While businesses are faced with many challenges in the wake of COVID-19, there are opportunities available to help keep your business afloat…
In the turbulent wake of the COVID-19 disaster, and make no mistake it is a natural disaster as real as hurricane, earthquake or tornado, the federal government, together with state and local governments, has enacted a variety of measures that are available to help small businesses weather the storm. The problem is, the federal legislation alone consists of 880 pages, with references and overlaps with Internal Revenue, Small Business Association and Banking Codes.
Benefits available to small to mid-size companies
The federal package provides a mix of benefits for small to mid-size companies with 500 employees or fewer. Qualifying businesses have access to federally guaranteed loans of up to $1,000,000 that can be used to maintain payroll and ordinary business expenses like rent, utilities, mortgage payments or interest on debts, even if businesses are temporarily closed. When it comes to payroll security, the legislation covers salary, sick leave, severance, health benefits, and state and local payroll-related taxes. These loans are non-recourse, require no collateral and best of all, under specified circumstances, the debt will be forgiven in full. Think about what an additional million dollars can do to help you keep your small business afloat.
Industry-specific benefits
Additional industry-specific benefits are also available. For instance, revisions to the IRS Code provide substantial new benefits to real estate businesses. Under the existing tax code, depreciation losses will only shelter the first $500,000 of a married couple’s nonbusiness income, such as capital gains from investments. The result is that people can enjoy big tax breaks stemming from only-on-paper losses, even if they enjoy big cash profits in the real world. The new stimulus bill lifts the $500,000 restriction for three years — this year, and two retroactive years — a boon for couples with more than $500,000 in annual capital gains or income from sources other than their business.
If you have questions, please contact us
Now is not the time to try and navigate the breakers alone. The attorneys at Scarinci Hollenbeck are thoroughly familiar with every aspect of the new legislation and are ready to stand by your side to make sure your small business achieves the maximum potential benefits available. If you have any questions or if you would like to discuss the matter further, please contact me, Don Pepe, or a member of Scarinci Hollenbeck’s COVID-19 Crisis Management Group at 201-896-4100.
How the Courts Are Reacting to COVID-19 Contract Cases
Breach of contract cases arising out of the COVID-19 pandemic are slowly making their way through the court system… Breach of contract cases arising out of the coronavirus (COVID-19) pandemic are slowly making their way through the court system. The early decisions shed light on how courts are handling force majeure provisions and contract defenses […]
What to Know About USPTO COVID-19 Prioritized Trademark Examination Program
The USPTO recently announced a new COVID-19 prioritized examination program for certain trademark and service mark applications… The U.S. Patent and Trademark Office (USPTO) recently announced a new COVID-19 prioritized examination program for certain trademark and service mark applications. It is available for products that are subject to U.S. Food and Drug Administration (FDA) approval […]
After a difficult few months, New Jersey restaurants are gradually reopening their doors for on-premises dining. After a difficult few months, New Jersey restaurants are gradually reopening their doors for on-premises dining. For restaurant operators and their customers, it is important to understand what is required to reopen safely. This article outlines the guidance provided […]
The Regulatory Examination Process has evolved in positive directions over the past several years. Thanks to these prior process improvements, the SEC, CFTC/NFA and FINRA are able to conduct regulatory exams virtually… The Regulatory Examination Process has clearly evolved in positive directions over the past several years. Thanks in part to these prior process improvements, […]
Understanding the Risks and Benefits of Remote Legal Proceedings
The coronavirus (COVID-19) pandemic has forced us to change the way we conduct everyday activities… The coronavirus (COVID-19) pandemic has forced us to change the way we conduct everyday activities. Court proceedings, arbitrations, and mediations are no exception, and parties to such proceedings increasingly rely on video conferencing to go “virtual.” While technology can allow […]
Will COVID-19 Prompt an Uptick in White-Collar Crime Investigations?
While the COVID-19 pandemic may be slowing the pace at which white-collar crimes are prosecuted, it would be unwise to expect that the pace of white-collar investigations will slow… While the coronavirus (COVID-19) pandemic may be slowing the pace at which white-collar crimes are prosecuted, it would be unwise to expect that the pace of […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
How Can Your Business Stay Afloat in the Wake of COVID-19?
Author: Donald M. Pepe
While businesses are faced with many challenges in the wake of COVID-19, there are opportunities available to help keep your business afloat…
In the turbulent wake of the COVID-19 disaster, and make no mistake it is a natural disaster as real as hurricane, earthquake or tornado, the federal government, together with state and local governments, has enacted a variety of measures that are available to help small businesses weather the storm. The problem is, the federal legislation alone consists of 880 pages, with references and overlaps with Internal Revenue, Small Business Association and Banking Codes.
Benefits available to small to mid-size companies
The federal package provides a mix of benefits for small to mid-size companies with 500 employees or fewer. Qualifying businesses have access to federally guaranteed loans of up to $1,000,000 that can be used to maintain payroll and ordinary business expenses like rent, utilities, mortgage payments or interest on debts, even if businesses are temporarily closed. When it comes to payroll security, the legislation covers salary, sick leave, severance, health benefits, and state and local payroll-related taxes. These loans are non-recourse, require no collateral and best of all, under specified circumstances, the debt will be forgiven in full. Think about what an additional million dollars can do to help you keep your small business afloat.
Industry-specific benefits
Additional industry-specific benefits are also available. For instance, revisions to the IRS Code provide substantial new benefits to real estate businesses. Under the existing tax code, depreciation losses will only shelter the first $500,000 of a married couple’s nonbusiness income, such as capital gains from investments. The result is that people can enjoy big tax breaks stemming from only-on-paper losses, even if they enjoy big cash profits in the real world. The new stimulus bill lifts the $500,000 restriction for three years — this year, and two retroactive years — a boon for couples with more than $500,000 in annual capital gains or income from sources other than their business.
If you have questions, please contact us
Now is not the time to try and navigate the breakers alone. The attorneys at Scarinci Hollenbeck are thoroughly familiar with every aspect of the new legislation and are ready to stand by your side to make sure your small business achieves the maximum potential benefits available. If you have any questions or if you would like to discuss the matter further, please contact me, Don Pepe, or a member of Scarinci Hollenbeck’s COVID-19 Crisis Management Group at 201-896-4100.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
