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New $1.9 Trillion COVID Relief Bill Passes House, Moves to Senate
Last week, the U.S. House of Representatives passed a massive $1.9 trillion relief bill advanced by President Joe Biden and his administration. Dubbed the “American Rescue Plan,” the legislation now heads to the Senate, where Democrats are hopeful it will reach President Biden’s desk for signature before March 14 (the day unemployment aid programs are set to expire). (Read More)
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A Trend Toward COVID-19-Related Business Interruption Coverage
Based upon a couple of recent rulings, the insurance coverage lawyers at Michelman & Robinson, LLP anticipate that additional courts may give a broader meaning to the phrase “direct physical loss” as it applies to insurers' business interruption coverage responsibilities stemming from COVID-19-related losses. (Read More)
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Corporate Risk Disclosures in the Wake of the 2020 Election
With the recent changing of the guard in Washington, D.C., and coinciding with annual reporting and proxy season, comes the need for public companies across industries to reassess their risk disclosures—whether included in their registration statements for selling securities or SEC periodic reporting requirements. (Read More)
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Read the Fine Print: Congress Imposes New Reporting Requirements Upon Certain U.S. Business Entities
Despite veto drama, the William (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 (NDAA) was enacted into law, and deep within its 1480 pages is a title—coined the Corporate Transparency Act (CTA)—that establishes new and more stringent reporting requirements. This represents but a small set of robust changes to U.S. anti-money laundering legislation that is part of the NDAA. (Read More)
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State Tax Treatment of Forgiven PPP Loans
For purposes of federal income taxation, existing federal law excludes from gross income any amounts of loans made pursuant to the Paycheck Protection Program that are forgiven. This is great news for borrowers, to be sure. But the question remains: how do the states treat forgiven PPP loans? (Read More)
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Back to Basics: Small Businesses Given Priority for PPP Loans
At the very heart of the Paycheck Protection Program, originally set forth as part of the CARES Act, was the push to help small businesses and other covered entities stay afloat and to incentivize them to keep employees on their payrolls despite coronavirus-related declines in business. The key word there is “small,” as amplified in an announcement made by President Joe Biden this week. (Read More)
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Can Your Boss Force You to Get a COVID Vaccine Shot?
With the Biden administration all-in on the inoculation of America, meaningful plans for widespread COVID-19 vaccine distribution and availability are taking shape. The Pfizer-BioNTech and Moderna offerings will surely be joined soon by Johnson & Johnson’s single dose vaccine, and FDA approval of the promising Oxford-AstraZeneca product, which may even halt the spread of the novel coronavirus, seems inevitable. (Read More)
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Round Two of the PPP Up and Running as of Today
Big news for new and certain existing borrowers interested in obtaining loans (or additional loans) under the Paycheck Protection Program: starting today (January 11), the PPP is once again open for business. But there are caveats. (Read More)
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Non-Essential Travelers Arriving in Southern California Now Subject to Mandatory Quarantines
Nationwide COVID-19 hotspot: that’s the unenviable title currently held by the County of Los Angeles. In response, L.A. is among several other Southern California counties discouraging non-essential travel by imposing a mandatory quarantine order upon certain travelers. (Read More)
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$900 Billion Coronavirus Relief Package Is Now Law
Last week, Michelman & Robinson, LLP reported on the $900 billion COVID-19-related rescue package passed by Congress. As was explained in some detail here, the legislation is designed to deliver long-awaited financial assistance to small businesses, as well as to the millions of unemployed Americans in need. By its terms, the bill will also provide, among other things, housing assistance, funds for schools and colleges, and money for COVID-19 testing and vaccines, including distribution. (Read More)