The Paycheck Protection Program and Health Care Enhancement Act (the Enhancement Act) was passed on April 24, 2020, and provides $484 billion in additional funding. Critically, the Enhancement Act includes additional funding...more
On April 23, 2020, the U.S. Department of Treasury (Treasury) issued an updated FAQ (the Updated Guidance) with one additional Q and A (Q31) that addresses the required certification that “current economic uncertainty makes...more
Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), a newly created loan program intended to...more
At the end of March 2020, the New York State Attorney General announced temporary relief to meet certain filing deadlines for investment advisers, brokers, dealers, salespersons, commodity broker-dealers, commodity...more
On April 9, 2020, the U.S. Federal Reserve announced the creation of the Main Street New Loan Facility (Facility), to facilitate lending to small and medium-sized businesses by eligible lenders...more
On April 6, 2020, the U.S. Department of Treasury, in conjunction with the Small Business Administration (SBA), published guidance for the Paycheck Protection Program (PPP) as Frequently Asked Questions (FAQ). The FAQ...more
On April 2, 2020, the Small Business Administration (SBA) issued its Interim Final Rules (the Interim Rules) for the Paycheck Protection Program (PPP), a copy of which can be found here. The Interim Rules include examples to...more
Following the enactment of the Coronavirus Aid, Relief and Economic Security Act (CARES Act), small businesses and their advisors have been anxiously awaiting additional guidance from the U.S. Treasury Department (Treasury)...more
For approximately 50 years, commercial tenants in New York facing potential action for breach of lease and possible eviction have enjoyed the use of a so-called "Yellowstone injunction," which, if granted by the court, froze...more
One of the positive developments resulting from the 2017 tax legislation has been offering taxpayers a limited-time opportunity to defer gain on the sale of assets, reduce the gain when finally recognized and even eliminate...more
The 2017 Tax Act is offering a limited-time opportunity for taxpayers to defer gain on the sale of assets, reduce the gain when finally recognized and even eliminate gain on certain new investments. This is all made possible...more