Credit in Italy – Italian Decree Law no. 23

Please find the following contribution from Dott. Cacciavillan, of Asso Studio, in Vicenza; Dott. Gilberto Gelosa, Dott. Maurizio Bottoni, Dott.ssa Daniela Purghe, and Dott. Stefano Lecchi, of Interconsulting Studio Associato, in Milan; and Massimo Bertoni, Commercialista, in Bologna; all of whom are business consultants (commercialisti) we are associated with; regarding the new Decree by the Italian government in response to financial assistance for businesses affected by COVID-19. With the Decree Law…

Force Majeure

Please find the following article on Force Majeure provided by the legal firm, Valla & Associates: Majda BarazzuttiApril 6, 2020 Force Majeure Newsletter The COVID-19 pandemic has affected our economy in an unprecedented manner. The flow of commerce has suddenly slowed down, if not come to a complete halt, due to the epidemic in China, which has affected the chain…

UPDATE: Paycheck Protection Program (PPP) — What is it?

Provides small business with funds to pay up to 8 weeks of payroll costs including benefits [1]June 30, 2020 is the deadline for the Paycheck Protection ProgramSBA will forgive the portion of the loan proceeds that used to cover the first eight weeks of pay roll costs, rent, utilities and mortgage interest. [2]It is Section 1102 of the CARES Act.…

Employer Social Security Deferral & the CARES Act

Section 2302 The CARES Act, Delay of Payment of Employer Payroll Taxes, allows employers who wish to defer the payment of the 6.2% employer social security taxes that would be paid through December 31, 2020 [1]. The first half of the taxes due would be deferred to December 31, 2021, while the second half of the total is deferred to…

Employee Retention Tax Credit

Section 2301 of the CARES Act, the Employee Retention Tax Credit was designed to help businesses who are closed, partially closed, or are dealing with substantial revenue losses due to COVID-19. If you received a Paycheck Protection Loan, you are not eligible for a tax credit [1]. Eligibility Private Employers, including non-profits, regardless of size, whose business was active and…

Expanded Tax Deductions for Interest Expense Payments

Please find the following post regarding Expanded Tax Deductions for Interest Expense Payments under the CARES Act, from the law firm WithersWorldwide: Private Client Considerations: Expanded tax deductions for your interest expense payments with the CARES Act April 8, 2020 Tax Code Section 163(j) had long imposed limitations on certain corporate taxpayers' ability to take a tax deduction for certain…

Small Business Administration Delays

Dealing with Delays from the SBA If you're having trouble accessing applications, funds, and other resources from the SBA (Small Business Administration), you are not alone. The New York Times recently published an article detailing the reasons for delays many businesses are facing in trying to access loans the SBA is backing. They include, but are not limited to: Small…

The Paycheck Protection Program and Foreign Owned Businesses

Please find the following article (in English and Italian) provided by Hanz Chiapetta, a partner in the law firm of Lawtelier: If you are a US based business who has had to suspend, or reduce, operations as the result of the Coronavirus pandemic, financial aid is on the way to help you keep your employees and pay your bills. Foreign owned…

Nota dell’avvocato – Paycheck Protection Program & CARES Act

Vi preghiamo di leggere questo aggiornamento riguardante il provvedimento CARES Act e Paycheck Protection Program che ha scritto l’avvocato Andrea Fiocchi, Partner di Reinhardt LLP : 3 Aprile 2020 (3a Parte) Abbiamo i seguenti aggiornamenti per coloro che stanno avendo difficoltà a depositare la domanda di PPP con la propria banca:  BNB Bank Abbiamo parlato con BNB Bank (https://www.bnbbank.com/) pochi minuti fa.…

Lawyer’s note on the CARES Act and SBA Applications

Please see the interesting note on the CARES Act and SBA Applications, regarding Affiliations and Companies with over 500 employees, provided by Charles R. Bernardini, a lawyer from  Nixon Peabody, LLP, a law firm with whom we are acquainted. When applying for SBA CARES loan there is potential problem for groups with more than 500 employees. The CARES loan application…