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Coronavirus

Tuesday, June 9, 2020

The Paycheck Protection Program Flexibility Act

The Paycheck Protection Program Flexibility Act (PPPFA) dropped the percentage that had to be paid to payroll expenses to 60% thus increases funds available for other expenses (rent, mortgages, utilities, interest on loans) from 25% to 40%. The PPFA also extended the time period to use the funds from 8 to 24 weeks. This gives businesses more flexibility to keep the money in reserve until it is needed at such time as their businesses reopen.....


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Wednesday, May 13, 2020

Updated PPP FAQS - May 13, 2020

SBA has just announced that any borrower who received a PPP loan of less than $2,000,000 will be deemed to have made the necessity certification in good faith.


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Wednesday, May 6, 2020

Uncertainty in the Time of COVID-19 & the PPP

As attorneys, we’ll leave it to the physicians and scientists to navigate through the uncertainty of the pandemic. However, Congress has given small and large business owners alike something new to be uncertain about. It’s called the Payroll Protection Plan (PPP) and it is in some ways almost as frightening as the virus that created the need for this legislation.

The problem is the PPP itself is fraught with uncertainty and instead of things getting clearer, they are getting less clear.

If you get anything out of this short blog, please mark your calendar for May 14th.


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Monday, April 13, 2020

The Mad Dash for PPP Loans for Small Businesses

If you’re waiting on your bank to get its application up and running, you may want to consider completing the SBA PPP LOAN APPLICATION, which you can get on the SBA website even if your bank will be using an online process and application. Going through the application now will force you to gather your records and information to properly answer and calculate the questions on the application. And if you haven’t already, you’ll also want to gather your company’s payroll records, such as your payroll reports and 941 IRS payroll filings. 

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Wednesday, April 1, 2020

Stimulus Act (CARES Act)

On March 27, 2020, as a result of the coronavirus (COVID-19) the largest ever economic stimulus package was signed into law.  It provides a massive amount of funding - $2 Trillion – to support the economy.  Details about the law and its implementations are sketchy but are becoming clearer by the day. We will update this article with information as it becomes available.

Critically important to many small businesses which have been adversely affected by the coronavirus is the ability to obtain low interest loans.


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Monday, March 30, 2020

Force Majeure (“Act of God”) Clauses: Not So “Boilerplate” Anymore

Many of our small business clients, or families have pending contracts: lease agreements, sales agreements, loan agreements, construction contracts and the like that either they or the other party to the contract are having difficulty performing, and which difficulty is being attributed to the coronavirus....

COVID-19 has immediately affected businesses, forcing many to close and layoff their employees.  This catastrophic disruption of commerce has instantaneously resurrected a rarely used provision found deep within the “boilerplate” language of so many agreements – the force majeure clause.  Force majeure (pronounced: fors ma-ZHOOR), is equivalent to the common law contract defense of “impossibility”.


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Friday, March 27, 2020

The Coronavirus Response Act and What It Means for Your Business

On March 18, the U.S. Congress passed legislation that created a federal paid sick leave component for corona virus related needs and expanded the Family and Medical Leave Act to include a paid leave component for employees caring for children whose schools or child care facilities were closed because of the virus outbreak.
Read more . . .


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Based in Modesto, CA with a location in Sonora, CA, Gianelli Nielsen, PLC serves clients throughout California.



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