Filtered by category: Business Regulations Clear Filter

Recent Developments and Guidelines for PPP Loans from the SBA

From the Center for Financial, Legal & Tax Planning, Inc.

Over the course of the first half of October, the SBA has released three new guidelines addressing some of the most frequently asked questions regarding PPP loans. For those of you that are unaware, PPP (Paycheck Protection Program) loans were provided to small businesses as a response to the economic losses due to COVID-related shutdowns. PPP borrowers can qualify to have the loans forgiven if the proceeds are used to pay certain eligible costs. On August 8, 2020, the program stopped accepting new applications even though almost $134 billion of congressionally approved funds remained unspent. Now, most businesses are focusing on applying for forgiveness, which is all but guaranteed so long as 60% of the forgiven amount was used for payroll purposes.

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SBA 7(a) Loan Breakdown

From the Center for Financial, Legal, and Tax Planning

On Friday March 27, 2020, Donald Trump signed into law the largest lifeline (the CARES Act) in United States history to combat the most trying economic times for the
United States. As markets react, supply chains strain, and lockdowns ensue havoc, it’s no secret that small business, the self-employed, independent contractors, and sole proprietors are the most vulnerable during these uncertain times. To help the most vulnerable, the Cares Act provides a small business-focused Paycheck Protection
Program (PPP) allowing the federal government to guarantee SBA 7(a) loans up to 100% through December 31, 2020. The SBA 7(a) loans are available to companies with 500 or less employees who are below a gross annual receipts threshold in certain industries. This article will lay out the latest developments regarding the PPP, more specifically, requirements to obtain the loan, the requirements as to how the loan can be used, and the underlying premise of the loan’s “forgiveness.”

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401(k) Under the CARES Act

From the Center for Financial, Legal, and Tax Planning

The Coronavirus Aid, Relief, and Economic Security Act (CARES ACT) was passed by President Trump to combat the economic impact of COVID-19. While the CARES Act provides a number of advantageous tax provisions, one in particular may be helpful to those affected by COVID-19 with a retirement savings plan. Under the CARES Act certain participants can take a coronavirus-related distribution up to $100,000 from their retirement plan.

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Coronavirus Stimuli: How Will They Affect Individuals and Businesses?

From the Center for Financial, Legal, and Tax Planning

There’s been a lot of information circulated with regards to coronavirus-related legislation that’s either been signed into law or is currently proposed. However, some of
the information is either inaccurate, a mixture of truth, or just plain false. This article will discuss some of the stimulus packages that have already passed, items that are
proposed, and measures seeking to directly benefit business owners.

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Protect Your Business Name in the Information Technology Era

By Roman Basi, president of the Center for Financial, Legal & Tax Planning Inc.  

There is a popular misconception among many small and closely-held business owners regarding their business name. State law demands that any corporation formed within that state must “have a name unique from others” within the state.  Therefore, many business owners mistakenly assume that their name registration confers unlimited rights to that name.  Unfortunately this is not true and can lead to expensive legal issues.

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NAW Request for Anti-Trust Investigation of Amazon

NAW has just sent letters to the Federal Trade Commission (FTC) and the Department of Justice (DOJ) requesting that their agencies open an investigation into the General Services Administration’s (GSA) proposed e-Marketplace platform (Section 846) and Amazon’s unfair and anti-competitive practices and processes.

NAW believes that GSA should be fostering maximum competition at this stage of Section 846’s implementation.  Even though GSA identified three credible e-commerce purchasing channels, GSA’s latest Request for Proposal (RFP), Commercial e-Marketplace Acquisition (October 1, 2019), confines its pilot test to only one model, that of the e-marketplace portal, the Amazon platform.  All other e-commerce models have been excluded.

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EEOC Extends Deadline for Filing Compensation Data

A NAW Legal Advisory:

As we first reported in a Legal Advisory in April, the EEOC was ordered by a DC District court to begin collecting compensation data from all covered employers (this data is in addition to the demographic data already required to be filed).  Click here to see NAW’s Legal Advisory.

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Final Overtime Rule Released

A NAW Legal Advisory:

After several years of rulemaking, and successful legal challenges by NAW and others which resulted in a second round of rulemaking, the Wage and Hour Division (WHD) of the Department of Labor (DoL) on Friday published a final rule “Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales and Computer Employees” – the EAP or so-called “White Collar exemptions” from minimum wage and overtime pay requirements – under the Fair Labor Standards Act (FLSA.).

