On October 8, Treasury issued a new Interim Final Rule Re Additional Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules (new IFR), along with a new Loan Forgiveness Application Form 3508S and Instructions for the new Form, addressing applications for forgiveness of PPP loans of $50,000 or less. Links to the new IFR, the new Form 3508S, and the new Instructions for Form 3508S are set out below ...
On January 6, 2021, Treasury issued two new Interim Final Rules (IFRs) addressing the new Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act’s (Act) creation of PPP Second Draw Loans, and the Act’s various changes to PPP requirements generally. The major PPP components of the Act are set forth in detail in Buchalter’s COVID Alert of December 28, 2020 (Buchalter PPP Changes Alert), which can be found here ...
On May 20, 2020, the Office of the Comptroller of the Currency (OCC) issued as new final rule updating various aspects of the requirements of the Community Reinvestment Act (CRA). The rule is effective on October 1, 2020. Banks regulated by the OCC must comply with the final amendments by October 1, 2020, January 1, 2023, or January 1, 2024, as applicable ...
November 5, 2021 By: John Epperson The U.S. Occupational Safety and Health Administration (OSHA) published its much-anticipated Emergency Temporary Standard (ETS) regarding COVID-19 vaccination and testing on November 5, 2021. The ETS went into effect immediately upon publication in the Federal Register with requirements phased in over 30 to 60 days ...
On June 5, the President signed the PPP Flexibility Act. As first described in Buchalter’s previous ALERT, this new law creates the following adjustments to PPP requirements: For loans entered into on or after the date the Act became law, the minimum repayment period is to be extended from 2 years to 5 years. For loans prior to that date, the borrower and lender may agree to extend the loan term to 5 years ...
By a near-unanimous 417-1 vote, the House has passed the PPP Flexibility Act, which if enacted would, among other things, extend the time to utilize Payroll Protection Program (PPP) loan proceeds and obtain forgiveness, allow more time to rehire employees, and allow more of the proceeds to be used for other forgivable costs besides payroll costs. The Senate will now consider the bill and may vote on it next week. A copy of the bill may be found here: https://docs ...
The Small Business Administration (“SBA”) has made an adjustment to its guidance to provide that entities which have concluded a bankruptcy proceeding are not, for purposes of PPP eligibility, considered in bankruptcy. Entities which are presently in bankruptcy are not eligible for a PPP loan. The SBA’s latest Frequently Asked Questions (found at https://www.sba.gov/sites/default/files/2021-04/PPP%20FAQs%204.6.21%20FINAL-508.pdf) contain a new FAQ Number 67 ...
On January 25, the State of California lifted its previously enacted emergency stay-at-home order for all 58 counties. The stay-at-home orders were put in place at the beginning of December and were designed to help ease the burden on ICUs throughout the state, which were becoming increasingly inundated with new COVID-19 patients ...
On Thursday, May 28, San Francisco Mayor London Breed announced a preliminary timetable for the reopening of San Francisco businesses, restaurants, and offices. The multi-phased plan, which can be found here (“Order”), is designed to comply with the timeline and guidelines previously announced by Governor Gavin Newsom ...
On October 20, 2020, San Francisco County was upgraded to the “minimal” tier within the California COVID-19 tracking system, meaning it has the fewest restrictions on reopening all businesses as promulgated by the State of California. In order to qualify for the “minimal” tier, a county must have an infection rate of less than one daily new positive COVID case per 100,000 residents and have a positive test rate of less than 2% for two consecutive weeks ...
On October 20, 2020, San Francisco County was upgraded to the “minimal” tier within the California COVID-19 tracking system, meaning it has the fewest restrictions on reopening all businesses as promulgated by the State of California. In order to qualify for the “minimal” tier, a county must have an infection rate of less than one daily new positive COVID case per 100,000 residents and have a positive test rate of less than 2% for two consecutive weeks ...
By: John Epperson San Francisco’s Board of Supervisors passed an Emergency Ordinance on July 7 entitled “Cleaning and Disease Prevention Standards in Tourist Hotels and Large Commercial Office Buildings” (the “EO”). The EO is expected to be signed by the Mayor and go into effect soon ...
February 18, 2022 By Li-An Leonard As noted in an earlier Buchalter Client Alert, Governor Newsom and legislative leaders reached an agreement to bring back COVID-19 Supplemental Paid Sick Leave in 2022. On November 9th, Governor Newsom signed Senate Bill (SB) 114 creating California Labor Code § 248.6 and completing the comeback of COVID-19 Supplemental Paid Leave in 2022 or as referred to in this update, 2022 SPSL ...
On Thursday, August 13, the California Judicial Council elected to rescind Emergency Rules 1 and 2 related to eviction and foreclosure actions in California applicable to both residential and commercial properties, effective September 1, 2020. Emergency Rules 1 and 2, previously put in place on April 6, prevented all unlawful detainer and foreclosure actions statewide, except in cases of public health or safety ...
On May 22, Treasury issued a new Interim Final Rule (“IFR”) regarding Small Business Administration (“SBA”) Payroll Protection Program (”PPP”) loan forgiveness. Much of the IFR repeats information previously published by Treasury and SBA in the loan forgiveness form application and accompanying instructions. See March 19, 2020 Buchalter Client Alert COVID-19: Treasury Issues Application for SBA PPP Loan Forgiveness ...
To implement the changes to the PPP program contained in the recently enacted PPP Flexibility Act, Treasury has issued a new Interim Final Rule (IFR). It has also issued a revised forgiveness application form, worksheet and instructions, and a new expedited (EZ) forgiveness application form and instructions that can be used by certain borrowers. Links to those documents can be found below ...
October 12, 2021 By: Artin Betpera Calls to reassigned numbers have presented an endless source of legal risk for any company that calls or texts consumers for informational or marketing purposes. Reassigned number class actions brought under the Telephone Consumer Protection Act have resulted in eight-figure settlements, and present unique challenges when defending ...
Rishi Sunak has announced the much-awaited budget for 2021 hailing protection for the “jobs and livelihoods of the British people”. We outline below the key elements impacting employers and their wider workforce. Budget 2021: The Employment Implications Rishi Sunak has announced the much-awaited budget for 2021 hailing protection for the “jobs and livelihoods of the British people” ...
The Government of Malta reaffirmed its commitment to establishing Malta as a go-to jurisdiction for start-ups in its Budget for 2023. During the budget speech that was delivered on 24th October 2022, the Minister for Finance and Employment, Hon. Clyde Caruana announced that a one-stop shop for start-ups is set to be launched within the “Start in Malta” programme currently run by the Malta Enterprise ...
With an ingrained focus on community, connectivity and sustainability, the build to rent (BTR) sector is helping to transform modern living habits in the UK. With the total number of BTR homes completed, under construction or in planning at Q2 2022 up 13% from 2021 to 237,000, and with regional cities growing at double the pace of London, the sector has a huge opportunity to act as a flagbearer for the ESG agenda ...
The Charity Commission focuses on charities meeting “public expectation”, but they also need to remain true to their stated purpose, even when doing so may prove controversial. A report on our colonial past The National Trust has acted in accordance with its charitable objects. This shouldn’t be headline news, but it has been for the last six months ...
The High Court recently issued 2 important judgments on the topic of bullying in the workplace. In the first case the plaintiff was successful and in the second case the plaintiff's claim failed. In the case of Una Ruffley v. the Board of Management of St. Anne's School (May 2014) a special needs assistant was awarded the sum of €255,276 in compensation and loss of earnings as a result of bullying which she suffered in the work place ...
