On May 15, 2020 the Small Business Administration (SBA) released a Paycheck Protection Program Loan Forgiveness Application with related instructions. The application and instructions help answer some of the questions surrounding a business’s eligibility for forgiveness (see our prior blog for an overview of forgiveness issues). A detailed overview of the application and instructions is available here. Some of the key issues addressed in the application and instructions include:
- The 8 week covered period during which qualifying expenses are measured begins on the date a ...
The South Carolina General Assembly passed the Workforce and Senior Affordable Housing Act on May 12, 2020, and the Act was signed into law by the Governor on May 14, 2020. The Act is effective for qualified projects placed in service after January 1, 2020 and before December 31, 2030.
The Act provides a state tax credit against income taxes, bank taxes, corporate license fees, and insurance premium taxes in an amount equal to the federal low income housing tax credit allowed with respect to a qualified project. The broad array of creditable taxes should make the credits attractive to ...
The Payroll Protection Program (PPP) under the CARES Act can provide eligible businesses with a forgivable loan from the government to be used to keep and pay employees, and for certain other purposes, and to help businesses, their owners, and their employees get through this difficult COVID-19 pandemic. However, the amount of a PPP loan – and the amount that potentially can be forgiven - may depend on the type of legal entity under which a business operates.
For example, partnerships/limited liability companies and self-employed individuals (including an individual operating ...
Presently, many human resource departments are scrambling to address issues raised by the passage of the Families First Coronavirus Response Act (the “FFCRA”) and the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act” collectively with the FFCRA hereinafter referred to as the “COVID-19 Legislation”). While many of the provisions of the COVID-19 Legislation are straightforward, the COVID-19 Legislation contains provisions that implicate a number of employee benefit requirements that could get overlooked. This article reviews two disclosure ...