MPL General Counsel Corner – Let’s Hope These Aren’t Meetings About Meeting
I was happy to hear that more State Governors are talking more about opening up the economies in their region. Aligning much the same way as fans of 90s hip hop, two groups of Governors (East Coast: NY, NJ, CT, MA, PA and RI; and West Coast: CA, OR and WA) have announced plans to coordinate efforts to re-open businesses and ease social distance guidelines. Let’s hope these are serious meetings with actionable items on the agenda and not just meetings about meeting more. It is scary to see how quickly the economies were shuttered. The speed of the economic reopening and recovery is going to be contingent in a big way on your efforts.
A few topics that I think may be of interest today:
- IRS Payroll Tax Deferral FAQ Issued (This is from an update provided by Chad Bumbaugh at Stambaugh Ness)
- The IRS recently issued a payroll tax deferral FAQ which gets into the details of the payroll tax deferrals and the interaction with other stimulus provisions. Of particular note is question #4 which states that businesses receiving a PPP loan may defer deposit and payment of the employer’s share of social security tax from March 27, 2020 through the date the lenders issues a decision to forgive the loan without incurring failure to deposit and failure to pay penalties.
- Fiduciary Considerations and the CARES Act (This is from an update provided by Chad Bumbaugh at Stambaugh Ness)
- The CARES act contains a number of changes impacting retirement plans. For a brief overview of some of the key provisions and some commentary check out this article from Fiduciary News.
- NFIB Survey Shows A Surge in PPP and EIDL Applications: That was 5 days ago and the numbers are likely higher. It is not to late to get into the action. Contact your bank or lender first and if they don’t participate, we have linked a list.
- Private Equity is sitting on lots of dry powder ($1.7 Trillion by some estimates): Check out the article provided by Steve Raymond at The DAK Group on Preserving Business Value in Times of Economic Reckoning.
- Upcoming Webinars and Resources
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