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    Health Care M+A

    More Retirement Plan Guidance for Employers During COVID-19

    The Internal Revenue Service (IRS) recently issued Notice 2020-50 (the “Notice”), which, among other things, (a) expands the categories of individuals who are eligible for the special coronavirus-related distributions and the plan loan relief allowed by the CARES Act, (b) provides helpful guidance and examples on how qualified individuals will reflect the tax treatment of these distributions and loans on their federal income tax filings, and (c) provides employers a safe harbor procedure for implementing the suspension of loan repayments otherwise due through the end of 2020. 

    To read more, click here.


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    Blog Launch: COVID-19: What your Business Needs To Know
     

    Maryland Enters Phase 3 of COVID-19 Recovery Plan

    Governor Larry Hogan announced that Maryland will enter Phase 3 of its COVID-19 recovery plan effective September 4, 2020. Under Phase 3, all previously closed business may re-open, subject to certain limitations. Movie theaters and live entertainment venues may allow 50% of their maximum occupancies to attend shows, up to a maximum of 100 people for indoor events and 250 people for outdoor events. Houses of worship and retail stores may increase attendance from 50% of their maximum occupancies to 75%. 


    To read more, click here.

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    U.S. Travel Restrictions

    SBA Releases Interim Final Rule Related to Owner-Employee Compensation and Related Party Nonpayroll Costs

    The U.S. Small Business Administration issued an Interim Final Rule on August 25, 2020 (the “Rule”), addressing owner-employee compensation and related party nonpayroll costs.

    The Rule creates a threshold for owner-employee compensation caps. The Rule states that owner-employees with less than a 5% ownership stake in a C- or S-Corporation are not subject to the owner-employee compensation rule. 

    To read more, click here.

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    Constitutional Implications of COVID-19 Public Health Measures

    Boston Fed Announces that the Main Street Lending Program Facilities for Nonprofit Organizations Are Now Operational

    The Federal Reserve Bank of Boston (the “Boston Fed”), which is tasked with administering the Federal Reserve’s Main Street Lending Program, announced on September 4th that the Nonprofit Organization New Loan Facility and the Nonprofit Organization Expanded Loan Facility are now operational and that lenders may begin submitting loans to nonprofit organizations for acceptance under these facilities.  As with the facilities for loans to businesses, under the current terms of the facilities, the Boston Fed is authorized to accept loans until December 31, 2020.

    To read more, click here.