Part 1: Key Terms Related to a Business Slowdown or Closure
No matter the line of business, every employer has been impacted by the Coronavirus of 2019 (COVID-19). To help employers navigate these rocky waters, the Labor and Employment team at Krieg…
On April 16, 2020, the $349 billion allocated for the Payroll Protection Program (“PPP”) authorized by the CARES Act had been fully allocated. Due to the wide-ranging success of the PPP, Congress is working towards expanding the program to replenish…
COVID-19 is creating a number of unique estate planning and legal challenges, from actual execution of documents to the volatility of the financial markets. However, it also has created some unique opportunities in wealth transfer planning.
A.…
In a procedurally-unusual order issued April 20, 2020, the Indiana Supreme Court exercised its emergency rule-making authority to order that all Indiana trial courts “shall issue no new orders placing a hold on, attaching, or garnishing funds in a…
An employer seeking to provide additional financial support to employees during the COVID-19 pandemic may want to consider a “qualified disaster relief payment” program. Qualifying disaster relief payments are not only tax-free to employees in most…
COVID-19 has caused tremendous disruption and expense for colleges and universities, and other tuition-based education institutions, leading to concerns not only about when students may safely return to campus but even as to the future viability of…
On April 19, 2020, the Centers for Medicare and Medicaid Services (“CMS”) issued recommendations to States for resuming non-emergent, non-COVID-19 health care in areas with “low, or relatively low incidence of COVID-19” that relate to recent…
Many employers that did not previously have a sick time policy or a Family and Medical Leave Act (FMLA) policy are now having to address employee questions and concerns, and also ensure compliance with the Families First Coronavirus Response Act…
On April 9, 2020, the Board of Governors of the Federal Reserve Bank (the “Fed”) announced preliminary details of two new loan programs that have aggregate funding of $600 billion, offered as part of the Coronavirus Aid, Relief, and Economic…
On April 14, 2020, the U.S. Small Business Administration (the “SBA”) issued a second interim final rule (the “Second PPP Interim Final Rule”) related to the Paycheck Protection program (the “PPP”) offered under the Coronavirus Aid, Relief, and…
On April 8, 2020, the IRS issued Rev. Proc. 2020-23 (“RP 20-23”) in response to provisions of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). RP 20-23 allows eligible partnerships to file amended partnership returns for tax…
[Updated April 17, 2020] The IRS posted updated FAQ’s related to temporary procedures permitting refund claims, requested on Form 1045, Application for Tentative Refund, or Form 1139, Corporation Application for Tentative Refund, to be submitted via…
