IRS Issues Guidance on Deferral of Employee Social Security Taxes

On August 28, 2020, the Internal Revenue Service issued Notice 2020-65 (the “Notice”) to provide guidance on implementing the employee payroll tax deferral contained in President Trump’s Presidential Memorandum of August 8, 2020. The Notice authorizes, but does not require, employers to defer withholding and payment of the 6.2% employee-paid Social Security tax on wages … Continued

New York Enacts Statewide Sick Leave Law

Following enactment of New York’s COVID-19 sick law, Governor Cuomo signed into law on April 3, 2020 a separate and permanent statewide sick leave law (the “Law”). The Law adds a new Section 196-b to the New York Labor Law that requires private employers, regardless of size, to provide sick leave to their employees who … Continued

New York State Issues Reopening Requirements and Guidance for Office-Based Work

As part of its “New York Forward” reopening plan1 for “Phase II” businesses, New York State authorized office-based businesses (other than medical offices) to reopen on June 22, 2020; provided they meet certain “minimum” requirements in light of COVID-19. These requirements must be met for office-based businesses to reopen, as well as by office-based businesses … Continued

PPP Forgiveness Changes Coming as Senate Passes Paycheck Protection Program Flexibility Act

The U.S. Senate yesterday unanimously passed the House of Representative’s Paycheck Protection Program Flexibility Act (H.R. 7010), which now goes to President Trump for his expected signature. The Act’s significant amendments to the Paycheck Protection Program (“PPP”) loan program include the following: Borrowers have until December 31, 2020 to spend PPP funds. Borrowers can have … Continued