The CARES Act and Retirement Plan Distributions

The CARES Act implements new types of “coronavirus-related distributions” from retirement plans, including 401(k), 403(b), 457(b), and employee stock ownership plans, as well as individual retirement accounts (IRAs).  These distributions are not subject to the...

Understanding Payroll Protection Program Loan Forgiveness

Preparing for PPP Loan Forgiveness Businesses that have secured a loan through the PPP should already begin preparing and arranging for the information that they will eventually need to apply for forgiveness of that loan following the end of the eight-week, post-loan...

New Jersey COVID-19 Grant and Loan Programs

In response to the COVID-19 pandemic, the New Jersey Economic Development Authority (NJEDA) is offering both a grant and a loan program for small businesses. Here is a summary of these programs as of April 3, 2020. Small Business Emergency Assistance Grant...

Paycheck Protection Program (PPP) Update

On Thursday, April 2nd, the SBA released thirty-one pages of an interim final rule concerning the PPP.  Many of the provisions address lender-related details, and several additional regulations are still forthcoming. The following is a summary...

SBA Guidance on Paycheck Protection Program (PPP)

The SBA recently released some early guidance regarding the paycheck protection program (PPP), which is open through June 30, 2020.  This guidance confirms that: Loan terms will be the same for all borrowersLoans will carry a 0.50% fixed rate No...