11.05.2024Corporate Transparency Act Report for LLC Owners – Less Than One Month Until the Deadline!As a reminder, the Corporate Transparency Act (CTA) went into effect on January 1, 2024 and requires that all LLCs submit annual beneficial ownership reports to the Financial Crimes Enforcement Network (FinCEN). If your LLC was created or registered prior to January 1, 2024, you have until January 1, 2025, to file your BOI report.
02.22.2021Governor Murphy Gives Cannabis the Green LightNew Jersey wait no longer – recreational use of cannabis is finally here. Earlier today, Governor Murphy signed the enabling legislation for recreational use into law. What does this mean? Adults 21 and over will be permitted to consume recreational cannabis legally within the state, and the industry is soon poised to expand exponentially.
01.11.2021Paycheck Protection Program: More Clarifying Rules, Second Draws and a New Application FormOn January 6, 2021, the SBA and the Treasury Department released interim final rules for the Paycheck Protection Program (“PPP”) Second Draw Program, which was created as part of the stimulus bill enacted into law on December 27, 2020, namely the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Act”).
12.23.2020Stimulus – Implications for Recipients of PPP and EIDL AdvancesLate Monday evening, Congress passed a $900 billion stimulus bill that, among other things, includes some continuation of relief (albeit on a modified basis) for individuals and businesses impacted by the coronavirus (COVID-19) pandemic, adds additional categories of allowable expenses under the Paycheck Protection Program (“PPP”), and tackles the prior determination of the Internal Revenue Service (“IRS”) that precluded recipients of PPP loans from taking deductions for expenses that were paid for with PPP loans and results in forgiveness.
10.20.2020Paycheck Protection Program Update: Where do you Stand? The SBA, in consultation with the Treasury, released a new interim final rule, to simplify loan forgiveness for certain borrowers of Paycheck Protection Program (“PPP”) loans. Specifically, the SBA has issued a rule that provides for a de minimis exemption from the full-time equivalent employee reduction penalty and the employee salary and wage reduction penalty for loans of $50,000 or less
08.06.2020Separate PPP Loan Forgiveness FAQs Now ReleasedThe Small Business Administration (in consultation with the Department of the Treasury) has issued a separate set of FAQs to deal with the forgiveness component of the Paycheck Protection Program.
06.24.2020Paycheck Protection Program: More Interim Rules Issued by SBAOn June 22, 2020, the SBA issued another set of interim final rules to conform earlier issued rules with the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”). Specifically, these rules revise the interim final rules issued on June 1, 2020 regarding loan forgiveness and the SBA’s loan review procedures.
06.17.2020COVID-19 "EZ" Loan ForgivenessThe SBA has released a revised version of the previously issued Paycheck Protection Program Loan Forgiveness Application, updated to reflect changes effected by the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”), enacted into law on June 5, 2020.
06.11.2020Paycheck Protection Program: New Interim Final RulePlease note that another set of interim final rules has been released, amending the first interim rules, for the Paycheck Protection Program, to reflect modifications effected by the Paycheck Protection Program Flexibility Act of 2020 enacted on June 5, 2020.
06.05.2020Paycheck Protection Program: Congress Responds to Business Concerns Regarding Forgiveness PeriodOn June 3, 2020, the Senate approved the Paycheck Protection Program Flexibility Act (the “Flexibility Act”), which purports, among other things, to extend the 8-week ‘covered period’, for the incurrence and payment of eligible forgivable costs and to reduce the 75% payroll costs requirement.
05.17.2020Paycheck Protection Program Forgiveness Application Form Finally Released!The Treasury Department and the U.S. Small Business Administration (SBA) have released the Paycheck Protection Program Loan Forgiveness Application, which sheds further light into how borrowers may seek, and obtain, forgiveness of their Paycheck Protection Program loans. In addition to worksheets that calculate eligible forgiveness amounts, the loan application and its accompanying instructions clarify a few prior unknowns (mysteries).
04.24.2020COVID-19 Payroll Protection Update: SBA Adds Liquidity Requirement to QualifyAnnouncement – The Treasury Department updated its FAQS regarding the economic uncertainty and need certification to be made by PPP applicants/borrowers, requiring that borrowers take into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations.
04.24.2020COVID-19 Paycheck Protection ProgramAn interim final rule – affecting changes to the Paycheck Protection Program was released Friday, April 24th.
04.03.2020COVID- 19:How Will my Business Survive? Join the Honorable Timothy Dougherty, Mayor of Morristown, Counsel Keith Krauss, and Associate Young-Ji Park of Genova Burns as they discuss the availability of funding programs from the NJEDA to assist your business.
04.02.2020COVID-19: SBA Paycheck Protection ProgramThe Interim Final Rule (the “Rule”) pertaining to applications for the Paycheck Protection Program was released this evening, April 2, 2020.
03.30.2020COVID-19 FINANCIAL RELIEF: CARES Signed into law The anxiously awaited CARES Act was approved by Congress and signed by the President on Friday March 27. The Act is a complicated 854 pages long, with many ambiguities and gaps which will need clarification in the coming days as the responsible agencies issue regulations, guidelines and interpretations.
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