Safely Restarting Your Business: The Reopen Boston Fund
CLIENT ALERT By: Deniz Harrison June 19, 2020 Many local Boston businesses are feeling the impact of COVID-19 on their bottom line. While the Commonwealth of Massachusetts and the City of Boston are allowing businesses to reopen in a phased structure, the new safety requirements imposed by the Commonwealth and the City may impose […]
COVID-19 Impacts on Opportunity Zone Investment Requirements
CLIENT ALERT By: Peter Beach June 17, 2020 The 2017 tax law created capital gains tax breaks for investors who invest profits from stocks, bonds, and other assets into funds that finance projects in any designated opportunity zone (“OZ”). On June 5, 2020, the IRS issued Notice 2020-39 (the “Notice”), granting relief to qualified opportunity […]
2018 Net Operating Loss Carryback Filing Deadline – June 30, 2020
CLIENT ALERT By: Peter Beach June 17, 2020 As discussed in a previous Alert, the CARES Act provides for a carryback of any Net Operating Loss (“NOL”) arising in a tax year beginning after December 31, 2017, and before January 1, 2021, to each of the five tax years preceding the tax year in which […]
Forgiveness of PPP Loans May Be Taxable in NH and MA
CLIENT ALERT By: Peter Beach June 17, 2020 Borrowers who obtained funds under the CARES Act’s Paycheck Protection Program (the “PPP”) generally anticipated that the portion of a PPP loan that was forgiven would not be subject to either federal or state tax. In the case of federal tax, tax-free forgiveness is not in question, […]
Secretary Of State’s Select Committee On 2020 Emergency Election Support Issues Report
CLIENT ALERT By: Bradford E. Cook and Katherine M. Hanna June 10, 2020 On April 27, Secretary of State Bill Gardner appointed a 6-person Select Committee on 2020 Emergency Election Support to advise him on how to spend $3.2M of federal CARE Act funds to provide for safe and secure elections in the Fall of […]
New Hampshire Main Street Relief Fund – Final Grant Submission Due by June 12, 2020
CLIENT ALERT By: Paul Durham June 9, 2020 On June 5, 2020, the Governor’s Office for Emergency Relief and Recovery (“GOFERR”) (www.goferr.nh.gov) and the New Hampshire Department of Revenue Administration (the “DRA”) published further details regarding the New Hampshire Main Street Relief Fund program. Eligibility Criteria Main Street Relief Fund grants will only be available […]
Paycheck Protection Program Flexibility Act Becomes Law
CLIENT ALERT By: Paul Reuland and Colleen Lyons June 5, 2020 On Friday, June 5, 2020, the President signed into law the Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010) (the “PPP Flexibility Act”), amending several provisions of the Paycheck Protection Program (the “PPP”) under the CARES Act. The PPP Flexibility Act is intended […]
Overview of May PPP Loan Forgiveness Regulations
CLIENT ALERT By: Colleen Lyons June 5, 2020 As contemplated when the Paycheck Protection Loan Forgiveness Application was released in the middle of May, the Small Business Administration (“SBA”) released two sets of interim regulations on May 22nd – one with respect to Loan Forgiveness Requirements and the other with respect to SBA loan review […]
Unreasonable Delay in Executing Settlement Agreement May Constitute a Material Breach
CLIENT ALERT By: John Perten June 5, 2020 How long can you delay in signing a contract before the agreement it memorializes is stale and unenforceable? In Dalrymple v. Town of Winthrop, the MA appeals court determined that under the facts of that case, a year is too long. The decision makes clear that the […]
NH Child Care Recovery and Stabilization Program Deadlines Established: Prequalification Deadline is June 3, 2020 and Application Deadline is June 11, 2020
CLIENT ALERT By: Chris Candon May 29, 2020 Along with the establishment of several other funds (e.g., Main Street Fund, Nonprofit Fund, Healthcare Fund and Agriculture Grants), the Governor’s Office for Emergency Relief and Recovery (“GOEFRR”) has authorized the allocation and expenditure of an initial $20 million with $5 million in reserve in emergency funding […]
