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 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 March 24, 2020 by

Small Businesses of New York State: Review of Getting Up To $5,100.00 / Person in Federal Funds

Coronavirus outbreak brought a chaos to a modern world of specialized division of labor and production.  Disruption in the supply chain in one part of the world today will affect businesses in the other locations.  Modern travel (or its sudden disruption) only contributed to the climate of uncertainty.  Uncertainty, in turn created anxiety, as evidenced by empty shelves and aggressive attitudes of folks visiting stores in this world’s richest countries, including the United States.  On top of all else, most people are strongly encouraged, and in some places required to remain within four walls of their homes most of the time.  Resources are getting scarcer, anxiety is reaching new heights!  What to do? One suggestion is to focus on exploring the resources that are available, especially those that come as a result of coronavirus outbreak.  If you are part of the business having less than 500 employees, or a self-employed individual in New York State (or other area subject to quarantine, such as California), then exploring a resource made available by the U.S. Government can be useful. The resource that is the focus point of this article is the tax credit of up to $5,100.00/person made available by the federal…

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COVID-19 New York State U.S. Federal