Preovolos & Lewin ALC

On May 15th, the SBA released the application borrowers under the Paycheck Protection Program (PPP) must use to calculate the amount that may be forgiven by the lender. This 11-page application contains three important forms.

For the Paycheck Protection Program (PPP) loan amount to be considered forgivable, no less than seventy-five percent (75%) of the loan must be spent on payroll and payroll related costs. If this marker is not met, it is possible that none of the loan will be considered forgivable.

As of yesterday, 4/16/20, the SBA announced that 1,700,000 applications have been approved by the SBA. The bad news is that the program is now fully subscribed. Fortunately, there are other programs for relief.

In addition to the Paycheck Protection Program (PPP) loans available to small businesses, the CARES Act appropriated an additional $17 billion to subsidize certain small business loans.

We want to make sure our clients are taking advantage of the Paycheck Protection Program (PPP). This loan program helps small businesses (generally 500 employees or less) keep their employees on the payroll and to provide funds to operate their businesses.

Can New Rules Regarding Pension Plans And IRAs Help During This Crisis? This article is intended to focus in on relief for those with pension plans and IRAs.

We have received a number of inquiries about the details of the Paycheck Protection Program (PPP), who qualifies, what can the money be used for, and how quickly will funds be received. This is a big issue as it is the lifeline that will keep many smaller companies afloat.

This world-wide pandemic has forced many individuals to readdress scenarios that were previously unthinkable. Estate planning is admittedly not the most cheerful of subjects but planning now can have a huge positive impact on those you leave behind or how the people you leave in charge handle the care of your children or even yourself.

The U.S. Department of Labor has published guidance further explaining Paid Sick Leave and Expanded Family and Medical Leave under the Families First Coronavirus Response Act (Act). http://thelawcorp.com//updated-employer-paid-leave-requir/

Can the Coronavirus pandemic excuse you or your company from performing contract obligations? Could it be used as an excuse for a vendor, customer or client to breach their contract with you? In this unprecedented time, the answer depends on the facts of your situation and should be discussed with your attorney.

What Employers Need To Know About The Families First Coronavirus Response Act

Modified Tax Deadlines Related to COVID-19

REMINDER - Minimum Wage Changes Effective January 1, 2020, the City of San Diego’s minimum wage increased to $13.00 per hour. If you are not operating your business in the City of San Diego, the following minimum wage increases are also effective January 1, 2020:... (1) Minimum Wage for Employers with 25 Employees or Less: $12.00 per hour (2) Minimum Wage for Employers with 26 Employees or More: $13.00 per hour