Business, Contracts, Finance & Business Insolvency

• SBA Issues Interim Final Rule on PPP Loan Forgiveness

• SBA Issues Interim Final Rule on the SBA’s Process for Reviewing PPP Loans and Loan Forgiveness Applications

• SBA Issues Interim Final Rule Providing Additional Guidance on PPP Eligibility Requirements

• NYSE Provides Additional Temporary Relief From Shareholder Approval Requirements During COVID-19 Pandemic

• Massachusetts Adopts Four-Phase Approach to Reopening

• IRS Announces New Health Savings Accounts and High Deductible Health Plan Limits

• Businesses Must Submit a Self-Certification Prior to Reopening on May 20

• CARES Act Paycheck Protection Program (PPP) May 18, 2020 Update

• SBA Releases PPP Loan Forgiveness Application

• House of Representatives Passes HEROES Act

• Federal Reserve Releases Updated Term Sheet and FAQs for Asset-Backed Securities Loan Facility

• IRS Updates FAQs to Expand Eligibility for Employee Retention Credits Under the CARES Act

• CARES Act Paycheck Protection Program (PPP) May 13, 2020 Update

• United States Patent and Trademark Office Announced COVID-19 Prioritized Examination Pilot Program for Small and Micro Entities

• Commerce Secretary Announces Allocation of $300 Million in CARES Act Funding for Coastal and Marine Fishery Participants

• SBA Issues Updated FAQs Regarding PPP Loans

• CARES Act Paycheck Protection Program (PPP) May 6, 2020 Update
  • Safe Harbor Extended Until May 14, 2020

• Treasury Issues Updated PPP FAQs Addressing Layoffs and Rehires for Loan Forgiveness; Hints at Interim Final Rule

• IRS Issues Guidance on Denying Deductions Related to PPP Loans

• IRS Issues Guidance Regarding the Public Approval Requirement Under § 147(f) of the Internal Revenue Code (Code) for Tax-Exempt Qualified Private Activity Bonds

• IRS Issues Guidance Regarding Expanded Temporary Rule Allowing Governmental Issuers to Purchase Certain of Their Own Tax-Exempt Bonds

• IRS Issues Guidance on Proposing Revenue Procedure Updating Group Exemption Letter Program

• IRS Issues Guidance Regarding the Treatment of Certain Stock Distributions by Publicly Offered Real Estate Investment Trusts and Publicly Offered Regulated Investment Companies Under the Internal Revenue Code

• IRS Issues FAQs Regarding COVID-19 Relief for Retirement Plans and IRAs

• CARES Act Paycheck Protection Program (PPP) May 1, 2020 Update

APRIL 2020 DEVELOPMENTS:  

• The Federal Reserve’s Main Street Lending Program April 30, 2020 Update
  

• SBA Publishes Guidance on How to Calculate Maximum Loan Amounts

• SBA Updates FAQs on PPP

• SBA Publishes Interim Final Rule on Disbursements

• SBA Publishes Interim Final Rule for Promissory Notes, Authorizations, Affiliation and Eligibility

• SBA Publishes Interim Final Rule on Additional Criterion for Seasonal Employers

• Treasury Secretary Mnuchin Issues Statement Regarding Review Procedure for PPP Loans

• IRS Issues Revenue Ruling 2020-29 Modifying Electronic Submission Process for Various Letter Rulings, Determinations, and Closing Agreements

• Additional Funding Allocated to Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) 

• CARES Act Paycheck Protection Program (PPP) April 24, 2020 Update
  • The SBA resumed accepting PPP loan applications from approved lenders on April 27, 2020 at 10:30 a.m. EDT

• Treasury Issues PPP Eligibility Guidance via FAQs

• President Signs Paycheck Protection Program and Health Care Enhancement Act Into Law on April 24, 2020

• Connecticut Insurance Department to Partner with Accounting Firms to Expand the State’s Captive Insurance Market

• CARES Act Paycheck Protection Program (PPP) April 23, 2020 Update

• Senate Passes $484 billion COVID-19 Relief Package
  • Senate Legislation 

• CARES Act Paycheck Protection Program (PPP) April 16, 2020 Update

• SBA No Longer Accepting New PPP Applications Due to Lack of Available Funding

• SBA No Longer Accepting New EIDL Applications Due to Lack of Available Funding

• PPP FAQs

• The Federal Reserve’s Main Street Lending Program

• Federal Bank Regulators Issue Interim Final Rule for Paycheck Protection Program Facility

• IRS Extends the Due Date for the Second 2020 Quarterly Estimated Federal Income Tax Payment Until July 15, 2020

• CARES Act Paycheck Protection Program (PPP) April 9, 2020 Update

• Federal Reserve Takes Additional Actions to Provide up to $2.3 trillion in Loans to Support the Economy

