Co-authors: Gray Reed lawyers too talented and numerous to mention
I start with a promise: To leave you-know-what behind as soon as possible. In the meantime, here are summaries of your federal government’s effort to alleviate the distress caused by the situation. Click on each title for more detail and to learn about the appropriate Gray Reed attorneys who can help you navigate the new laws.
Business Loan Programs in the CARES Act: What Businesses Need to Know
The Coronavirus Aid, Relief and Economic Security Act was signed into law by President Trump on March 27, 2020. Its commercial lending provisions are intended to provide a lifeline to the economy in the form of loans to eligible businesses to fund payroll and other operating costs. This alert summarizes the following loan programs in the CARES Act:
- the Paycheck Protection Program,
- Economic Injury Disaster Loans (EIDLs),
- advances for up to $10,000 on EIDLs (an Emergency Advance) and
- the Subsidy for Certain Loan Payments.
CARES Act Tax Provisions Impacting Businesses
This alert reviews the CARES Act’s main tax provisions that impact businesses. The Act provides immediate benefits to businesses through a number of provisions including:
- a new SBA loan program called the Paycheck Protection Program and
- both refundable payroll tax credits and payroll tax deferral for a significant portion of employer payroll taxes.
- the Act also makes a number of significant taxpayer-friendly changes to the Internal Revenue Code.
The Great Toilet Paper Crisis: Price-Gouging During the Coronavirus Pandemic
Because of the uncertainty caused by the pandemic, staples such as toilet paper, hand sanitizer, bottled water and surgical masks are flying off the shelves. Retailers’ natural response to the sudden increase in demand for those products would be to raise their prices, but merchants who do so run the risk being accused of and sued for “price-gouging.” This article reviews price-gouging laws in Texas and what retailers should be careful of.
Is this how you are looking at the situation these days? Or maybe its this?