News & Resources
Category: Corporate and Taxation
FLORIDA SMALL BUSINESS EMERGENCY BRIDGE LOAN PROGRAM
Following the shutdown of bars and restaurants throughout Florida, intended to slow the spread of COVID-19, Florida Governor Ron DeSantis announced the activation of the Florida Small Business Emergency Bridge Loan Program. This program, which is administered by the Florida Department of Economic Opportunity, offers emergency bridge loans to small businesses impacted by COVID-19. Perhaps most critically in this time of uncertainty, the program does not, as of this time, contain any requirement for personal guaranties or collateral.
Families First Coronavirus Response Act
On March 18, 2020, the Families First Coronavirus Response Act was signed into law. The Act, among other things, amends the Family and Medical Leave Act (FMLA) to provide paid emergency leave to eligible employees and requires covered employers to provide paid sick leave to employees in need of such leave due to the Coronavirus pandemic. The Act also provides reimbursable tax credits to covered employers for the costs associated with providing this paid leave and sick time.
THE "CARES" ACT BECOMES LAW
Late Friday, the President signed into law a $2 trillion Coronavirus stimulus package, known as the Coronavirus Aid, Relief and Economic Security (CARES) Act, which passed the House following several days of intense negotiations between Congressional leaders and Treasury Secretary Steven Mnuchin. The bipartisan legislation passed the Senate in a 96-0 vote late Wednesday after lawmakers reconciled differences over expanded unemployment benefits, business tax breaks and aid to states and hospitals.