NEWS & INSIGHTS
COVID-19 Relief for Estate and Gift Q&A from the I.R.S.
On April 23, 2020 the I.R.S. posted information on issues raised by the COVID-19 relief time extension granted to taxpayers to fulfill their estate, gift and generation-skipping tax obligations. Below is are the questions and answers provided by the I.R.S.. The...
SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Details
On Friday, May 15, 2020, the U.S. Small Business Administration, in consultation with the U.S Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.
The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.
How to Safely Reopen & Return to Work – for Businesses & Workers from Minnesota DEED (Department of Employment and Economic Development)
The Minnesota Department of Employment and Economic Development has posted information about what businesses and workers need to know to safely reopen and return to work. Click here to access the document.
EEOC Delays EEO Data Collections Due to COVID-19 Public Health Emergency
The 2019 EEO-1 component 1 data collection has been delayed by the EEOC. For additional information, see the May 8, 2020 Federal Register Notice “Delay in Opening of 2019 EEO-1 Component 1 and 2020 EEO-3 and 2020 EEO-5 Data Collections due to the Coronavirus Disease...
Governor Walz Exempts Recovery Rebates and Bans Garnishment on Consumer Debt
Executive Order 20-50 aims to protect the recovery rebates issued to individuals and families under the CARES Act and provide consumer debtors relief from automatic garnishments.
Families First Coronavirus Response Act: Questions and Answers from the U.S. Department of Labor
Are you impacted by the Families First Coronavirus Response Act? The U.S. Department of Labor has put together a post with Questions and Answers that may be useful to you. Below is a copy of the post
UPDATE: SBA Loan Eligibility FAQs
Certain government programs, including SBA loan programs, are reserved for “small businesses.” In order to qualify for those programs, a business must satisfy both the SBA’s definition of a “small business concern” as well as the size standards for a small business.
EEOC Answers Questions about EEO laws and COVID-19 with These Resources
For employers and employees alike, the EEOC (U.S. Equal Employment Opportunity Commission) has established a page where they have consolidated information relevant to the coronavirus and COVID-19: EEOC’s instructions regarding the processing of federal sector EEO...
Retirement-Related Provisions of the CARES Act Could Impact Your Retirement Planning
In addition to assisting business owners, the March 27, 2020 CARES (Coronavirus Aid, Relief and Economic Security) Act also includes changes to retirement plans. These provisions could impact your retirement planning. Some of the changes...
CARES Act Programs and Initiatives for Small Businesses
On March 27, President Trump signed into law the Coronoavirus Aid, Relief, and Economic Security (CARES) Act intended to assist business owners. Major programs and initiatives in the act include: Paycheck protection program loans, Small business debt relief program, Economic injury disaster loans and emergency injury grants, Small business counseling, Small business Contracting, Small business tax provisions. The U.S. Senate Committee on Small Business & Entrepreneurship has put together “The Small Business Owner’s Guide to the CARES Act” which details the provisions in the act. Click here to view the guide.