extends-many-deadlines-for-qual…/
- 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 to follow strict protocols under its Stop Hacks and Improve Electronic Data Security Act (SHIELD Act). For more information please review this post by attorneys Nathan Jerauld and Joseph Porcello:
- SBA’s recent interpretation of Paycheck Protection Program loan eligibility warrants a loan recipient reviewing its eligibility and certifications in loan documents. For loan forgiveness and future audits, borrowers must keep clear, contemporaneous and complete records of current business circumstances and their use of PPP funds. For more detailed information please review this Legal Alert posted by attorneys Jean Everett and Gregg Eriksen: https://bhlawpllc.com/publication/heightened-scrutiny-for-ppp-loans-and-may-7-safe-harbor-to-return-ppp-funds/
- The Federal Reserve Board on Thursday announced it is expanding the scope and eligibility for the Main Street Lending Program. As part of its broad effort to support the economy, the Federal Reserve developed the Main Street Lending Program to help credit flow to small and medium-sized businesses that were in sound financial condition before the pandemic.
- On April 9, 2010, included among a large number of tax return filing and payment extensions, the IRS extended the deadline for taxpayer’s with capital gain to invest in a Qualified Opportunity Fund. http://bhlawpllc.com/publication/irs-extends-deadline-to-invest-in-a-qualified-opportunity-fund/
- The New York State Department of Economic Development has provided guidance for determining whether a business enterprise is subject to a workforce reduction under recent executive orders: https://esd.ny.gov/guidance-executive-order-2026
- On April 8, 2020, the IRS released Revenue Procedure 2020-23 which allows certain partnerships to file amended returns for the 2018 and 2019 tax years that had previously been prohibited from filing amended returns. This now permits those partnerships to amend returns in order to take advantage of the retroactive tax relief available to partnerships in the CARES Act. For more information please review the attached Legal Alert posted by Tax Attorney Christy Vouri-Misso: https://bhlawpllc.com/publication/irs-releases-revenue-procedure-allowing-partnerships-to-amend-returns-to-take-advantage-of-cares-act-benefits/
- The IRS has issues a warning about coronavirus-related scams – watch out for schemes tied to economic impact payments: https://www.irs.gov/newsroom/irs-issues-warning-about-coronavirus-related-scams-watch-out-for-schemes-tied-to-economic-impact-payments
- The Governor signed Executive Order No. 202.7 on March 19, 2020 which, among other matters, enables licensed notaries to serve as “remote” notaries and to perform their duties utilizing audio-video technology provided specific conditions are met. The conditions set by the Governor are included in this Legal Alert posted by attorney Aaron D. Frishman: https://bhlawpllc.com/publication/governor-cuomo-issues-executive-order-authorizing-remote-notary-services/
- In response to the mandatory non-essential business closures throughout New York State due to the continuing health crisis presented by COVID-19, the Governor issued Executive Order 202.11 (“EO 202.11“) on March 27, 2020. EO 202.11 provides, in part, for the Authorities Budget Office (“ABO”) to disregard certain reporting and other deadlines under the New York State Public Authorities Law (“PAL“). For more information please review the Legal Alert posted by Attorneys Jean S. Everett and Susan R. Katzoff: https://bhlawpllc.com/publication/executive-order-authorizes-relief-for-state-and-local-authorities-on-annual-filing-requirements/
- Five federal financial regulatory agencies today issued a joint statement encouraging banks, savings associations and credit unions to offer responsible small-dollar loans to consumers and small businesses in response to COVID-19. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200326a.htm
- The NYS Department of Economic Development has provided Guidance on Executive Order 202.6 as updated on March 27, and applies to each business location individually and is intended to assist businesses in determining whether they are an essential business. With respect to business or entities that operate or provide both essential and non-essential services, supplies or support, only those lines and/or business operations that are necessary to support the essential services, supplies, or support are exempt from the workforce reduction restrictions. See the updated list here: https://esd.ny.gov/guidance-executive-order-2026
- Updated COVID-19 information provided by the Oswego County Economic Development Corporation regarding their Emergency Relief Program for Small Businesses: https://t.e2ma.net/message/dt1vec/5m3ent
- On March 21st, Governor Cuomo issued another Executive Order 202.9 in the Continuing Temporary Suspension and Modification of Laws Relating to the Disaster Emergency. This one modifies banking laws, issues directives regarding mortgage payments, and addresses ATM fees. Check here to review the updated order: https://www.governor.ny.gov/news/no-2029-continuing-temporary-suspension-and-modification-laws-relating-disaster-emergency
- On March 19, 2020, Syracuse Mayor Ben Walsh announced the creation of a $500,000 fund to provide interest-free emergency loans to small businesses in the City of Syracuse that have been adversely impacted by the novel coronavirus. The COVID-19 Emergency Relief Program will be administered by the Syracuse Economic Development Corporation (“SEDCO”) and is intended to provide Syracuse small businesses with an immediate solution for short-term working capital. For more information please review this Legal Alert posted by attorneys Michael W. Tyszko and Maria C. Zumpano:
- Governor Andrew M. Cuomo today, March 20th, announced he is signing the “New York State on PAUSE” executive order, a 10-point policy to assure uniform safety for everyone. It includes a new directive that all non-essential businesses statewide must close in-office personnel functions effective at 8PM on Sunday, March 22, and temporarily bans all non-essential gatherings of individuals of any size for any reason. https://www.governor.ny.gov/news/governor-cuomo-signs-new-york-state-pause-executive-order
- In the wake of COVID-19 closures, the NY State Liquor Authority (the “SLA”) issued guidance this week permitting on-premises establishments to sell alcohol for off-premises consumption. The change was effective March 16, 2020 and continues until the SLA issues further guidance. Licensees do not need to notify the SLA or seek a waiver to begin selling alcohol for off-premises consumption. Please review this Legal Alert for more information: https://bhlawpllc.com/publication/state-liquor-authority-relief-for-restaurants-bars-and-breweries/. Posted by Joshua S. Werbeck 315.701.6447 firstname.lastname@example.org
- Ryan M. Silva, Executive Director of the NYS Economic Development Council has shared the following information in regards to the Small Business Administration loans. The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. For a list of resources and current update information from the SBA including how to gain access to capital, please visithttps://www.sba.gov/page/guidance-businesses-employers-plan-respond-coronavirus-disease-2019-covid-19.For information from NY ESDC, please visit: https://esd.ny.gov/sites/default/files/ESD%20FAQ%20COVID1_Businesses%203_FINAL03152020.pdf.
- Tax-exempt bonds issuers and conduit borrowers (such as hospitals, colleges, universities and other nonprofits) should add continuing disclosure to their COVID-19 checklist. Disclosure obligations continue throughout life of bonds and require that information made available to the market be accurate and complete. Please review this Legal Alert for more information: COVID-19: Reaching Bondholders and the Market with Disclosure. Posted by Jean S. Everett 212.381.4870 email@example.com
TRUSTS AND ESTATES ISSUES:
- In response to the COVID-19 health crisis, the New York State Department of Health issued statewide directives on March 21, 2020 to counties across the state as to how they should be addressing certain situations specifically with respect to Medicaid eligibility and enrollment. For more information and a review of these specifics please read the Legal Alert posted by attorney Aaron D. Frishman: