The team at Dodson Parker Behm & Capparella, PC shares updates and thoughts on developments in the law.

[UPDATED 6.5.20] Guidance & New Legislation on Forgiveness for PPP Loans

Since our original post on May 20 (text below), new legislation has addressed some matters regarding the SBA’s guidance on PPP Loan Forgiveness. Some take-aways from the new legislation are: Instead of an 8-week covered period for distribution of funds, the period is now 24 weeks or December 31, 2020, whichever is earlier. However, borrowers with existing loans can elect to keep the...

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Tennessee Business Relief Program: What You Need to Know

The recently-announced Tennessee Business Relief Program will distribute $200 million of federal stimulus funds to Tennessee businesses. The funds are targeted toward the public-facing businesses that faced closure or decreased revenue as a result of the COVID-19 pandemic. It is estimated that more than 28,000 Tennessee businesses will be eligible for funds, and it is expected that 73% of these...

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COVID-19’s Impact on Contract Disputes

What happens when an extreme, unanticipated event occurs that undermines or frustrates the purpose of a contract? Are the parties still bound by the contract, or are they relieved of their obligations? The COVID-19 pandemic has raised these and countless other questions. The answers are not clear. However, there are three legal concepts that help shed light on the situation. Here’s what...

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[UPDATED] Are you Covered? Business Interruption Insurance and Covid-19

This article was originally published on April 9, 2020. We have updated it as of May 1, 2020 to reflect new developments. Click here to jump to the update. Does your business interruption insurance cover pandemic losses? Three things to do today. Your property insurance policy likely includes business interruption (“BI”) coverage. BI insurance covers loss of business income and other reasonable...

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What You Need to Know about Your Retirement Accounts as a Result of the Pandemic

Federal legislation was recently enacted which affects your retirement accounts–such as IRAs, 401ks, 403(a)s, 403(b)s, and governmental 457(b) plans. This post is a summary of important changes. I. Changes for All Individuals All Required Minimum Distributions (RMDs) are waived for the calendar year 2020. If you have already received a RMD for 2020, you may either roll it over into a...

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April 15 is NOT Tax Day. Here are 5 Things You Need to Know about Taxes This Year

Today we’re talking about important changes to state and federal tax deadlines, relaxed rules on hardship withdrawals from 401(k)s, and a deduction that can help employers and at-home workers. Here are five things to know about tax matters in 2020:  1.  IRS Extension for Filing and Paying TaxesThe April 15 deadline for the filing of federal income tax returns and payment of the taxes has...

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Addressing COVID-19: What Employers Need to Know

The COVID-19 pandemic has placed employers in the difficult position of trying to navigate financial losses while addressing employee matters and health concerns.  This fact sheet is intended to provide some critical information that employers need to know during this uncertain time, including highlights of the federal legislation enacted in recent weeks in response to the COVID-19 pandemic....

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