
Donald M. Pepe
Partner
732-568-8370 dpepe@sh-law.comClient Alert
Author: Donald M. Pepe
Date: March 27, 2020
Partner
732-568-8370 dpepe@sh-law.comIn 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.
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.
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.
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.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
States have a problem. As costs and expenses rise, they must find new ways to raise revenue that is politically palatable that the taxpayers can live with. What is a state like New Jersey to do when it is staring at a $1.2 billion budget deficit? It already has exceedingly high property taxes. The sales […]
Author: Scott H. Novak
Many trademark scammers send official looking letters or emails urging immediate action to pressure you to pay them money for your trademark or “additional” services you do not require. If you ever receive a notice asking for payment as to your trademark from any such company, DO NOT PAY IT. To all our clients, we […]
Author: Ronald S. Bienstock
FinCEN Beneficial Owner Reporting Must be Completed by January 13 for pre-2024 Companies On December 23, 2024, the 5th Circuit Court of Appeals lifted the injunction that stayed the enforcement of the Corporate Transparency Act put into place by a federal judge in Texas. The result is that if you are required to file a […]
Author: Scott H. Novak
IMPORTANT UPDATE! FinCEN Corporate Transparency Act filings shut down by the US District Court for the Eastern District of Texas Under the Corporate Transparency Act (CTA), entities that were in existence before January 1, 2024 are required to file Beneficial Owner Reports (BOR) with the Financial Crimes Enforcement Network (FinCEN) before January 1, 2025. Requirements […]
Author: Scott H. Novak
On September 12, 2024, Gov. Phil Murphy signed controversial legislation that will dramatically alter New Jersey’s cannabis, hemp, and liquor industries. The new law aims to regulate the influx of intoxicating hemp products into the marketplace by bringing them under the purview of the New Jersey Cannabis Regulatory Commission (CRC). That means that edibles, THC-infused beverages, […]
Author: Daniel T. McKillop
On May 16, 2024, President Joe Biden announced that his administration is committed to reclassifying cannabis. Shortly thereafter, Attorney General Merritt Garland initiated the formal rulemaking process to move cannabis from a Schedule I to a Schedule III drug under the Controlled Substances Act (CSA). “This is monumental,” President Biden said in a video statement […]
Author: Daniel T. McKillop
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
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!