By: Robert Lakind, Esq.The CARES Act, which was passed On March 27, 2020, provides economic aid to airports by making $10 billion in grants available. Further, as explained below, unlike traditional AIP Grants, generally, for grants issued under the CARES Act, the FAA will cover 100% of the allowable cost of the project for which [...]
By: Arnold Lakind A number of publications on the web have examined the question of whether there is insurance coverage for loss of income and expenses paid as a consequence of the COVID-19 pandemic and Governor Murphy's Executive Orders. Congress has encouraged insurance companies to pay these claims even in the absence of specific [...]
By: Jeffrey Hall Late Tuesday, Tim Sullivan, CEO of the New Jersey Economic Development Authority (“EDA”), presided over a webinar which outlined several programs the EDA has cobbled together in response to the COVID-19 crisis and its impact on New Jersey small businesses and non-profits. For more information on the announcement of these programs, [...]
By: Robert StevensThe Corona Virus Aid, Relief, and Economic Securities Act, known as the CARES Act, has important provisions as they relate to the pay of employees. The Act modifies and works in conjunction with the Families First Coronavirus Response Act ("FFCRA"), which was signed by the President on March 24, 2020 and goes into [...]
By: Brian Paul The CARES Act includes a provision allowing a borrower to defer mortgage payments for up to 180 days. Homeowners who have federally backed mortgages (Fannie Mae, Freddie Mac, FHA or USDA loans) and are experiencing financial hardship due to the coronavirus pandemic may request forbearance for up to 180 days. During [...]
By: Bruce Sattin The Coronavirus Aid, Relief and Economic Security Act ("CARES Act”) that Congress has been debating for weeks has finally become law. One major portion of the law is the Relief for Workers Affected by Coronavirus Act, which has extended unemployment benefits to many who have lost their jobs, had their hours [...]
By: Benjamin Branche Section 6428. 2020 Recovery Rebates for Individuals Due to significant financial hardships foist upon individuals at this difficult time, the Senate approved the Recovery Rebate. The amount of the rebate is $1,200 for those filing tax returns as an individual, and $2,400 for individuals filing joint tax returns. The rebate is [...]
By: Scott Borsack Who is eligible for Paycheck Protection loans? Generally employers with fewer than 500 employees, independent contractors and certain not for profit entities are eligible for a Paycheck Protection loan. There are provisions that allow employers with multiple locations to consider each location as a separate eligible borrower. Is there a loan [...]
By: Jeffrey Hall As with other government agencies, the New Jersey Economic Development Authority (“EDA”) has unveiled an emergency program to deal with the COVID-19 crisis that has beset New Jersey’s small businesses. While this program will be useful, it will be on a first come, first serve basis and will not be funded [...]
By: Janine Danks Fox Congress has enacted numerous emergency measures to ensure that college and graduate students are not burdened with Federal student loan payments, accrual of interest on federal loans, or collection efforts for loan delinquencies during the COVID-19 emergency. The CARES Act also grants Higher Education Institutions the ability to provide emergency [...]
