Net Operating Losses under the CARES Act

Net Operating Losses under the CARES Act: A few key provisions of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (the “CARES” Act) should prove fruitful for businesses that have new or recent net operating losses.

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“No Harm, No Foul:” Suit to Set Aside Foreclosure Sale for Failure to Comply With Deed of Trust Doomed By Failure to Allege That Compliance Would Have Changed Outcome

“No Harm, No Foul:” Suit to Set Aside Foreclosure Sale for Failure to Comply With Deed of Trust Doomed By Failure to Allege That Compliance Would Have Changed Outcome

The opinion of the Virginia Supreme Court of Appeals in Young-Allen v. Bank of America provides both hope for lenders frustrated by borrowers who delay inevitable foreclosure sales by requiring the lender to comply with every applicable pre-foreclosure requirement and guidance for borrowers seeking to hold lenders to such requirements.

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Did Funding for the Paycheck Protection Program Run Out on You?

Did Funding for the Paycheck Protection Program Run Out on You?

Payroll Tax Incentives Offered by the CARES Act
and FFCRA May Offer Substantial Relief

While many small business owners are already aware of at least some of the relief offered by the Coronavirus Aid, Relief and Economic Stability Act (“CARES Act”), less media attention has been focused on other benefits of emergency legislation that may offer substantial relief to businessowners.

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Have Your Employees Been Misclassified as Independent Contractors?

Now May Be the Perfect Time to Address Compliance in Order to Maximize the
Benefits of the Paycheck Protection Program and the Employee Retention Credit

Whether mandated by the government or as a result of economic factors, many businesses have been forced to either shut down or significantly limit operations as a result of COVID-19. Businesses everywhere are looking for financial assistance in order to survive and many are concerned about retaining their most valuable asset, their employees

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Key Tax Extensions for Real Estate Developers

The Department of Treasury and the Internal Revenue Service (the “IRS”) have issued IRS Notice 2020-23 (the “Notice”), which extends several deadlines that fall between April 1, 2020 and July 15, 2020. https://www.irs.gov/pub/irs-drop/n-20-23.pdf. The IRS has changed the deadlines referenced in the Notice to July 15, 2020. Two key provisions in the Internal Revenue Code…

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CARES ACT – Paycheck Protection Program Loans

Is Your Business a Small Business? On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”).  One of the key programs initiated by the Act is the Paycheck Protection Program Loan program (“PPP Loans”). PPP Loans are intended to provide capital for…

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The Paycheck Protection Program: Are Employees of Affiliated Entities Included in the Total Number of Employees?

It seems the business world is abuzz with information, and misinformation, about the Small Business Administration’s (the “SBA”) Paycheck Protection Program (the “PPP”) and its loan forgiveness provisions. Although lenders are now accepting applications, many businesses have been met with confusion and uncertainty in navigating the application process. One area that many assume should be…

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COVID-19 Updates: CARES Act Eligibility

COVID-19 Updates – Fast Facts – Loans Available from the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) On March 27, 2020, President Donald Trump signed legislation commonly known as the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) intended to stimulate the economy in response to the economic effects resulting…

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COVID-19 Updates: CARES Act Loan Forgiveness

COVID-19 Updates – Fast Facts – Loan Forgiveness under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) On March 27, 2020, President Donald Trump signed legislation commonly known as the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) intended to stimulate the economy in response to the economic effects resulting…

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COVID-19 Updates: CARES Act | Tax Issues

Pertinent Tax Provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) The President has signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or “the Act”).  The following summarizes key tax provisions. Business Tax Provisions Employee Retention Tax Credit The Act provides a refundable credit against…

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