GOVERNOR MURPHY APRIL 8, 2020 EXECUTIVE ORDER RESTRICTS NJ CONSTRUCTION ACTIVITY
4/23/2020 | Articles & Alerts, Events & Seminars, News & Resources
On April 8, 2020 New Jersey Governor Murphy issued an Executive Order which restricts certain construction, manufacturing, and retail activity in New Jersey. The Order became effective on April 10 at 8:00 p.m. and will remain in effect until further notice. Penalties for violations of this Order may be imposed under, among other statutes, N.J.S.A. App. A:9-49 and -50. A copy of the Order may be found here. As to construction activity in New Jersey not previously restricted, the Order […]
Treasury Issues Additional Guidance and New Application Form for Paycheck Protection Program Loans
4/6/2020 | Articles & Alerts, General, News & Resources
On April 2, 2020, the United States Treasury and the Small Business Administration (SBA) issued additional implementation guidelines and requirements for its Paycheck Protection Program (PPP)—a key component of the CARES Act stimulus package intended to incentivize small businesses and sole proprietorships to maintain payroll during the COVID-19 crisis by providing them with access to forgivable loans for payroll and overhead through existing SBA lenders (“PPP Loans”). In the new guidelines, the SBA clarifies certain provisions of the CARES Act, […]
NEW DEADLINE TO REQUEST EXEMPTIONS TO OPERATE CERTAIN BUSINESSES – FRIDAY APRIL 3, 2020 AT 5:00 P.M.
4/2/2020 | Articles & Alerts, News & Resources
Governor Wolf’s FAQ’s for Life-Sustaining Businesses were updated again on April 1, 2020. Importantly, the revised FAQ’s now state in # 2 that: “All exemption requests MUST be submitted no later than 5:00P.M. on Friday April 3, 2020.” Therefore, if you believe your business or project would qualify for an exemption from the order closing various businesses, you must file for an exemption by the new deadline. If your business is not on the list of “Life-Sustaining” businesses that may […]
Frequently Asked Questions about the Paycheck Protection Program (PPP) Loans Under the CARES Act
4/1/2020 | Articles & Alerts, General, News & Resources
What is the PPP Loan Program? This is an expansion of the SBA Section 7(a) loan program to incentivize employers to retain and pay its employees using loan proceeds of up to $10 million which can be paid back over up to 10 years at a maximum interest rate of 4%. These PPP loans may also qualify for tax-free loan forgiveness of up to 8 weeks of the employer’s operating costs. Who qualifies as an Eligible Employer? Any business that […]
CORONAVIRUS AID, RELIEF AND ECONOMIC SECURITY (CARES) ACT SUMMARY
4/1/2020 | Articles & Alerts, General, News & Resources
Below is a summary of the highlights of the CARES Act, including those relating to expanded SBA (potentially forgivable) Loans programs, Unemployment Compensation and Other Individual Benefits, and certain Tax Incentives. The just enacted federal CARES Act offers significant financial support to “small” businesses and individuals who have suffered economic impact from the COVID 19 pandemic. A summary of those portions of the Act which provide benefits to small businesses, individual employees and their families, and certain tax incentives, follows. SMALL […]
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