Paycheck Protection Program 2.0 (“PPP2”) under Consolidated Appropriations Act, 2021
Published January 6, 2021 by

Paycheck Protection Program 2.0 (“PPP2”) under Consolidated Appropriations Act, 2021

Fully cognizant that a lot of businesses are struggling, we thought that below information can be helpful to those in time of need. Among many other things, Sec. 311 of the Act authorized funding of second round of paycheck protection program loans, or “Second Draw” loans. Pursuant to this new law, which became effective on Dec. 27, 2020, Flushing Bank will be participating in PPP2 program, and will be open to non-Flushing businesses as well. Interested businesses are welcome to reach out to James M. Morton as follows: FLUSHING BANK Vice President—Business Banking 99 Park Avenue Ste # 820 New York, NY 10016 P-646-923-9535 M-917-518-4198 james.morton@flushingbank.com www.flushingbank.com Following is the excerpt from the bank’s press release: There will be a necessity test PPP2 loans will be available to first-time qualified borrowers and, for the first time, to businesses that previously received a PPP loan. Specifically, previous PPP recipients may apply for another loan of up to $2 million, provided they: •            Have 300 or fewer employees. •            Have used or will use the full amount of their first PPP loan. •            Can show a 25% gross revenue decline in any 2020 quarter compared with the same quarter in 2019. PPP2…

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COVID-19

Published October 16, 2020 by

April 2021 Customs Broker License Exam Preparation Class Kick-Off

Administrative Law Training & Development

U.S. Federal

Published September 30, 2020 by

September 29, 2020 LawCustoms Stream: CBE Materials; Cuban Sanctions; Magnitsky List; False Claims Act; Country of Origin

A weekly live web event dedicated to issues related to international trade. Materials used throughout the stream include: OWIT Mexico Event | WOMAN EXPORTING MX – October 26-30, 2020 https://mbmapp.com/event/mujerexportamx Assoc. of Cert. Sanction Specialists | Listings, Delistings and Other Developments in the Russian Sphere – Oct. 1, 2020 https://sanctionsassociation.org/20201001upcoming/ Event – Rising Tensions – Increased Trade Controls on Wednesday, October 7 HKT https://email.steptoecommunications.com/120/8358/landing-pages/rsvp-blank.asp?sid=ea292c35-fe3a-42c2-ac19-ea8649c27ee1 Cuba: OFAC’s amendment of Cuban Asset Control Regulations: Qs 837 https://home.treasury.gov/policy-issues/financial-sanctions/faqs/topic/1541 12 Categories of General License: https://cu.usembassy.gov/u-s-citizen-services/local-resources-of-u-s-citizens/traveling-to-cuba/ New Rule for Professional Meetings: https://www.ecfr.gov/cgi-bin/text-idx?SID=cff7b100f3d7279989d2c087a32f83f6&mc=true&node=se31.3.515_1564&rgn=div8 Old Rule for Professional Meetings: https://www.govinfo.gov/content/pkg/CFR-2019-title31-vol3/pdf/CFR-2019-title31-vol3-sec515-564.pdf New Rule for Public Performances: https://www.ecfr.gov/cgi-bin/text-idx?SID=cff7b100f3d7279989d2c087a32f83f6&mc=true&node=se31.3.515_1567&rgn=div8 Old Rule for Public Performances: https://www.govinfo.gov/content/pkg/CFR-2019-title31-vol3/pdf/CFR-2019-title31-vol3-sec515-567.pdf HK Special Administrative Region on SDN – 09/25/2020 OFAC FAQ https://home.treasury.gov/policy-issues/financial-sanctions/faqs/840 Reminder of 08/31/2020 HKSAR Designations: https://home.treasury.gov/news/press-releases/sm1088 Follows Exxon Mobile Case: https://www.govinfo.gov/content/pkg/USCOURTS-txnd-3_17-cv-01930/pdf/USCOURTS-txnd-3_17-cv-01930-2.pdf Xinjiang Production and Construction Corps (XPCC) makes it to Magnitsky List on 09/25/2020 https://home.treasury.gov/policy-issues/financial-sanctions/faqs/835 Note on Magnitsky (https://en.wikipedia.org/wiki/Sergei_Magnitsky): Sergei Magnitsky Rule of Law Accountability Act of 2012 … see pg. 8: https://www.govinfo.gov/content/pkg/BILLS-112hr6156enr/pdf/BILLS-112hr6156enr.pdf New Website for Steel Mill Licenses https://www.federalregister.gov/documents/2020/09/11/2020-19753/steel-import-monitoring-and-analysis-system https://www.trade.gov/us-industry-licensing https://enforcement.trade.gov/steel/license/SMP_byHTS.pdf DOJ News Release on False Claims Act https://www.justice.gov/opa/pr/multinational-industrial-engineering-company-pay-22-million-settle-false-claims-act 09/16/2020 Customs Bulletin at 15: Cyper Power v. US https://www.cbp.gov/sites/default/files/assets/documents/2020-Sep/Vol_54_No_36_Complete_0.pdf   Please remember to attend our weekly live stream! Tuesdays at 5:30 p.m. EST…

