SBA Releases Guidance to Support Application Form for PPP Loan Forgiveness and Review

The SBA has released new guidance on loan forgiveness (click here) and loan review (click here) under the Paycheck Protection Program. This guidance is meant to help inform borrowers who are completing the recently released loan forgiveness application form (click here). The loan forgiveness rule provides further instructions for filling out the forgiveness application, and the loan review rule outlines […]

Roundup of US Department of Labor and OSHA Updates and Resources

COVID-19 Updates Protecting Meat Processing and Assembly Line Workers OSHA released a new video outlining ways employers can protect meat processing and assembly line workers from exposure to the coronavirus.  Click here. Preventing Unemployment Fraud and Abuse  The Department has released online resources to prevent unemployment insurance fraud or misuse.  Click here. COVID-19 Benefit Plans […]

Webinars on the Main Street Lending Program

The Federal Reserve Bank of Boston has announced two upcoming opportunities for businesses to learn more about the Main Street Lending Program: a webinar on May 29 and a drop-in session on June 3. More information is available at the events page for the Main Street program (click here). The Federal Reserve has said that it intends to […]

Extension of Travel Restrictions for Canada and Mexico

The Department of Homeland Security has announced that the temporary travel restrictions between the United States and Canada and the United States and Mexico will be extended to June 22, 2020. Click here for the announcement for Canada. Click here for the announcement for Mexico.

OSHA Reverses COVID-19 Recordability Requirements

OSHA has announced that employers will have to record positive COVID-19 cases for OSHA recordkeeping purposes if it is determined that the employee contracted it during normal work activities. This is a reversal from previous guidelines. OSHA’s new policy goes into effect May 26, and you can read more clicking here.

Roundup of Updates and Resources from the IRS

Complying with New USMCA Trade Agreement Announcement 2020-06 (click here) provides the Treasury Department and IRS view on how to interpret references in US income tax treaties to the North American Free Trade Agreement (NAFTA) once it is replaced by the Agreement between the United States Canada and Mexico (the USMCA).  The announcement provides that […]

Treasury and SBA Publish PPP Loan Forgiveness Application

The Treasury Department and SBA have released information on how small businesses can apply for loan forgiveness under the Paycheck Protection Program. The Loan Forgiveness Application explains how to calculate your forgiveness amount, determine your eligible payroll and nonpayroll costs, document eligibility for loan forgiveness and apply the CARES Act’s safe harbor for remedying payroll […]

New Guidance on Foreign Affiliates and PPP Eligibility

The Treasury Department has clarified how to count foreign employees and foreign affiliates for PPP eligibility. You can read the rule clicking here, which says that applicants must count all US and foreign-based employees, including those of their domestic and foreign affiliates, to determine if they meet the PPP’s size tests. However, note that the […]

New Refresher/Overview of Paid Leave and Employer Tax Credits under the FFCRA Posted by the IRS

As you know, the Families First Coronavirus Response Act (FFCRA) provides tax credits to reimburse employers for the costs of providing paid sick leave and paid family and medical leave to employees unable to work because of the coronavirus (COVID-19). These credits are refundable. That means if the amount of the credit exceeds the amount […]

New Liquidity Support from the Federal Reserve

To further help inject capital into the economy through liquidity facilities for businesses impacted by COVID-19, the Federal Reserve Bank of New York has announced that its Secondary Market Corporate Credit Facility (SMCCF) will start purchasing exchange-traded funds on May 12. The SMCCF will also begin purchasing eligible corporate bonds in the near future. Read […]