Archive for the ‘Business and Corporate Law’ Category

Business Law Seminar – May 6, 2021 — Benefit Corporations

access_time Posted on: April 23rd, 2021

Join us on May 6, 2021 for an engaging and interactive seminar during which we will explain what B Corp status is, how it relates to the benefit corporation legal structure, and what it takes to be part of this global movement.  Learn why other companies are going the extra mile and formally committing to balancing their impact on people and the planet with profits – and explore whether making that commitment is right for your business.   REGISTER NOW Is your business committed to using profits and growth as a means to a greater end for your employees, community, and the environment?  If so,… read more »

2021 is a Required Decennial Filing Year

access_time Posted on: February 9th, 2021

Every ten years business entities of every kind who are registered to do business in the Commonwealth of Pennsylvania are required by law to make a decennial filing with the Pennsylvania Department of State confirming the continued existence of the business in order to maintain exclusive use of its registered name.  The Department of State has sent out postcard notices to businesses that are required to make a decennial filing this year. Your business may have already received this notice or you may be receiving a notice soon. However, just because a business has not received a notice does not relieve it… read more »

COVID-19 Update: PPP Loans and Employer Retention Credit (ERC)

access_time Posted on: January 12th, 2021

Are you currently a Paycheck Protection Program (PPP) borrower considering eligibility for an Employer Retention Credit (ERC)? If so, the Consolidated Appropriations Act, 2021 may now provide you with an opportunity to claim this credit. ERCs can now be retroactively claimed by PPP borrowers for the year 2020 and subsequently, in 2021.In Section 206 of the Act, the ERC was expanded to include PPP borrowers as claimants, and the credit can now be backdated to March 12, 2020. Employers are permitted to claim a credit of 50% of qualified wages, in which the qualified wage paid to each employee is… read more »

COVID 19 Update: PPP Round 2 — Set to Restart

access_time Posted on: January 9th, 2021

On January 8, 2020, the U.S. Department of Treasury and U.S. Small Business Administration (SBA) reported that the Paycheck Protection Program (PPP) restarts this coming week. As soon as Monday, January 11, commencement for first-time borrowers and various existing borrowers will ensue. Solely community financial institutions are eligible to withdraw PPP loans on Monday, January 11. The second withdrawal of PPP loans will be disbursed on Wednesday, January 13 – this order of distribution is expected to bolster capital accessibility. Consequently, all remaining PPP lenders will be permitted to participate. Visit the SBA website for more information AttorneyJasmine Butler joined the… read more »

Agricultural Business Development Opportunities

access_time Posted on: January 7th, 2021

The Coronavirus Pandemic has demonstrated that Agricultural Businesses are vital to local community success and national supply chains. Additionally, the pandemic has increased the need for Agricultural Businesses to find ways to connect with customers and sell products online. If you need help bringing your current Agricultural Business into 2021 or you have an Agricultural Business idea that needs formalization or funding, the Pennsylvania Farm Bill may be able to help.  In 2019 the Pennsylvania Farm Bill created the Agricultural Business Development Center and provided various funding and grant programs for agriculture in Pennsylvania. The Pennsylvania Department of Agriculture has announced that the Agricultural… read more »

COVID-19 Update: Paycheck Protection Program — Round 2

access_time Posted on: December 28th, 2020

With the newly authorized Consolidated Appropriations Act, 2021 (the “Act”), Congress has agreed to allot $284.5 billion to the Small Business Administration (SBA) for Paycheck Protection Program (PPP) loans. In this second round, prior PPP recipients may borrow up to $2 million – a significant decrease from the $10 million maximum permitted by the CARES Act; the bill specifically allocates $35 billion to new PPP borrowers.  New Information on Expenses  Section 276 of Division N in the new bill provides that these expenses are now wholly deductible for those who paid business expenses with forgiven PPP funds. The new bill… read more »

COVID-19 Update: Program Offers $18 Million to Rural Small Businesses

access_time Posted on: October 2nd, 2020

Local Initiatives Support Corporation (LISC) is encouraging small business owners in rural locations across America to apply for their Rural Relief Small Business Grants program. The grant opened on on Monday, September 28 and will close on October 5 just before midnight, so if you are eligible you will need to apply this weekend. Only small businesses with business addresses in rural communities are eligible for this grant. To be considered rural, a community must have a population of less than 50,000 people. All potential applicants should review the LISC’s FAQ and grant information before applying. The program is intended to support small businesses affected… read more »

COVID-19 Update: Deferral period for the Employee Portion of the Social Security Withholding Tax Begins Today

access_time Posted on: September 1st, 2020

Beginning today, employees within a certain pay threshold have the option to defer their Social Security witholding tax. The optional deferral period for the employee portion of the Social Security withholding tax (6.2%) is September 1st – December 31st. The deferral option is restricted to employees whose wages are less than $4,000 pre-tax during a bi-weekly pay period.  Guidance was issued late on Friday, August 28th by the Treasury and IRS (follow the link below). IRS and U.S. Treasury Guidance Employee payroll taxes include two separate taxes: Social Security and Medicare. These two taxes together are known as FICA (Federal Insurance Contributions Act) taxes… read more »

COVID-19 Update: Interim Final Rule Regarding Owners Compensation and Limitations on Forgiveness Eligibility

access_time Posted on: August 27th, 2020

The Treasury released a new Interim Final Rule (IFR) regarding owners compensation and limitations on forgiveness eligibility (see link below). PPP – Treatment of Owners and Forgiveness of Certain Nonpayroll Costs Owner Compensation. Owner-employees with less than a 5% ownership interest in a C or S-corp are not subject to the owner-employee compensation rules.   There are no exceptions to this rule, since the Treasury has determined that owners with less than 5% ownership have no “meaningful ability to influence decisions over how loan proceeds are allocated”. Compensation Limitations. The amount of loan forgiveness requested may not include business operations of… read more »

COVID-19 Update: Overview of SBA PPP Loan Forgiveness Platform for Lenders

access_time Posted on: August 27th, 2020

Small Business Administration (SBA) lenders have the opportunity to review the basics of PPP loan forgiveness and the SBA’s PPP Loan forgiveness platform on Thursday, August 27, 2020, at 11:00 a.m. On that day, the Federal Reserve System, Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), Conference of State Bank Supervisors (CSBS), and the National Credit Union Administration (NCUA) will host an interagency webinar for all SBA lenders who participated in the SBA PPP lending program.  During the webinar, interagency officials will give an overview of the SBA Paycheck Protection Program (PPP) Loan Forgiveness Platform. Provide… read more »