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Administrative Law Training & Development

U.S. Federal

Published April 13, 2020 by

Economic Injury Disaster Loan Under CARES Act

Discussion focusing on §1110 of the Coronavirus Aid, Relief, and Economic Security Act, also known as CARES Act.  The section focuses on Economic Injury Disaster Loan (“EIDL”), which also contains a grant component for small businesses.  EIDL is yet another package adopted by Congress designed to help small businesses to survive economic downturn caused by COVID-19.  Application link is available at https://covid19relief.sba.gov/#/.

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CARES Act COVID-19 U.S. Federal

Published April 7, 2020 by

Paycheck Protection Program under CARES Act

Discussion focusing on Sections 1102 & 1106 of the Coronavirus Aid, Relief, and Economic Security Act, also known as CARES Act.  CARES Act Sec. 1102 covers essentials for obtaining loan under Paycheck Protection Program.  CARES Act Sec. 1106 covers steps leading to forgiveness of the loan obtained under Paycheck Protection Program.

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CARES Act COVID-19 U.S. Federal

Published April 6, 2020 by

Delay of Payment of Employer Payroll Taxes under CARES Act

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CARES Act COVID-19 U.S. Federal

Published April 5, 2020 by

Employee Retention Tax Credit under CARES Act

Discussion focusing on Sec. 2301 of the Coronavirus Aid, Relief, and Economic Security Act, also known as CARES Act. CARES Act Sec. 2301 Covers Employee Retention Credit for Employers Subject to Closure Due to COVID-19.  

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CARES Act COVID-19 U.S. Federal

Published April 2, 2020 by

COVID-19 Legal Resources by Thomson Reuters and Walters Kluwer

Legal resource entities – Thomson Reuters and Walters Kluwer – launched free resource portal, which can be useful to practitioners.  In addition to news updates related to specific area of law, these portals provide sample language and forms.  Legal practitioners advising small businesses on payroll, loan, and financing issues, can find these portals especially useful.  Here are the links: Thomson Reuters: https://uk.practicallaw.thomsonreuters.com/w-024-5087?transitionType=Default&contextData=(sc.Default)&firstPage=true&bhcp=1#co_anchor_a769721 Walters Kluwer: https://lrus.wolterskluwer.com/campaign/coronavirus-resources-tools-covid-19/ Thomson Reuters and Walters Kluwer, Thank You!  

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COVID-19 New York State U.S. Federal

Published April 20, 2017 by

OFAC Publishes SDN Removal FAQs

Treasury’s Office of Foreign Assets Control published a guideline for persons to petition for removal from Specially Designated Nationals (SDN) list.  Persons that are on SDN list are generally proscribed from transacting business with U.S. persons.  The link is below. https://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/petitions.aspx

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