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COVID-19 Legal Resources

Olshan Frome Wolosky LLP is gathering information related to COVID-19 issues and concerns to assist clients in navigating the national and New York states of emergency.

We will continue to prepare updates during this fluid situation. Clients and friends are encouraged to contact us with specific legal or operational questions or issues.

Showing 14 posts in Tax.

COVID-19 Resource Guide

A Multi-Disciplinary Compendium of Primary Government Sources and Practical Legal Advice on COVID-19
Olshan COVID-19 Response Team
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Your Estate Tax Exemption - Use It or Lose It

Your estate and gift tax exemption - Use it or lose it. Planning opportunities in light of the Presidential election and the economic costs from the pandemic. There is still time to consider changes to your estate tax plan.  Read More ›

Tax Decoupling During COVID-19

New York State Decouples from certain provisions of the Coronavirus Aid, Relief, and Economic Security Act (P.L. 116-136) (CARES Act) for both corporate and personal income taxes.  This Client Alert discusses the impact of certain changes that taxpayers may encounter. Read More ›

PPP Loan Forgiveness Application Revised

On June 16, 2020, the Small Business Administration revised the loan forgiveness application for loans issued under Paycheck Protection Program and issued a new interim final rule, to reflect changes made by the Payroll Protection Program Flexibility Act of 2020.  This blog post outlines important changes in the new guidance. Read More ›

Main Street Loan Facilities (June 8th Update)

On June 8, 2020, the Federal Reserve released additional guidance on the Main Street Lending Program, completely replacing earlier set of FAQs (April 30, 2020 and May 27, 2020) with new FAQs and revised term sheets.  Read More ›

The Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010)

On June 5, 2020 (the Enactment Date), the President signed the Paycheck Protection Program Flexibility Act of 2020 (the Flex Act), after the Senate approved the House bill without change. While the Flex Act makes welcome improvements to the Paycheck Protection Program (PPP), implementing administrative guidance remains necessary. On June 8, the SBA issued a press release clarifying a key Flex Act provision on loan forgiveness and outlining its initial regulatory priorities (the Press Release). Read More ›

Update On PPP Loans - Major Change to Employee Counting Rules and Due Date Extension

The Small Business Administration (“SBA”) issued important new guidance, changing the rules for counting employee towards the 500-employee limit and extending the due date for the repayment of Paycheck Protection Program (“PPP”) loans. This client alert explains the new guidelines and related considerations. Read More ›

Main Street Loan Facilities

In recently released FAQs (April 30, 2020), the Treasury Department (“Treasury”) announced a new third loan facility under the Main Street Lending Program — the Main Street Priority Loan Facility (the “Priority Loan Facility”). In addition, the new FAQs revise the terms of the two previously announced loan facilities — the Main Street New Loan Facility (the “New Loan Facility”) and the Main Street Expanded Loan Facility (the “Expanded Loan Facility” and, collectively, the “Main Street Loan Facilities”). The FAQs include new and revised term sheets (the “Term Sheets”) for the Priority Loan Facility, the New Loan Facility and the Expanded Loan Facility and are outlined in the client alert Read More ›

COVID 19 Estate Planning Strategies

COVID‑19, and the immediate and prolonged response to it, has disrupted the economy in countless ways, many of them negative. However, here are some personal financial planning opportunities which may be attractive under the COVID‑19 cloud. This client alert describes four strategies that may be advantageous considering factors discussed within the alert. Read More ›

Paycheck Protection Program Loans Capped at $20 Million per Single Corporate Group

In new guidance issued on April 30, 2020, the Small Business Administration (“SBA”) stated that businesses that are part of a “single corporate group” may not receive Paycheck Protection Program (”PPP”) loans exceeding $20 million in the aggregate for the “single corporate group.”  This cap is effective immediately with respect to any PPP loan that has not been fully disbursed by April 30, 2020. This client alert explains the new guidelines and related considerations. Read More ›

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