The Consolidated Appropriations Act, 2021 provides $900 billion in stimulus relief for the COVID-19 pandemic, including $284 billion for the SBA’s Paycheck Protection Program (PPP) for new and previous borrowers under the Economic Aid Act.
Strauss Troy is pleased to announce eight of our attorneys have been recognized by Super Lawyers 2021. The annual Super Lawyers list recognizes outstanding attorneys across the country. Only 5% of attorneys are recognized as Super Lawyers and only 2.5% of attorneys are Rising Stars, an honor for attorneys 40 or younger or attorneys practicing …Read More
Strauss Troy welcomes Stephen S. Schmidt, Daniel A. Hunt, Brian R. Tracy, and Ryan F. Hemmerle to the firm. Stephen S. Schmidt is a litigator and business advisor who focuses his practice in the areas of complex commercial litigation, construction litigation, employment litigation and tort law. Steve represents and advises clients across a variety of …Read More
On Friday, October 2, 2020, the U.S. Small Business Administration issued SBA Procedural Notice 5000-20057, which provides long-awaited guidance regarding pre-forgiveness restructures and ownership changes of borrowers under the Paycheck Protection Program.
On May 19, 2020, the Small Business Administration released a list of frequently asked questions for lenders and borrowers.
PPP loans are subject to forgiveness to the extent that a borrower uses PPP funds for payroll costs and certain mortgage interest, rent and utility obligations during the 8 week period following loan disbursement.
By: Michael L. Iannitti The SBA has continued to issue additional guidance for borrowers and lenders on the Payroll Protection Program (PPP). Since publishing its initial rules in early April, further clarification has slowly trickled out on the often vague provisions of the CARES Act. Perhaps most significantly, the SBA has clarified the circumstances in …Read More
By: Theresa L. Nelson With recent news of easing stay-at-home orders, employers that have been operating with limited employees or that were closed due to COVID-19 need to evaluate the next steps for returning employees to work and opening operations. Any return-to-work plan must comply with all federal, state and local directives to ensure a …Read More
By: Theresa L. Nelson The Department of Labor published regulations governing the Families First Coronavirus Response Act on April 1, 2020. While containing extensive explanations of terms and provisions throughout the entire FFCRA, one section is particularly noteworthy for small businesses. The language of the FFCRA provided that small private employers with fewer than 50 …Read More
The Families First Coronavirus Response Act (FFCRA), which includes the Emergency Paid Sick Leave Act and the Emergency Family and Medical Leave Expansion Act, paid leave provisions are effective on April 1, 2020 and apply to leave taken between April 1, 2020 and December 31, 2020. The Wage and Hour Division (WHD) of the Department of Labor issued detailed guidance and the required notice for employers to post.