COVID Considerations

  • New 2021 Rules for the Employee Retention CreditFebruary 19, 2021

    To ease employer costs during the COVID-19 pandemic, the CARES Act provided  a refundable tax credit in 2020 against withholding taxes on employees’ wages. The credit was available to employers that had not taken a PPP loan and was set to expire at the end of 2020. The credit reduces dollar for dollar the withholding taxes that the employer otherwise owes, thus boosting cash flow.  To provide employers more relief, Congress passed the Consolidated Appropriations Act at the end of 2020, which extended the expiring employee... more

  • The Debut of the Paycheck Protection Program Round Two: A Summary of Key ElementsJanuary 13, 2021

    The Paycheck Protection Program under the Consolidated Appropriations Act, 2021 (“PPP2”) debuted this week as the Small Business Administration (“SBA”) opened its portal as part of a staggered rollout for businesses negatively impacted by the COVID-19 pandemic. In December 2020, President Trump enacted a stimulus bill called the Consolidated Appropriations Act, 2021 (“CAA”) which in part revitalized and expanded the Paycheck Protection Program (“PPP1”) established under the Coronavirus Aid, Relief and Economic Security Act enacted March 27th, 2020 (“CARES Act”). The CAA appropriated $284.45 billion... more

  • COVID-19: Worker’s Compensation in MassachusettsJuly 23, 2020

    1. What Does Workers’ Compensation Provide? Workers’ compensation insurance provides compensation to employees who suffer work-related accidents or illnesses.  It also protects employers from lawsuits by employees who were injured at work.  An employee who qualifies for workers’ compensation is eligible to have medical expenses covered (including prescriptions), and to receive payments that include a percentage of gross average weekly wage.  For a temporary total disability (which may include COVID-19), workers’ compensation provides a 60% wage replacement, up to the current maximum of $1,431.66 per week. 2. Does Massachusetts... more

  • Advisory: Main Street Lending ProgramJuly 09, 2020

    The Federal Reserve established the Main Street Lending Program (“Program”) to support lending to small and medium-sized businesses in response to the economic impact of the COVID-19 pandemic.  The availability of additional credit is intended to help businesses that were in sound financial condition prior to the onset of the COVID-19 pandemic maintain their operations and payroll until economic activity normalizes.  Further, the Federal Reserve designed the Program to support small and medium-sized businesses that were either unable to access the Paycheck Protection Program (“PPP”)... more

  • PPP Loan Forgiveness, the Paycheck Protection Program Flexibility Act, and an Application CalculatorJune 19, 2020

    The U.S. Small Business Administration (“SBA”) has released an updated PPP Loan Forgiveness Application (and related instructions) and a shorter EZ Form application for certain qualified borrowers and related instructions with respect to the Paycheck Protection Program (“PPP”). These releases followed the enactment of the Paycheck Protection Program Flexibility Act (“PPPFA”) which amended the previously enacted CARES Act.  The SBA has also released Interim Final Rule as to PPP loan forgiveness, which has been revised by Revisions-to-First-Interim-Final-Rule (as revised, “IFR”) and the PPPFA will guide... more

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