The Paycheck Protection Program under the Consolidated Appropriations Act, 2021 (“PPP2”) debuted this week as the Small Business Administration (“SBA”) opened its portal as part of a staggered rollout for businesses negatively impacted by the COVID-19 pandemic. In December 2020, President Trump enacted a stimulus bill called the Consolidated Appropriations Act, 2021 (“CAA”) which in part revitalized and expanded the Paycheck Protection Program (“PPP1”) established under the Coronavirus Aid, Relief and Economic Security Act enacted March 27th, 2020 (“CARES Act”). The CAA appropriated $284.45 billion... more
1. What Does Workers’ Compensation Provide? Workers’ compensation insurance provides compensation to employees who suffer work-related accidents or illnesses. It also protects employers from lawsuits by employees who were injured at work. An employee who qualifies for workers’ compensation is eligible to have medical expenses covered (including prescriptions), and to receive payments that include a percentage of gross average weekly wage. For a temporary total disability (which may include COVID-19), workers’ compensation provides a 60% wage replacement, up to the current maximum of $1,431.66 per week. 2. Does Massachusetts... more
The Federal Reserve established the Main Street Lending Program (“Program”) to support lending to small and medium-sized businesses in response to the economic impact of the COVID-19 pandemic. The availability of additional credit is intended to help businesses that were in sound financial condition prior to the onset of the COVID-19 pandemic maintain their operations and payroll until economic activity normalizes. Further, the Federal Reserve designed the Program to support small and medium-sized businesses that were either unable to access the Paycheck Protection Program (“PPP”)... more
The U.S. Small Business Administration (“SBA”) has released an updated PPP Loan Forgiveness Application (and related instructions) and a shorter EZ Form application for certain qualified borrowers and related instructions with respect to the Paycheck Protection Program (“PPP”). These releases followed the enactment of the Paycheck Protection Program Flexibility Act (“PPPFA”) which amended the previously enacted CARES Act. The SBA has also released Interim Final Rule as to PPP loan forgiveness, which has been revised by Revisions-to-First-Interim-Final-Rule (as revised, “IFR”) and the PPPFA will guide... more
On May 26, 2020, the Supreme Judicial Court (“SJC”) issued a second updated order outlining the Court’s plan for operations during the COVID-19 pandemic. The Order goes into place on June 1, 2020 and it replaces the Court’s prior orders. While the Order extends deadlines further, it explicitly indicates that no further extensions will occur but for a surge in new COVID-19 cases. Here are the five key takeaways for the Order: The courts are open virtually only until July 1, 2020, except for emergency... more
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