Coronavirus

Way back in March, as the pandemic began to set in, Congress quickly passed the Families First Coronavirus Response Act (the Act) as part of a barrage of legislation aimed at providing relief to American workers.  The Act requires that companies with fewer than 500 employees offer expanded paid leave—80 hours of paid sick leave for those unable to work due to the virus and up to 10 weeks of partially paid family leave for those unable to work due to school or daycare closures—and compensates those companies with fully refundable tax credits.  Self-employed individuals who take paid leave are…
With schools closed for the COVID-19 pandemic, both parents in two-parent households may want to stay home while shelter-in-place orders are in effect. Will they be eligible for monetary relief and protection under new sweeping federal legislation? The answer is especially critical if both work for the same employer. What the FFCRA Covers The Families First Coronavirus Response Act (FFCRA) is a federal law that went into effect April 1, 2020. It provides monetary relief and protection to American workers through the Emergency Paid Sick Leave Act (EPSLA) and the Emergency Family and Medical Leave Expansion Act (EFMLEA). Among many…
The IRS recently offered relief to Qualified Opportunity Fund investors, waiving a penalty and pushing back some investment deadlines. This new guidance comes as investment in opportunity zones slows, stymied by brisk coronavirus-related headwinds. A recent survey of investors conducted by the Economic Innovation Group, which helped design the program before it was tucked into the 2017 federal tax law, found that 52% of respondents say the pandemic is having a “negative impact” on their operations. The program was designed to incentivize investment in economically distressed census tracts and to spur the development of new housing, businesses, and jobs. Under…
On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (“Flexibility Act”) was signed into law, amending the CARES Act.  Then on June 19, 2020, the Small Business Administration and Treasury issued additional interim final rules regarding the implementation of the Paycheck Protection Program to conform to the Flexibility Act.  However, in the fun ways that only legislation and regulations can work, “[t]he provisions in this interim final rule related to loan forgiveness for PPP loans are effective March 27, 2020. The provision in this interim final rule relating to the maturity date of PPP loans is effective…