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23 June 2020

Does One Small Step for the DOL = One Giant Leap for Plan Administrators? DOL Issues Final Rule on Retirement Plan Electronic Disclosures

On May 27, 2020, the Department of Labor (DOL) finally entered the 21st century by issuing its final rule permitting plan sponsors to provide certain retirement plan disclosures to participants electronically.  The final rule updates the DOL’s October 22, 2019 proposed rule with minimal changes. The final rule provides a safe harbor for retirement plan […]

17 June 2020

Small Business Administration (SBA) and Treasury Department Post Updated Paycheck Protection Program (PPP) Loan Forgiveness Applications and Instructions

On June 17, 2020, in furtherance of their efforts to update various Paycheck Protection Program (PPP) rules, guidance and forms to implement the PPP Flexibility Act, the U.S. Small Business Administration (SBA) and Treasury Department (Treasury) made available updated PPP loan forgiveness applications and instructions.  There are now two forms of PPP loan forgiveness application: […]

16 June 2020

Federal Reserve Seeks Feedback on Non-Profit Expansion of Main Street Lending Program

On June 15, 2020, the Federal Reserve (the Fed) announced that it is seeking public feedback on a proposal to expand its Main Street Lending Program (MSLP) to provide access to credit for non-profit organizations (NPOs).  Consistent with the already announced for-profit MSLP facilities, the Fed’s proposed expansion would offer loans to small and medium-sized […]

16 June 2020

Small Business Administration (SBA) Reopens its Economic Injury Disaster Loan (EIDL) and EIDL Advance Programs to All Eligible Applicants

On June 15, 2020, the U.S. Small Business Administration (SBA) announced that it had reopened its Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants.  Over the previous month, the EIDL portal had been accepting applications only from certain agricultural businesses that had initially been ineligible to participate in the […]

15 June 2020

Supreme Court Rules that Title VII Protects Employees from Discrimination on the Basis of Sexual Orientation and Transgender Status

On June 15, 2020, the United States Supreme Court issued a landmark ruling and held that an employer who fires an employee merely for being homosexual or transgender violates Title VII.  Justice Neil Gorsuch wrote the Court’s majority opinion, in which Chief Justice Roberts and Justices Ginsburg, Breyer, Sotomayor, and Kagan joined.  Justices Alito, Thomas, […]

12 June 2020

New PCORI Fee Amount Released

The IRS just released Notice 2020-44, which contains the updated Patient-Centered Outcomes Research Institute (“PCORI”) fee amount for plan years that end on or after October 1, 2019, and before October 1, 2020.  The updated fee is $2.54 per covered life for plan years ending during this period. Background The PCORI fee originally applied to […]

09 June 2020

Federal Reserve Announces Expansion to Main Street Lending Program (MSLP), Seeks to Facilitate More Lending to Small and Medium-Sized Businesses

On June 8, 2020, the Federal Reserve (the Fed) announced an expansion to its Main Street Lending Program (MSLP) to allow more small and medium-sized businesses to utilize the program. Among other things, the Fed generally decreased minimum loan thresholds, increased maximum loan limits, adjusted principal repayment schedules and extended the maturity of MSLP loans. […]

09 June 2020

MIOSHA Penalties and Enforcement Scheme in Governor’s Executive Orders Are Invalidated

On June 4, 2020, the Michigan Court of Claims declared that Executive Order 2020-97 was unlawful to the extent that it deemed any violation of its workplace safety standards a per se violation of MIOSHA.  Although Executive Order 2020-97 has since been replaced by Executive Order 2020-114, the new executive order contains the identical language […]

08 June 2020

Small Business Administration (SBA) and Treasury Announce Plans to Update Paycheck Protection Program (PPP) Applications and Rules, State Deadline for PPP Loan Approvals Remains June 30, 2020

On June 8, 2020, the U.S. Small Business Administration (SBA) and Treasury Department issued a joint press release announcing their plans to update Paycheck Protection Program (PPP)-related applications, rules and other guidance in light of the enactment of the PPP Flexibility Act on June 5, 2020. The press release states that SBA, in consultation with […]

05 June 2020

President Signs Paycheck Protection Program Flexibility Act into Law, Implementing Bipartisan PPP Amendments Broadly Supported by Congress

Following passage by the House of Representatives and the Senate on an overwhelmingly bipartisan basis, the Paycheck Protection Program Flexibility Act of 2020 (the Act) was signed into law by President Trump on June 5, 2020.  Among other things, the Act provides borrowers under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) more time […]