Last evening, President Donald Trump signed into law a $900 billion relief and stimulus package which notably will provide some welcome relief to a broad cross section of consumers, earmarks an additional $284 billion in funding to the Paycheck Protection Program (PPP), an additional $13.5 billion for Economic Injury Disaster Loans (EIDLs), as well as […]
Look What’s Happening Inside the Virginia Tax Department
Each year, a small group of Virginia tax lawyers convenes to meet with the Virginia Tax Commissioner, his staff, and the Attorney General’s staff to hear what the Tax Department is thinking, learn about its challenges, and discuss ideas for improved tax administration in Virginia. Our recent Zoom call provided several key updates of interest. […]
SBA, Treasury Issue New PPP Guidance on Loan Forgiveness
Last week, the Small Business Administration (SBA), in concert with the Department of Treasury, published new FAQs to address four key aspects regarding forgiveness of Paycheck Protection Program (PPP) loans. The 10-page FAQs, published on Aug. 4, are designed to help borrowers calculate how much of their loan is forgivable and clarify the calculations and […]
Virginia is the First State to Implement Workplace Safety Requirements Related to COVID-19
All Virginia employers should be aware that the state’s Safety and Health Codes Board has adopted emergency temporary standards for occupational health and safety requirements in response to the coronavirus pandemic. The standards are now available on the Department of Labor and Industry website. The Standards will be published the week of July 27, 2020, […]
New Virginia Contractor Misclassification Law
Spring brought significant changes to Virginia’s employment law landscape. Virginia Governor Ralph Northam recently signed a series of new employee-centric laws, including the ones intended to fight against worker misclassification. Summary of new laws relating to misclassification Effective July 1, 2020, House Bill 984 enacts a new statute, Va. Code § 40.1-28.7:7, which creates a […]
New Paycheck Protection Program Flexibility Act
Last night, June 3, 2020, the Paycheck Protection Program Flexibility Act of 2020 (PPP Flexibility Act) was unanimously approved by the Senate, after overwhelming approval by the House last week. Under the PPP Flexibility Act, which is expected to be signed into law by the President, the CARES Act was amended to provide additional flexibility […]
New Certification Requirements for WOSBs and EDWOSBs
The Small Business Administration (SBA) is changing how small businesses seek the award of federal contracting dollars designated for concerns owned and controlled by women. Self-certification for WOSBs and EDWOSBs seeking new contracts will be phased out beginning this summer and eliminated entirely this fall. On Oct. 15, 2020, small businesses seeking new set-aside, sole […]
SBA AND TREASURY RELEASE PPP LOAN FORGIVENESS APPLICATION
As has been much discussed, loan forgiveness is a key feature of the CARES Act’s Paycheck Protection Program (PPP) administered by the Small Business Administration (SBA), but there has been little guidance regarding the process and criteria for seeking forgiveness. Late Friday, May 15, 2020, the SBA and Department of Treasury released the PPP loan […]
SBA Again Updates Safe Harbor Guidance for PPP Loans
Earlier today, May 13, 2020, the Small Business Administration (SBA) again updated its guidance regarding the safe harbor provision for loans disbursed under the Paycheck Protection Program (PPP), the lifeline extended to small businesses under the financial relief package known as the CARES Act. As previously reported, the PPP loan application requires applicants to certify […]