MPL General Counsel Corner – Whoops, there is a new Covid Relief Package
It looks like the D.C. folks finally came to the table and settled on a Covid relief package. It kind of feels like this is the “whoops baby” of all the Covid related bills. Mom and Dad are now scrambling to figure out how they are going to pay for it over the long term. In all seriousness, I don’t think the decision makers in Washington wanted to head back home and hear it from their constituents. Some of the key provisions are as follows:
- Small Business Relief funding of ~$325B of which the majority is for another round of PPP loans.
- There is clarification about the allowance of the deduction of PPP related expenses. Essentially, if your PPP loan is forgiven, then it is not counted as income, nor is it disallowed as an expense.
- Unemployment benefits are renewed for 10 weeks at $300/week
- Tax rebates of up to $600, with an extra $600 per child; payments start to phase out at $75k for individuals and $150k for couples
- Federal eviction moratorium extended through January 31, 2021.
Of course, a few key items that will still be debated include liability protections from Covid lawsuits for businesses, schools, hospitals and other organizations and funding for State and Local governments.
I guess in some circles, Christmas is coming early this week as these Covid relief measures will be combined with a broader $1.4T spending package to keep the Government funded for the remainder of the fiscal year.
Lets hope the vaccine does the trick and we can all get back to some normalcy.
I want to wish everyone a Merry Christmas, Happy New Year, belated Happy Hannukah, or happy whatever other holiday you are celebrating. We appreciate your business and look forward to working with you more in 2021.
A few other items we thought were of interest:
- State by State Coronavirus Travel Restrictions – Kayak.com has a good site that keeps up to date on the travel restrictions for each State.
- Bankruptcy Updates from Rob Bovarnick (firstname.lastname@example.org)– It’s an unfortunate reality, but the following “Behind the Curtain – Chapter 11 From Inside” updates published at Forbes.com are very helpful.
- Chapter 1 – Overview
- Chapter 2 – The Initial Meeting
- Chapter 3 – Pre-filing
- Chapter 4 – First Day Motions
- Chapter 5 – The Automatic Stay
- Chapter 6 – Financial Information
- Chapter 7 – The US Trustee
- Chapter 8 – Contract and Leases (Pt I)
- Chapter 9 – Contracts and Leases (Pt II)
- Chapter 10 – The Plan (Part I)
- Chapter 11 – The Plan (Part II)
- Chapter 12 – Other Stuff
- Chapter 13 – Lawsuits in Bankruptcy
- Chapter 14 – Sales of Assets
- Chapter 15 – Closing and Final Thoughts