Governors Cuomo (NY), Murphy (NJ) and Lamont (CT) Announce Joint Incoming Travel Advisory
Effective 12:01 a.m. on June 25, 2020, all individuals traveling from states with a significant community spread of COVID-19 to NY must quarantine for a 14-day period from the time of last contact with the identified state
The quarantine applies to any person arriving from a state with a positive test rate higher than 10 people per 100,000 residents, or a state with higher than a 10% positivity rate, [...]
The Occupational Safety and Health Administration (OSHA) has Issued Guidance for Non-Essential Businesses
• OSHA has released guidance on how nonessential business should reopen during the COVID-19 pandemic• This latest OSHA guidance is available here: https://www.osha.gov/Publications/OSHA4045.pdf• The above guidance is intended to supplement the U.S. Department of Labor and U.S. Department of Health and Human Services’ previously released Guidance on Preparing Workplaces [...]
The latest Interim Final Rule on PPP Loan Forgiveness and SBA Loan Review Procedures that was published June 22, 2020 highlights much of what was already outlined in our June 12, 2020 Client Alert “SBA Issues Updates to Initial Final Rule on Paycheck Protection Program” (link provided below). Here is a brief summary of the information:
25% to 40% for covered non-payroll expenses
Extended maturity date by mutual agreement between lender and borrower
Deferral period extended [...]
Here is the most recent guidance from the SBA:
o The “covered period” has been extended from June 30, 2020 until December 31, 2020 o PPP loans made before June 5, 2020 have a maturity of two years unless the borrower and lender mutually agree to extend the maturity of such loans to five years. PPP loans made on or after June 5 have a maturity of five years o At least 60 percent of the PPP loan proceeds shall be used for [...]
The latest Interim Final Rule makes the following changes to the First Interim Final Rule. Here’s what you’ll want to know:• The “covered period” for PPP Loans has been amended from “the period beginning on February 15, 2020 and ending on June 30, 2020” to “the period beginning on February 15, 2020 and ending on December 31, 2020.” This amendment applies to the definition of “covered period” that appears in section 1102 of the [...]