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Paycheck Protection Program & Disaster Relief Loan Information Released (Updated)

Following up on our post yesterday (US Chamber of Commerce Issues Coronavirus Small Business Guide), you can find the Paycheck Protection Program (PPP) Information Sheet for Lenders and the Paycheck Protection Program (PPP) Application Form (and accompanying instructions) just released by the US Small Business Administration.

The SBA has established a streamlined process for disaster loan assistance that you can access online at COVID-19 ECONOMIC INJURY DISASTER LOAN APPLICATION.

As noted previously, the lawyers at Rimon Law are following these developments closely and while you may already be deluged with summaries, information bulletins and alerts, we are and remain available to help any time across a broad spectrum of businesses, industries, relationships, activities and transactions that have been affected by the COVID-119 pandemic.

 

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US Chamber of Commerce Issues Coronavirus Small Business Guide

Part of the recently enacted Coronavirus Aid, Relief and Economic Security (CARES) Act is designed to help small businesses keep workers employed during this pandemic crisis and the consequential stress facing the economy. In fact, the CARES Act has allocated $350 billion to the Paycheck Protection Program, an initiative that will provide loans to small businesses that are 100% guaranteed by the Federal government.
The United States Chamber of Commerce has issued a guide to help small businesses understand who is eligible, in what amounts these loans will be available and what criteria will determine whether the loans will be forgiven. You can read the summary right here: Corona Virus Emergency Loans Small Business Guide & Checklist.
As always, I and all of the legal professionals at Rimon continue to remain available to assist during these challenging times.

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IRS Issues Coronavirus Tax Relief Guidance

The U.S. Internal Revenue Service (IRS) has set up a special Coronavirus Tax Relief section on its website, in order to help taxpayers, businesses and others affected by COVID-19 obtain information regarding their tax and filing obligations, all of which have been affected by the pandemic.

While there is no information as of now regarding details of any stimulus or relief package, there is valuable information describing some temporary adjustments and suspensions of certain compliance programs, details of the Treasury’s extension of the deadlines for filing and federal tax payments to July 15, 2020 and a number of other releases providing tax-related guidance as a result of the COVID-19 outbreak.

IRS will update the information as it becomes available, so check back frequently as developments unfold.

The legal professionals at Rimon are available to help and as always, if we can’t help you – especially in these challenging times – we will assist you in finding someone who can!  Stay safe and following the recommendations of your national, state, provincial and local authorities to keep yourself, your family, colleagues and friends healthy and prevent the spread of this infection.

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US Dept. of Labor Issues FFCRA Guidance

The U.S. Department of Labor’s Wage and Hour Division released its initial guidance providing information describing how to take advantage of the protections and relief offered by the Families First Coronavirus Response Act (FFCRA) which takes effect April 1, 2020. The guidance includes links to information for employees and employers, as well as links to questions and answers and other useful information about the FFCRA.  The DOL has a separate Coronavirus Resources webpage, providing a large number of references and links to additional information.

The US DOL has also released an FFCRA Poster that every covered employer must post in a conspicuous place on its premises, although the guidance does allow an employer to satisfy this requirement by emailing or directly mailing the notice to employees or by posting the notice on an employee information internal or external website.  Although there is no legal requirement at this time to post the notice in other languages, DOL is currently working on translating the notice.

The legal professionals at Rimon are available to help and as always, if we can’t help you – especially in these challenging times – we will assist you in finding someone who can!  Stay safe and following the recommendations of your national, state, provincial and local authorities to keep yourself, your family, colleagues and friends healthy and prevent the spread of this infection.

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Friday the 13th

To all our readers who enjoy an extra bit of trivia today, many people have heard the word “triskaidekaphobia” used in connection with the fear of the number 13 generally. But did you know that there is actually a word meaning fear of Friday the 13th?  It’s “paraskevidekatriaphobia,” which is derived from the Greek words Paraskeví (Παρασκευή, in English that is Friday), and dekatreís (δεκατρείς, which in English is thirteen).

There is no clear origin of the reasons why Friday the 13th has become associated with bad luck and made people superstitious.  Some attribute it to the fact that there were 13 individuals present in the Upper Room on the 13th of Nisan, the date of Jesus’ last supper and crucifixion and the night before his death (Good Friday).  Another historical connection may relate to Friday, October 13, 1307 –   the day Philip IV of France arrested hundreds of the Knights Templar— an event referenced in Dan Brown’s 2003 novel The Da Vinci Code.

That said, from a historical view, until sometime in the 19th Century, the unlucky attribution to both Friday and the number 13 together has never been substantiated.

Happy Friday the 13th !