Preparing for Phase 3 of New York Reopening • The State has released guidance in preparation for Phase 3 of reopening, under which the Food Services and Personal Care industries will be allowed to begin reopening• “Food Services” includes restaurants and food service establishments, including food trucks and other food concessionso Interim guidance from New York for outdoor and take-out/delivery food services during the COVID-19 public health emergency is available here: [...]

There has been a lot of confusion for families who have received an IRS stimulus payment directed to a deceased individual.  If an individual died before receipt of the stimulus payment, the IRS is requiring the payment to the deceased individual to be returned to the U.S. Treasury Department.  The IRS has been offering guidance on these matters on its website (https://www.irs.gov/coronavirus/economic-impact-payment-information-center), and the following is the most recent guidance [...]

The Paycheck Protection Program Flexibility Act of 2020 (the “Act”) was signed into law making changes to the Paycheck Protection Program (the “PPP”). Some highlights are as follows: • Extension of Covered Period: The eight-week Covered Period has been changed to the earlier of: (i) 24 weeks after the date of loan origination; or (ii) December 31, 2020. This allows Borrowers a longer period of time to utilize their PPP Loan amount on forgivable expenses. • [...]

PPP Loan Forgiveness Application: Recent Guidance Issued Some much desired guidance on the PPP Loan Forgiveness Application has recently been issued by the Small Business Administration (“SBA”).  Here is a summary of the latest information: Calculating Your Amount of PPP Loan Forgiveness: Subject to several limitations, Borrowers shall be eligible for forgiveness of their PPP Loan in an amount equal to the sum of the following costs incurred or paid during their eight [...]

PPP Loan Forgiveness Application - Preparing for Lender Review and Potential Audit Now is the time to begin preparing your PPP Loan Forgiveness Application (the “Application”) and ensuring that you have all of the requisite documentation.  A prudent Borrower should take this time to prepare and organize its materials.  Careful documentation will significantly help the Borrower be equipped for the Lender’s review of the Application and any potential audit.  Be [...]