On May 13, 2020, the Small Business Administration (SBA) and the Department of Treasury (Treasury) updated the Paycheck Protection Program (PPP) FAQs to address SBA’s review of the good faith certification of borrowers who received PPP loans. Recommended Borrower Good Faith Certification ReviewTreasury and SBA recommend that all borrowers who received PPP loans review the good faith […]
Beginning April 27, 2020, employers in non-critical manufacturing, industrial and office-based businesses may return to work if they complete the requirements of the Executive Order. Who does EO 20-40 apply to? Executive Order 20-40 allows limited return to work for these categories of employers: Importantly, these categories do not include customer-facing retail environments. What is required to […]
The IRS has now provided guidance to employers on claiming tax credit and reimbursement for employer-paid COVID-19 related sick leave and FMLA leave under the Families First Coronavirus Response Act (“FFCRA”). Detailed guidance is available here. The FFCRA requires employers to provide paid leave time for some COVID-19 related absences, as described in our previous alerts. Businesses and […]
On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act contains several provisions designed to give individuals affected by COVID-19 greater access to their retirement plan funds and expand health plan coverage and benefits, supplementing changes made by the recent Families First Coronavirus Response Act […]
In this rapidly changing environment, we continue to monitor action at the federal, state, and local levels. Below is an overview of updates from the U.S. Department of Labor (“DOL”) regarding implementation of the Families First Coronavirus Response Act (“FFCRA”), which requires some employers to provide paid sick leave and partially paid FMLA for certain […]
On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act contains an emergency loan program aimed at helping small businesses pay payroll and other operating costs during the COVID-19 pandemic. Because access to federal loan assistance is critical to decisions regarding your business operations, we […]
We have been tracking local, state and federal actions regarding COVID-19, including Governor Walz’s “stay at home” executive order, COVID-19 related paid-leave and small business loan assistance. Updates on the “Stay At Home” Executive Order The “Stay At Home” Minnesota Executive Order 20-20 issued on March 25th requires Minnesotans to stay home except to engage in certain […]
On March 18, 2020, the federal government passed emergency legislation to support businesses and employees during the COVID-19 pandemic. Beginning Thursday, April 2, 2020, employees will be able to access new, temporary paid leave if they are absent from work because of COVID-19, including to care for children due to school closures. Employers may use […]
You are a shareholder, member, or partner in a closely-held business, but you and your fellow owners seem headed for a break-up. Here are nine things you should think about as you begin your dispute resolution. 1. What do your agreements say? Minnesota courts look to written agreements, such as operating agreements, member control agreements, […]
On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into law as part of a larger government spending package. The SECURE Act includes several provisions intended to make it easier for people to save for retirement, and also to make it easier for employers to adopt and […]