Contracts

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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A Business Succession Plan Is More Important than Ever

Business succession is an important topic in the best of times, but in the era of the novel coronavirus or COVID-19, when the future is uncertain, business succession becomes an even more important topic. Why should you have a business succession plan in the event key leaders or officers are suddenly unavailable? A business succession …

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Tax Breaks for Saving Land: How the Conservation Easement is a Win-Win for Landowners & Businesses

The firm of Sternberg, Naccari & White, LLC works with a variety of clients who own or invest in land as a real estate asset. The Firm is always looking for ways to ease our clients’ tax burdens. For landowners, family offices, and real estate investors, a conservation easement can create current liquidity in highly …

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