COVID-19 Updates

While CARES Act stimulus programs grabbed all the attention throughout the spring and summer, the recent rise in COVID-19 cases nationwide has our firm revisiting the Families First Coronavirus Response Act (“FFCRA”). Note that the FFCRA relief is available to employers even if they previously received PPP loan funding under [...]

The past six months need no explanation; the on-going global health and financial hardships have led to heavy hearts and tired minds. Through our dedicated consulting team efforts (including dialogues with professional partners, local government officials and the Small Business Administration), we wanted to share our firm’s current stance on [...]

Starting today, Tuesday, June 23rd, The Minnesota Department of Employment and Economic Development (DEED) began accepting applications for $10,000 grants to Minnesota owned and operated businesses that can demonstrate financial hardship due to the pandemic. The Program was approved by the Minnesota Legislature and signed into law by Governor Walz [...]

On Wednesday, June 17th, the Treasury Department released two Paycheck Protection Program loan forgiveness applications (along with instructions) that superseded the initial 11-page application released May 15th. The original form was complex, quickly obsolete after release of additional Program guidance a week later, and drew the ire of legislators, borrowers, [...]

On Friday, June 5th, President Trump signed the Paycheck Protection Program Flexibility Act into law, bringing much needed relief to borrowers that have struggled with the popular small business loans meant to keep employees on payroll and off unemployment. Key Provisions Extension of the covered loan period from 8 weeks [...]

Another week down and another Friday evening (10:30 p.m. on May 23rd) release of additional guidance on the Paycheck Protection Program. Two documents, the “Interim Final Rule on Loan Forgiveness” and “Interim Final Rule on SBA Loan Review Procedures and Related Borrower and Lender Responsibilities” were released. The new guidance [...]

On Friday evening May 15th, the SBA published a proposed final PPP forgiveness application, totaling 11 pages. It faced heavy criticism over the weekend – nevertheless, it’s the first official forgiveness document available for the Paycheck Protection Program loans. The application provides some clarity with substantial instructions and supporting schedules, however, [...]

A month has passed since the Paycheck Protection Program was rolled out on April 3rd to small businesses, and a week later to self-employed and independent contract workers.  On March 31st, the Treasury Department issued a one pager on the loans: Top-line overview of PPP (3/31/2020) The final application forms [...]

On Friday March 27th, Congress passed the “Coronavirus Aid, Relief and Economic Security Act” dubbed the CARES Act. The roughly $2.2 trillion stimulus package provides widespread emergency assistance to individuals, families, small businesses and corporations affected by the current pandemic. For business owners, the bill provides emergency benefits to help [...]

On Friday March 27th, Congress passed the “Coronavirus Aid, Relief and Economic Security Act” dubbed the CARES Act. The $2.2 trillion stimulus package provides widespread emergency assistance to individuals, families, small businesses and corporations affected by the current pandemic. For individuals and families, the most important provisions of the legislation [...]

On Monday March 23, Governor Tim Walz issued an emergency executive order to provide immediate relief to small businesses through the Minnesota Department of Employment and Economic Development (DEED) that have been directly and adversely affected by the peacetime emergency orders a week ago.  This forced restaurants, bars, fitness centers, [...]

In line with the state’s continued response to COVID-19, the Minnesota Department of Revenue is granting a 30-day Sales and Use Tax grace period for businesses identified in Executive Order 20-04. During this time the department will not assess penalties or interest. Identified businesses with a monthly Sales and Use Tax payment [...]

The U.S. Small Business Administration is offering Federal disaster loans to provide working capital to small businesses suffering substantial economic injury as a result of COVID-19. The loans will be approved for amounts up to $2,000,000, with a maximum unsecured amount of $25,000.   The loan amount will be decided by [...]

Congress has passed, and President Trump has signed, the Families First Coronavirus Response Act on March 18th, 2020. Among other things, the Act requires certain employers with fewer than 500 employees to provide paid leave benefits to employees affected by the coronavirus outbreak.   There will be exceptions in certain situations [...]