The Secretaries of the Departments of Treasury, Commerce, and Labor have been directed to review and report on the pension funding crisis in an October 22, 2020, Presidential Memorandum. The Memorandum brings renewed...more
The Internal Revenue Service has issued Notice 2020-65 to provide guidance on the employment tax deferral that is the subject of President Donald Trump’s August 8, 2020, Memorandum on Deferring Payroll Tax Obligations in...more
On August 8, 2020, President Donald Trump issued the Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster (Executive Order).
Pursuant to the Executive Order, the Secretary of the Treasury...more
Senate Republicans have introduced the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act, a nearly one-trillion-dollar stimulus package comprised of a package of bills that includes the Continuing...more
In response to employer complaints that the Paycheck Protection Program (PPP) was not particularly useful to businesses (such as restaurants) that have had to remain shuttered because of the COVID-19 pandemic, Congress passed...more
6/8/2020
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Extensions ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Payroll Taxes ,
Safe Harbors ,
SBA ,
Small Business ,
Small Business Loans ,
Tax Deferral
The Small Business Administration (SBA) has issued guidance on the forgiveness provisions applicable to loans made under the Paycheck Protection Program (PPP) created by the CARES Act...more
The Small Business Administration (SBA) has issued guidance on the forgiveness provisions applicable to loans made under the Paycheck Protection Program (PPP) created by the CARES Act...more
Recent statements by Small Business Administration (SBA) and Treasury Department officials have confused many Paycheck Protection Program (PPP) borrowers and led many to return PPP funds or consider doing so. Finally, the SBA...more
The Small Business Administration (SBA) violated federal law by imposing conditions for loans under the Paycheck Protection Program (PPP) that were not enacted in the Coronavirus Aid, Relief, and Economic Security Act, H.R....more
In our post of April 4, we advised there was an ambiguity between the CARES Act and subsequent guidance issued by the Small Business Administration (SBA) on whether employees of foreign affiliates of applicants are considered...more
Guidance issued by the Treasury Department and the Small Business Administration (SBA), the federal agency that administers the Paycheck Protection Program (PPP), demonstrates that the PPP loans, as originally thought, were...more
Much has happened in the three-plus weeks since the Coronavirus Aid, Relief, and Economic Securities (CARES) Act was enacted on March 27, 2020. The $349 billion dollars appropriated to the newly created Paycheck Protection...more
What could be in the next stimulus bill in response to the COVID-19 pandemic? Congress reportedly is working on a bill (dubbed “Stimulus 3.5”) that includes additional funding for the Paycheck Protection Program created by...more
The Paycheck Protection Program (PPP), a federal loan program administered by the Small Business Administration (SBA), aims to provide funding to small businesses substantially affected by the COVID-19 public health crisis so...more
Applicants in the Small Business Administration’s (SBA) Business Loan Programs (which include the Paycheck Protection Program (PPP)) are generally subject to the affiliation rule in 13 CFR Section 121.301, subject to certain...more
CARES is expected to infuse approximately $2.2 trillion into the U.S. economy. The Act addresses a multitude of ways in which the federal government seeks to support businesses impacted by the pandemic and employees affected...more
The effect of the coronavirus (COVID-19) on businesses and individuals is unprecedented and staggering. Many employers have or soon will be forced to implement some type of COVID-19-related workforce reduction, which can have...more
Companies doing business with the federal government must comply with a litany of complex laws and regulations that affect their day-to-day business operations. To assist government contractors, this guide discusses some of...more
For years, steep arbitration fees have made many employers think twice about contesting a questionable withdrawal liability determination. The Pension Benefit Guaranty Corporation’s (PBGC) approval of a lower fee schedule may...more
In a white paper and technical explanations, Republican Senators Charles E. Grassley (Chairman of the Senate Committee on Finance) and Lamar Alexander (Chairman of the Senate Committee on Health, Education, Labor and...more
A withdrawing employer must make withdrawal liability installment payments during the pendency of an arbitration proceeding contesting the existence of withdrawal liability, a federal court has affirmed, rejecting the...more
Section 104(b)(4) of ERISA provides that a plan administrator must respond to a written request for certain documents (including the plan documents and summary plan description) by a participant or beneficiary by providing...more
Congress enacted the withdrawal liability provisions of the Multiemployer Pension Plan Amendments Act (MPPAA) with the ultimate goal of protecting participants and beneficiaries entitled to benefits from multiemployer pension...more
As tax time rapidly approaches, taxpayers in states with high state and local income taxes (such as New York) are about to learn, up close and personal, just how much the loss of the deduction for state and local taxes (SALT)...more
As our earlier article reported, Judge Robert W. Sweet of the U.S. District Court for the Southern District of New York had recently held that a multiemployer pension fund’s use of the “Segal Blend” to calculate a withdrawn...more