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Business and International Tax Developments

The Chamberlain Hrdlicka Business and International Tax Developments Blawg provides updates on business and international tax.

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In late June, the Georgia Legislature passed the Georgia COVID-19 Pandemic Business Safety Act, SB 359. The bill will become law this Friday, on August 7, 2020.

What does the bill do?

The bill seeks to protect businesses, business owners, healthcare facilities and providers and individuals from certain types of premises liability civil lawsuits related to COVID-19.

Who is protected?

The bill offers protections to healthcare facilities, healthcare providers, entities and individuals. An “entity” entitled to protection under the bill is defined broadly to include any ...

Categories: COVID-19

I.

Small Businesses with a Biweekly Payroll Schedule can Elect to use an Alternative Payroll Covered Period

SBA Form 3508, Paycheck Protection Program Loan Forgiveness Application, provides an optional alternative payroll covered period for small businesses with a biweekly (every other week) or more frequent payroll schedule. A small business may elect the alternative covered period only if it uses a biweekly or more frequent payroll schedule; those with monthly payroll schedules cannot make the election. If a small business makes the election, the eight-week period, for ...

The COVID-19 pandemic is having an unprecedented financial impact on many small and large businesses. The uncertainty surrounding how long the crisis will continue and the ultimate impact on the economy has business owners critically reviewing their operational and financial needs. For many, now may be a time to consider selling non-core assets in an effort to generate liquidity and reduce cost. The following are some general recommendations for businesses considering a sale.

I)   Identify Eligible Assets

     1. Consider the costs required to maintain, in the short and long-term, all ...

Categories: Corporate, COVID-19

Facing a growing number of COVID-19 cases in Georgia, Governor Brian Kemp issued an Executive Order on April 2, 2020 directing residents and visitors of Georgia—with some exceptions—to “shelter in place” until at least April 13, 2020 (unless extended further). The Shelter-in-Place Order supersedes all prior city and county executive orders, thus creating state-wide uniformity.

Businesses and persons performing work related to “Critical Infrastructure” are not required to “shelter in place,” although they still must comply with other health- and ...

Categories: Construction, COVID-19

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act" or the "Act") was signed into law. The CARES Act, among other things, provides certain employers (generally, those with 500 or fewer employees, discussed below) an opportunity to apply for an SBA loan of up to $10 million to cover payroll costs and other operation expenses. Our previously published summary of the Paycheck Protection Program loans ("PPP Loans") under the CARES Act is accessible here.

Last week, the Small Business Administration issued guidance, Interim Final Regulations ...

Categories: Corporate, COVID-19

The COVID-19 pandemic is having a devastating impact on businesses and the employees they support. Mass lockdowns and rapid changes in consumer and company spending are forcing businesses to scale back and implement drastic measures in an effort to survive. As businesses await clarity on how long the pandemic will last, and what local and national government will be able to do to support them, business owners can take general steps now to better position their business to handle an uncertain future.

1.  Employee Concerns 

      Employees receive constant information about the pandemic and ...

Categories: Corporate, COVID-19

The COVID-19 pandemic has brought many challenges to employers across the country as they deal with sudden economic hardship and restrictions on their operations. We’ve put together some information that relates to benefits issues that we hope answers some of the common questions we are seeing.

Can employees remain on our group health plan if they are furloughed?   

  • The answer will depend mostly on the terms of the plan document and how eligibility is defined. For example, eligibility under group health plans often depends on the number of weekly or monthly hours worked by an ...
Categories: Benefits, COVID-19

In response to the overwhelming economic impact of the COVID-19 pandemic on the U.S. economy, on Friday, March 27, 2020, after prior approval by the U.S. Senate and House of Representatives, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”) was signed into law by President Trump.

This document focuses on the portion of the Act pertaining to SBA loans, particularly to the extent relevant to small and mid-sized businesses. In the event any applicable regulatory or other guidance is issued as this pandemic evolves, we will provide an update.

Categories: Corporate, COVID-19

Many states and cities across the United States have issued “stay at home” or “shelter in place” orders, effectively forcing all “non-essential” businesses to close physical operations and cease doing business unless their employees can work remotely. Business owners, landlords and tenants are now reviewing commercial leases, construction contracts, loan agreements, and other commercial contracts to determine whether force majeure provisions are implicated. This alert analyzes some of the potential consequences of the COVID-19 pandemic on force ...

Categories: Corporate, COVID-19

In recent days, both Georgia Governor Brian Kemp and Atlanta Mayor Keisha Lance Bottoms have issued Executive Orders in response to COVID-19 that have constrained many businesses and industries. However, at this time, the construction industry has not been directly constrained, as public and private projects are allowed to continue to move forward throughout Atlanta and the State of Georgia.  Governor Kemp has even suspended statutory waiting periods for contractors to use private firms for code inspections and plan reviews, recognizing that county and municipality ...

Categories: Construction, COVID-19