Our COVID-19: Client Updates

Net Operating Losses under the CARES Act: A few key provisions of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (the “CARES” Act) should prove fruitful for businesses that have new or recent net operating losses.

Did Funding for the Paycheck Protection Program Run Out on You?

Payroll Tax Incentives Offered by the CARES Act
and FFCRA May Offer Substantial Relief

While many small business owners are already aware of at least some of the relief offered by the Coronavirus Aid, Relief and Economic Stability Act (“CARES Act”), less media attention has been focused on other benefits of emergency legislation that may offer substantial relief to businessowners.

Now May Be the Perfect Time to Address Compliance in Order to Maximize the
Benefits of the Paycheck Protection Program and the Employee Retention Credit

Whether mandated by the government or as a result of economic factors, many businesses have been forced to either shut down or significantly limit operations as a result of COVID-19. Businesses everywhere are looking for financial assistance in order to survive and many are concerned about retaining their most valuable asset, their employees

March 27, 2020 Pertinent Tax Provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) The President has signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or “the Act”).  The following summarizes key tax provisions. Business Tax Provisions Employee Retention Tax Credit The Act provides a…

The Department of Treasury and the Internal Revenue Service (the “IRS”) have issued IRS Notice 2020-23 (the “Notice”), which extends several deadlines that fall between April 1, 2020 and July 15, 2020. https://www.irs.gov/pub/irs-drop/n-20-23.pdf. The IRS has changed the deadlines referenced in the Notice to July 15, 2020. Two key provisions in the Internal Revenue Code…

March 30, 2020 COVID-19 Updates – Fast Facts – Loan Forgiveness under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) By: M. Ari Storch and Shannon A. Byrne On March 27, 2020, President Donald Trump signed legislation commonly known as the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) intended…

March 23, 2020 The Coronavirus Pandemic and 1031 Like-Kind Exchange Deadlines As the coronavirus (COVID-19) continues to sweep through the United States, many real estate owners and developers are wondering what impact this pandemic may have on current and future transactions. Specifically, many are asking what effect the pandemic will have on the federally required…

It seems the business world is abuzz with information, and misinformation, about the Small Business Administration’s (the “SBA”) Paycheck Protection Program (the “PPP”) and its loan forgiveness provisions. Although lenders are now accepting applications, many businesses have been met with confusion and uncertainty in navigating the application process. One area that many assume should be…

Is Your Business a Small Business? On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”).  One of the key programs initiated by the Act is the Paycheck Protection Program Loan program (“PPP Loans”). PPP Loans are intended to provide capital for…

March 26, 2020 Fast Facts – Loans from the Maryland Department of Commerce On March 23, 2020, Governor Larry Hogan announced that the Maryland Department of Commerce will offer up to $75 million in loans to small businesses through the Maryland Small Business COVID-19 Emergency Relief Fund.  Below are some fast facts businesses need to…