The Small Business Administration (SBA), together with the Department of the Treasury, continue to offer additional guidance regarding the implementation of the Paycheck Protection Program (PPP), established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The guidance is offered in a Frequently Asked Questions format (see link below). Paycheck Protection Program Loans FAQs This resource is reliable since it contains SBA’s interpretation of the CARES Act and of the Paycheck Protection Program Interim Final Rules (see link below). The U.S. government will not challenge lender actions that conform to the PPP guidance found on… read more »
COVID-19 Update: Filing for Pandemic Unemployment Assistance (PUA) – Expanded Eligibility for Benefits
COVID-13 Update: Filing for Pandemic Unemployment Assistance (PUA) – Expanded Eligibility for Benefits Pursuant to the CARES Act, unemployment compensation benefits are now available for individuals in Pennsylvania who cannot work as a direct result of COVID-19, but who are not normally eligible for unemployment benefits (i.e. independent contractors, self-employed, workers with limited work history, and others). The Pandemic Unemployment Assistance (PUA) program has been created to extend temporary, federally-funded benefits to these previously ineligible groups. An applicant is eligible if any of the following apply: Independent contractor, self-employed, 1099 filer, or farmer and affected by COVID-19,Someone in the household… read more »
COVID-19 Federal Rural Resource Guide Released
The USDA and its Federal government partners have programs to provide temporary and long-term assistance to rural communities affected by the COVID-19 outbreak. The programs assist recovery for rural residents, for-profit businesses, non-profit organizations, hospitals, etc. The programs offer assistance with financial issues, management, training, technical support, and state and local compliance. Follow the link below for a resource matrix to identify funding opportunities in the CARES Act and other federal resources. https://www.rd.usda.gov/sites/default/files/USDA_COVID-19_Fed_Rural_Resource_Guide.pdf For updates on immediate action that the USDA is taking in response to COVID-19, visit usda.gov/coronavirus. For information and news from the CDC on COVID-19, visit coronavirus.gov. If you need… read more »
COVID-19 Update: Your Business May Be Eligible for Federal Loans
COVID-19 Update: Your Business May Be Eligible for Federal Loans CGA Law Firm has created a COVID-19 Business Resource Portal on the CGA website with consistently updated information on government loan offerings. The site has easy-to-read charts, articles on specific topics, answers to the most frequently asked questions, and links to targeted loan applications. Follow the links below to learn more about loans that can bring relief to your business. For small businesses (under 500 employees) in need of capital to cover payroll, utilities, rent, insurance, and loan payments: Paycheck Protection Program. The SBA’s Paycheck Protection Program (PPP) is enabling small… read more »
COVID-19 Update: Congress Expands Access to Retirement Accounts During Emergency
COVID-19 Update: Congress Expands Access to Retirement Accounts During Emergency Written by Attorney Timothy J. Bupp, CELA; CGA Estate Practice Chairman Among the many provisions of the $2.2 trillion dollar CARES Act passed by Congress in March are several directed at retirement plans. These provisions loosen the usual restrictions on qualified accounts for those suffering economically from the current emergency. — Emergency Withdrawals. Early withdrawals from an IRA or qualified plan account usually trigger a ten- percent excise penalty. However, the CARES Act now allows Covid-related distributions from a qualified account of up to $100,000 without the penalty, so long as the participant repays the… read more »
COVID-19 Update: The CARES Act and Bankruptcy
COVID-19 Update: The CARES Act and Bankruptcy Last month, March of 2020, The CARES Act was passed in light of the impacts of COVID-19. Specifically, there were changes affecting Bankruptcies – both current and prospective cases. The CARES Act (the “Act”) excludes Coronavirus related payments from the definition of disposable income and the Bankruptcy Estate, i.e. the government stimulus check. Receiving the stimulus check within 6-months of filing a Chapter 7 Bankruptcy will therefore not disqualify a Debtor from filing a Bankruptcy under Chapter 7. While the Act does not explicitly state this applies to Chapter 13, most Trustees, even… read more »
