President Signs Paycheck Protection Program Flexibility Act of 2020
Last Friday, President Trump signed H. R. 7010 (“HR 7010”), the “Paycheck Protection Program Flexibility Act of 2020”, a bill meant to modify certain provisions related to the forgiveness of loans under the Paycheck Protection Program (“PPP”). Following criticism regarding how the forgiveness rules were not feasible for many small businesses, HR 7010 was passed by the House and the Senate with broad bipartisan support. In general, the changes allow businesses more time to bring employees back to work and to use the PPP funds without jeopardizing loan forgiveness.
Katherine Hesse, Kier Wachterhauser and Nan ONeill, three partners at Murphy, Hesse, Toomey & Lehane, LLP, presented “COVID Now & Later: Navigating the COVID-Related Issues Today and Preparing for the Changed Workplace Tomorrow”, in collaboration with the Massachusetts Nonprofit Network. During this 90-minute webcast, Mr. Wachterhauser and Ms. ONeill discussed the latest COVID developments affecting employers, such as regulatory developments regarding unemployment insurance, reasonable accommodation and vaccination issues. They also examined the changing workplace and made suggestions for Read More
On March 11, 2021, President Biden signed the American Rescue Plan Act (“ARPA”) which provides for a $1.9 trillion economic stimulus package. State and local governments, and also many educational entities, will receive substantial funding. Having endured the last year of the global COVID-19 pandemic, both states and local governments, as well as schools, have experienced unexpected expenses, losses in revenues, and budgetary burdens. The purpose of this Client Alert is to explain generally how funds from the ARPA relief aid have been designated to alleviate those COVID-19-related challenges.