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On December 21, 2020, Congress approved the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Ventures Act. After threatening to veto the bill, President Trump signed the bill into law on December 27. The bill makes some extensions and changes to the Paycheck Protection Program (PPP) established under the CARES Act. Most notably, the act provides $284 billion in additional funding for a second round of forgivable loans through the PPP for small businesses and nonprofits experiencing significant revenue losses.
Eligibility
In this second round, small businesses with no more than 300 employees that demonstrate at least a 25% reduction in gross revenue between comparable quarters in 2019 and 2020 are eligible. There is a maximum loan size of 2.5 times average monthly payroll costs up to $2 million per borrower.
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On December 27, President Trump signed the Economic Aid to Hard Hit Small Businesses, Nonprofits and Venues Act into law. It makes temporary changes to rules governing health and dependent care flexible spending accounts and allows employers who sponsor such plans to provide employees with more time to utilize these benefits.
Below is a summary of these temporary provisions.
Rollovers
For plan years ending in 2020, employers may permit participants to carry over any unused benefits or contributions remaining in the participant’s flexible spending account to the subsequent plan year without limitation. For example, if the plan year ends on December 31, 2020, the employer may permit participants to carry over any unused balance to December 31, 2021. Prior to the Act’s passage, carryover amounts were allowed only for health flexible spending account and were limited to $550.
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The $2.3 trillion COVID-19 stimulus is now law. There are a variety of provisions including a modification to the mandated employer leave for exposure and quarantine.
Employers are asking: is the Families First Coronavirus Relief Act (FFCRA) extended? No, the mandate for Emergency Paid Sick Leave (EPSL) and Emergency Family and Medical Leave Extension (EMFLA) will still expire on December 31, 2020, but employers may choose to voluntarily extend it.
Voluntary Leave Programs
Starting in 2021, these are voluntary programs and the employer’s tax benefit is extended to March 31, 2021. This means if an employer wishes to continue these leave programs, they may do so through March 31, 2021, and receive the tax credit as was available during 2020.
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Q: I have been sued for personal injury damages, but I believe the alleged damages are meritless. How can I prove that?
A: If you have information that the plaintiff is functioning beyond his/her claimed limitations, consider hiring an investigator to conduct video surveillance. Video surveillance can be a powerful tool to show an injury is not as bad as the plaintiff claims.
You can also research the plaintiff’s social media accounts to see if they have posted pictures, videos, or accounts of them performing inconsistent activities.
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On December 21, 2020, Congress approved the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Ventures Act. While the act still needs to be signed by the President before it becomes law, it makes some extensions and changes to the Paycheck Protection Program (PPP) established under the CARES Act. Most notably, the act provides $284 billion in additional funding for a second round of forgivable loans through the PPP for small businesses and nonprofits experiencing significant revenue losses.
Eligibility
In this second round, small businesses with no more than 300 employees that demonstrate at least a 25% reduction in gross revenue between comparable quarters in 2019 and 2020 are eligible. There is a maximum loan size of 2.5 times average monthly payroll costs up to $2 million per borrower.