Contracts

SNW Partner Ryan Richmond Appointed to Co-Chair Planning Committee for Bankruptcy Subchapter V Trustees’ Conference

The National Association of Bankruptcy Trustees (the “NABT”) has appointed SNW Partner Ryan J. Richmond as the Co-Chair of its Subchapter V Conference Planning Subcommittee. The NABT is hosting its annual conference in Chicago, IL August 25-27, 2021. This year’s conference will feature a first-of-its-kind track dedicated exclusively to issues arising under subchapter V of …

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Seven Things You Need to Know About the New Stimulus

On December 27, 2020, the President signed a new stimulus package into law. In addition to a $600 payment to eligible individuals, the new stimulus package includes numerous relief programs and tax incentives for businesses. Notably, the stimulus package has modified and made additions to the Paycheck Protection Program. Here are seven highlights: Forgivable Expenses. …

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Congress Passes Second COVID-19 Legislation Including PPP Boost

https://www.youtube.com/watch?v=PywUIC6l8qk               Congress appears to have an agreement concerning a second Coronavirus stimulus package totaling nearly $1 trillion. SNW will host an “emergency” webchat Wednesday, December 23, 2020 at 10:30 a.m. CST. The chat will be via Zoom and Facebook Live. Please RSVP to info@snw.law or monitor our Facebook page. An early analysis of the …

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Senate Passes the Paycheck Protection Flexibility Act; President Signs into Law on June 5, 2020

On Wednesday, June 3, 2020, the Senate passed the Paycheck Protection Program Flexibility Act of 2020 (the ”Act”), which the President signed into law on June 5, 2020. This Act significantly changes the Paycheck Protection Program. Note, we expect additional regulations to modify or clarify aspects of this Act, as was the case with the PPP. …

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SBA Releases PPP Forgiveness Application, Providing Guidance

The Small Business Administration has unveiled the Paycheck Protection Program Loan Forgiveness Application. The application offers the first set of significant guidance regarding loan forgiveness under the program including expected documentation, changes to certain definitions, and processes for numerous calculations involved in the determination. Access to such information allows for a tremendous opportunity for proper …

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Distilleries and Breweries Lend a Hand to COVID-19 Recovery through Hand Sanitizer Production

Distilleries and breweries across the country are chipping in to fight the spread of the novel coronavirus (COVID-19) by modifying their production to begin manufacturing and bottling alcohol based hand sanitizer. While such efforts are greatly assisting in the supply shortages of critical sanitizing goods, could they run afoul of federal regulations? On March 18, …

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PPP For Sole Proprietors and Independent Contractors

Key Takeaway: Self-employed Individuals who file an IRS form 1040 Schedule C with or without employees can still apply for a forgivable loan accounting for their income. Under the CARES Act, the Paycheck Protection Program (PPP) rolled out on April 3, 2020. PPP offered employers of small businesses an opportunity to get a loan during …

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Paid Leave for Employees Expands Due to COVID-19

In response to the COVID-19 pandemic, the federal government has expanded mandatory paid leave for employees. The Families First Coronavirus Response Act (“FFCRA”) covers employers with less than 500 employees. Employers must provide up to 12 weeks of paid leave in some cases. The law also provides refundable tax credits to businesses to offset these …

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