CARES Act

Originally published on April 14, 2020. Last updated as of July 29, 2021.
On March 30, 2021, the PPP Extension Act, which extends the Paycheck Protection Program until May 31, 2021, was signed into law. The PPP Extension Act gives applicants two additional months to apply for a first draw or second draw PPP loan

Originally published on May 4, 2020. Last updated as of February 19, 2021.

The Main Street Lending Program terminated on January 8, 2021. This client alert describes the main terms, issues and open questions for each of the five separate loan facilities which were available to eligible businesses and nonprofits under the program, and an

Summary of Key Changes and Expansion of the Paycheck Protection Program under the Consolidated Appropriations Act, 2021
On December 27, 2020 the Consolidated Appropriations Act, 2021 – containing a new $900 billion COVID-19 relief stimulus package – was signed into law.  The Act includes significant modifications and extensions of the Paycheck Protection Program (“PPP”) including:

Health care providers’ receipt of Coronavirus Aid, Relief, and Economic Security Act and Paycheck Protection Program and Health Care Enhancement Act funds creates significant areas of potential liability for providers as these programs continue to change and evolve. As an accompaniment to our full in-depth guide, this is an overview of tips that providers can

CARES Act, Payroll Protection, and Medicare Advance Payment Programs
This document was last updated on July 20, 2020 to reflect changes made by the Department of Health and Human Services to its existing guidance.

In response to widespread cash flow issues resulting from the COVID-19 public health emergency, Congress enacted two key pieces of legislation:

In Notice 2020-50, the IRS expanded eligibility for CARES Act distributions and loans, and provided additional guidance.  To recap (as described here), the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) added three types of distribution and loan flexibility under eligible retirement plans for certain “qualified individuals”: (1) “coronavirus-related distributions” (“CRDs”)

Originally published on April 2, 2020. Last updated as of June 9, 2020.

On March 18, 2020, President Trump signed into law the Families First Coronavirus Response Act (H.R. 6201), and on March 27, 2020, he signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) (H.R. 748).  This alert summarizes

On March 27 and April 24, President Donald Trump signed the Coronavirus Aid, Relief and Economic Security, or CARES, Act, and the Paycheck Protection Program and Health Care Enhancement Act,[1] respectively, together providing roughly $2.5 trillion in relief for eligible businesses and governmental bodies affected by the COVID-19 pandemic, with specific provisions focused on

On March 18, 2020, President Trump signed into law the Families First Coronavirus Response Act (“FFCRA”) (H.R. 6201), and on March 27, 2020, he signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) (H.R. 748). This alert summarizes certain loan and tax-related provisions of these new laws that are most relevant to nonprofit organizations.

On May 4th, the IRS released a set of FAQs focused on the special coronavirus-related distribution (“CRD”) and plan loan options under the CARES Act (described here).

To recap, the CARES Act allows expanded distribution options and favorable tax treatment for up to $100,000 of CRDs from eligible retirement plans (including section 401(k)