• Paycheck Protection Program FAQs

• Text Instructions for IRS Form 7200: Advance Payment of Employer Credits Due to COVID-19

• CARES Act Paycheck Protection Program (PPP) April 3, 2020 Update

• CARES Act Paycheck Protection Program (PPP) Goes Live Friday, April 3^rd

• The Coronavirus Aid, Relief, and Economic Security (CARES) Act Summary

• The Small Business Owner’s Guide to the CARES Act

• SBA Economic Injury Disaster Loans (EIDL) Live Now

• IRS Issues Warning Regarding COVID-19 Scams

• COVID-19 Emergency Loans Small Business Guide and Checklist

MARCH 2020 DEVELOPMENTS:

• State of Connecticut Insurance Department Issues COVID-19 Business Interruption Insurance FAQs

• Insurance Coverage: Business Interruption Coverage May Require Creativity

• Governor Lamont Issues Executive Order 7H - "Stay Safe, Stay Home"

• Business Exemptions for Coronavirus - Executive Order 7H

• Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus

• Trump Administration Moves Tax Filing Day to July 15, 2020

• Internal Revenue Service Filing and Payment Relief Deadlines Questions and Answers

• SEC Provides Conditional Regulatory Relief and Assistance for Companies Affected by the Coronavirus Disease

• Banking Commissioner Reassures Connecticut Residents on the Safety of their Deposits in Financial Institutions

• Federal Reserve Bank Takes Major Action To Support Markets

• Federal Reserve Announces Extensive New Measures to Support the Economy

• Banks Adapt to COVID-19 Threat with Drive-Through Options, Appointments

• Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus
  

Connectiut Department of Economic and Community Development (DECD)

• DECD is working with small businesses impacted by COVID-19. Specifically, the agency will defer loan payments for all Small Business Express loans for three months. Additional details include:
  • The Small Business Express program has approximately 800 outstanding loans with an aggregate loan balance of approximately $110 million.
  • The average loan has a five-year remaining term.
  • Approximately $5 million in loan payments will be deferred.
• In addition, the agency is making efforts to accommodate other affected businesses with DECD loans.

Connectiut State Department of Revenue Services (DRS)

• Effective 3.18.20, the Department of Revenue Services will be suspending walk-in services at its four branch office locations in Hartford, Bridgeport, Waterbury, and Norwich. All business with DRS can be conducted electronically, by telephone, or by written correspondence.
• Effective immediately, the filing deadlines for certain annual tax returns due on or after March 15, 2020, and before June 1, 2020, are extended by at least 30 days.
• In addition, the payments associated with these returns are also extended to the corresponding due date in June.
• The impacted returns and the associated filing dates and payment deadlines are set forth below:
  • 2019 Form CT-1065/CT-1120 SI Connecticut Pass-Though Entity Tax Return: Filing date extended to April 15, 2020; payment deadline extended to June 15, 2020
  • 2019 Form CT-990T Connecticut Unrelated Business Income Tax Return: Filing date extended to June 15, 2020; payment deadline extended to June 15, 2020
  • 2019 Form CT-1120 and CT-1120CU Connecticut Corporation Business Return: Filing date extended to June 15, 2020; payment deadline extended to June 15, 2020
• Individuals in the process of preparing their Connecticut income tax (Form CT-1040) returns due April 15, should be advised that DRS will adjust due dates for filing and payment of state income taxes to align with any specific, actionable announcement from the Internal Revenue Service regarding due dates for the filing and payment of federal income taxes.
• Taxpayers are encouraged to visit the DRS website for updates
• Those who need to contact DRS regarding their specific situation may email the agency or call:
  • (860) 297-5962 (from anywhere)
  • (800) 382-9463 (within Connecticut, outside Greater Hartford area only)
  • (860) 297-4911 (hearing impaired, TDD/TT users only)

Connecticut Public Utility Regulatory Authority (PURA) 

• PURA has ordered the gas, electric, and water public service companies it regulates to implement a shut-off moratorium and refrain from terminating utility service to residential customers, except for reasons of public safety, for a 30-day period subject to renewal to ensure all residents may safely remain home during the epidemic.

Connecticut Department of Energy and Environmental Protection (DEEP)

• DEEP is closing all visitor centers and facilities associated with state parks that are open to the public and receive significant visitor traffic throughout the day. Examples include the visitor center at Dinosaur State Park and the Meigs Point Nature Center at Hammonasset State Park. The closures are effective immediately.
• DEEP is also immediately suspending large gatherings at all of their facilities and parks. These include, for example, weddings that are held at Harkness Memorial State Park. The agency is typically required to provide custodial and other facilities support for these kinds of events. DEEP is sending cancellation notices to the groups that made reservations for these large gatherings through at least the end of April.

Connecticut Department of Administrative Services

• Construction Services Note Regarding COVID-19

State of Connecticut Insurance Department

• Coronavirus and Business Interruption Insurance – FAQs