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New Consumer Data Privacy Law

A NAW legal advisory:

As you may know, the California legislature recently enacted a new and expansive consumer data privacy law.  This new law will require covered businesses to comply with strict requirements on the collection, use and disclosure of “personal information” on California residents.  The law was enacted in late June and will take effect on January 1, 2020.

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Federal Motor Carrier Safety Administration Releases New Hours of Service Rulemaking

August 22, 2019

From Seth Waugh, Associate Vice President-Government Relations, National Association of Wholesaler-Distributors (NAW)

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The Wayfair Decision – Heightened Risk of Successor Liability in Asset Transactions

The recent Supreme Court Decision - South Dakota v. Wayfair, Inc., – has dramatically impacted online retailers and increased possible successor liability risks in terms of Merger and Acquisition (M&A) transactions. Prior to the Wayfair ruling, the “physical presence” standard set out in Bellas Hess and Quill controlled online retailers’ necessity to pay South Dakota sales tax. National Bellas Hess, Inc. v. Department of Revenue of Ill., 386 U.S. 753 (1967) and Quill Corp. v. North Dakota, 504 U.S. 298 (1992). The Physical Presence rule allowed out of state retailers who sell their products or services online to avoid the states sales and use taxes due to a lack of actual, physical presence of the business in the state. However, under the South Dakota Statute affirmed by the Supreme Court, online retailers are now required to pay South Dakota sales tax if their business has a “substantial nexus” with the state. South Dakota v. Wayfair, Inc., 138 S. Ct. 2080, 2099 (2018). This is reached when the retailer has sold over $100,000 in in-state sales or completed over 200 transactions in the state on an annual basis. Id. at 2084.

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New NAW Legislative Issue Briefs

FROM: Jade West, NAW Senior Vice President-Government Relations

New NAW “Legislative Issue Briefs” are now available, including updates on:

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Vertullo: Is Your Company A Lawsuit Target?

From Globalfastenernews.com

While there are no recorded incidents of fastener workers regarding the California Prop 65 chemicals and no suits in fastener workplaces, Carmen Vertullo suggested “looking at your company as a target for a lawsuit.” READ MORE

NAW Joins Two Amicus Briefs on Labor Issues

FROM:
Jade West, Senior Vice President-Government Relations
National Association of Wholesaler-Distributors

NAW joins amicus brief on FLSA overtime rule:

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Supreme Court Win on Sales Tax Issue!

FROM:
Jade West, Senior Vice President-Government Relations
National Association of Wholesaler-Distributors

This morning the Supreme Court handed down a decision in the Wayfair case overturning the Quill decision and – finally!! – allowing states to require out-of-state/online sellers to collect state sales taxes.   NAW joined Amicus briefs in this case, and it is a huge victory for our brick-and-mortar businesses.

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The Tax Reform Back Story

A Message From NAW

As you know, NAW has long been involved in the fight for comprehensive tax reform, with particular focus on leveling the playing field between industries – including wholesale distribution – that have historically paid high effective tax rates and those industries that have enjoyed single digit effective rates – or even secured tax refunds.

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NAW Update on Regulatory Activity

A Message From Jade West, Senior Vice President-Government Relations
National Association of Wholesaler-Distributors

After years of reporting on the aggressive anti-business regulatory agenda coming out of Washington, D.C., we are happy to be reporting on the roll-back of regulations that has been undertaken by Congress and the Trump Administration, and what remains to be done.

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U.S. Passport Changes Are Coming: Here’s What You Need to Know

From SmarterTravel

Passport changes are coming, and if you plan on traveling in the future—especially if you’re among the 49 million Americans whose passports will expire in the next few years—you need to know what passport changes are in store. READ MORE

Overtime Litigation Update

A Message From Jade West, Senior Vice President-Government Relations, National Association of Wholesaler-Distributors

Since my last update to you on this topic there have been a number of procedural developments of significance to our legal challenge to the Obama Administration’s new overtime regulation scheduled to take effect on December 1st:

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LIFO in the GOP Tax Reform "Blueprint"

A Message From the National Association of Wholesaler-Distributors 

As you may know, the House Republicans have been working for several months on a series of six issue “blueprints” to set forth a policy agenda.  Their final blueprint, their tax proposal, is being publicly released at a press conference at 10:00 AM this morning.  While the official document was embargoed until 11:00 AM this morning, we saw a draft of it last evening, and it is very good news for us on LIFO.

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