While businesses are faced with many challenges in the wake of COVID-19, there are opportunities available to help keep your business afloat…
In the turbulent wake of the COVID-19 disaster, and make no mistake it is a natural disaster as real as hurricane, earthquake or tornado, the federal government, together with state and local governments, has enacted a variety of measures that are available to help small businesses weather the storm. The problem is, the federal legislation alone consists of 880 pages, with references and overlaps with Internal Revenue, Small Business Association and Banking Codes.
Benefits available to small to mid-size companies
The federal package provides a mix of benefits for small to mid-size companies with 500 employees or fewer. Qualifying businesses have access to federally guaranteed loans of up to $1,000,000 that can be used to maintain payroll and ordinary business expenses like rent, utilities, mortgage payments or interest on debts, even if businesses are temporarily closed. When it comes to payroll security, the legislation covers salary, sick leave, severance, health benefits, and state and local payroll-related taxes. These loans are non-recourse, require no collateral and best of all, under specified circumstances, the debt will be forgiven in full. Think about what an additional million dollars can do to help you keep your small business afloat.
Industry-specific benefits
Additional industry-specific benefits are also available. For instance, revisions to the IRS Code provide substantial new benefits to real estate businesses. Under the existing tax code, depreciation losses will only shelter the first $500,000 of a married couple’s nonbusiness income, such as capital gains from investments. The result is that people can enjoy big tax breaks stemming from only-on-paper losses, even if they enjoy big cash profits in the real world. The new stimulus bill lifts the $500,000 restriction for three years — this year, and two retroactive years — a boon for couples with more than $500,000 in annual capital gains or income from sources other than their business.
If you have questions, please contact us
Now is not the time to try and navigate the breakers alone. The attorneys at Scarinci Hollenbeck are thoroughly familiar with every aspect of the new legislation and are ready to stand by your side to make sure your small business achieves the maximum potential benefits available. If you have any questions or if you would like to discuss the matter further, please contact me, Don Pepe, or a member of Scarinci Hollenbeck’s COVID-19 Crisis Management Group at 201-896-4100.
EEOC Enforcement Priorities Take Shape Under New General Counsel Leadership
On November 18, 2025, President Trump nominated M. Carter Crow, the Global Head of Labor and Employment at Norton Rose Fulbright LLP, to be General Counsel of the EEOC. Carter Crow focuses his practice on wage and hour litigation, contracts, and restrictive covenants. As of this writing, Carter Crow has yet to be voted out […]
President Trump’s Nomination of Brittany Bull Panuccio Restores EEOC Quorum
What the Commission’s New Majority Means for Workplace Enforcement and Employer Compliance On October 7, 2025, the U.S. Senate confirmed President Trump’s nomination of Brittany Bull Panuccio to a vacant seat on the Equal Employment Opportunity Commission (EEOC or the Commission). Commissioner Panuccio’s confirmation grants EEOC a quorum for the first time since President Trump’s […]
The Intersection of SEQRA Reform and New York’s Updated Building and Energy Codes: Impacts on Project Planning
As discussed in prior updates, Governor Hochul’s administration has proposed targeted adjustments to the State Environmental Quality Review Act (SEQRA) to reduce procedural delay for certain housing projects that do not present significant environmental impacts. These proposals are part of the Governor’s 2026 agenda and include targeted SEQRA exemptions, geographic eligibility limits, floodplain exclusions, and […]
Proposed SEQRA Updates Aim to Accelerate Housing While Maintaining Environmental Standards
New York State is pursuing a significant reform initiative aimed at reducing procedural delays associated with the State Environmental Quality Review Act (SEQRA) for certain housing projects. The proposal, which is part of Governor Kathy Hochul’s 2026 State of the State agenda under the “Let Them Build” initiative, seeks to create targeted exemptions from SEQRA […]
New Jersey Enacts Comprehensive Hemp-Derived Cannabinoid Product Framework: What Businesses Need to Know
On January 12, Governor Phil Murphy signed S4509 into law, ushering in a sweeping regulatory framework for hemp-derived cannabinoid products in New Jersey. The statute repeals prior provisions governing intoxicating hemp and aligns state law with newly enacted federal standards under 7 U.S.C. §1639o. This development marks a significant shift for manufacturers, retailers, and distributors […]
New AI Executive Order: What It Means for AI Regulation
On December 11, 2025, President Donald J. Trump signed an executive order titled Ensuring a National Policy Framework for Artificial Intelligence (Executive Order). According to the Trump Administration, the goal is to create a uniform federal approach to AI policy and reduce conflicting rules across different states. For businesses operating in the AI industry, the […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
