Affiliation Guidance Relating to the Paycheck Protection Program20200404102736

Affiliation Guidance Relating to the Paycheck Protection Program

FMLApril 4, 2020
On April 3, 2020, the Small Business Administration (SBA) and the US Treasury issued guidance on Affiliation rules applicable to the Paycheck Protection Program (PPP). The guidance outlines four major tests that can establish affiliation for the PPP: Test 1 – Affiliation based upon ownership F...
SBA Economic Injury Disaster Loan (EIDL) Program20200330160202

SBA Economic Injury Disaster Loan (EIDL) Program

FMLMarch 30, 2020
On March 6, 2020, the House passed and President Trump signed the Coronavirus Preparedness and Response Supplemental Appropriations Act (CPRSA ACT) allowing for the expansion of disaster areas to include those impacted by the Coronavirus.  On March 27, 2020, President T...
The CARES Act: What Not-for-Profits Need to Know20200330133810

The CARES Act: What Not-for-Profits Need to Know

FMLMarch 30, 2020
On March 27, the House unanimously passed and President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2 trillion economic stimulus law intended to provide immediate relief for individuals, nonprofits, businesses, and state and local governments. The CARES Act is ...
Individual Tax Considerations for the CARES Act – Alert20200330125518

Individual Tax Considerations for the CARES Act – Alert

FMLMarch 30, 2020
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19).  The CARES Act is the third phase of federal government aid related to COVID-19.  The CARES Act...
Business Tax Considerations for the CARES Act: Deep Dive20200330101800

Business Tax Considerations for the CARES Act: Deep Dive

FMLMarch 30, 2020
FML leadership shares insights that could affect how your business approaches this legislation On March 27, 2020, President Trump signed into law the $2 trillion bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act (H.R. 748).  The CARES Act includes many fe...
Business Tax Considerations for the CARES Act – Alert20200330090300

Business Tax Considerations for the CARES Act – Alert

FMLMarch 30, 2020
On March 27, 2020, President Trump signed into law the $2 trillion bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act (H.R. 748), which includes many federal income tax relief provisions for business taxpayers and their owners. FML’s Justin Wilcox, Lisa Willauer and Bill Claffey e...
CARES Act – Considerations for Venture Capital Backed Companies20200328182648

CARES Act – Considerations for Venture Capital Backed Companies

FMLMarch 28, 2020
The following has been summarized for FML audiences from a synopsis of the CARES Act titled “Affiliation in the Context of SBA Loans – Guidance for Venture Capital Investors” provided by the National Venture Capital Association (NVCA) as of...
CARES Act – Paycheck Protection Program20200328112207

CARES Act – Paycheck Protection Program

FMLMarch 28, 2020
UPDATED April 7, 2020 On March 27, 2020, the House passed and President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES ACT).  Title I, the Keeping American Workers Paid and Employment Act provides one of the key provisions of this Stimulus legislation, the Paycheck Protec...
Connecticut Recovery Bridge Loan Program20200326101800

Connecticut Recovery Bridge Loan Program

FMLMarch 26, 2020
On Wednesday, March 25, 2020, Governor Lamont and the State of Connecticut launched the Connecticut Recovery Bridge Loan Program to offer assistance to qualified businesses and nonprofit organizations in Connecticut in need of cash to get through the Covid-19 emergency.  Loans will be appr...
HR 6201 – Paid Sick Time and Paid Family Medical Leave20200325104306

HR 6201 – Paid Sick Time and Paid Family Medical Leave

FMLMarch 25, 2020
Under the law, employers with fewer than 500 employees are allowed a credit against employer Social Security tax liability equal to 100 percent of the qualified sick leave wages paid by the employer, subject to certain caps. The credit is increased by certain specified health expenses (such as, empl...