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Articles by Grant Stephenson
The American Rescue Plan Act: What employers need to know
President Joseph Biden signed The American Rescue Plan Act earlier this month. The measure provides $1.9 trillion in funds for individuals and businesses in response to the COVID-19 pandemic. For employers, there are many key provisions to be aware of. My colleague Jyllian Bradshaw explains in this Employer Law Report blog.
For public companies, the time to update executive compensation practices is now: Final regulations issued under IRC Section 162(m) and American Rescue Plan Act further expands class of covered employees
At long last, the Department of the Treasury and Internal Revenue Service published final regulations to explain how changes to Internal Revenue Code Section 162(m) under the Tax Cuts and Jobs Act of 2017 (TCJA) affect the deductibility (or lack thereof) of compensation in excess of $1 million paid to covered employees. For the most part, the final regulations did not change any prior guidance.
Federal Corporate Transparency Act requires companies to disclose beneficial owner
Most companies established or registered to do business in the U.S. do not have to disclose or report their ownership information—but that is about to change. The recently-enacted Corporate Transparency Act, which went into effect Jan. 1, 2021, requires certain companies to report their beneficial owner(s) to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).
Better late than never? COVID-19 appropriations package addresses key issues in Paycheck Protection Program redux
On Dec. 20, 2020, U.S. Congress authorized a second wave of COVID-19 relief by way of a second significant stimulus package. The bill was in limbo until it was finally signed into law a week later. The 5,593-page bill features enhanced unemployment payments and direct cash payments to Americans nationwide, and it also makes several adjustments to the Paycheck Protection Program (PPP).
SEC proposes exemptions from registration for finders
The Securities and Exchange Commission (SEC) has proposed a limited and conditional exemption from broker registration for natural persons, referred to as “finders,” who seek to help non-reporting, private companies raise capital from accredited investors in exempt offerings, subject to certain conditions. Generally, persons who effect transactions in securities for the account of others cannot do so through interstate commerce unless the person is registered with the SEC.
Changes of ownership and PPP loans
The U.S. Small Business Administration (SBA) has released a long-anticipated procedural notice related to changes of ownership in an entity that has received a Paycheck Protection Program (PPP) loan. While this guidance was released to all SBA employees and PPP lenders, it is relevant for PPP borrowers looking to undergo a change of ownership, as well as for buyers and sellers of PPP borrowers. My colleagues Jack Beeler and Jack Meadows explain the notice in this Porter Wright Law Alert.
New spending bill extends repayment, lowers interest on Medicare advance payment loans
H.R. 8337, the stopgap government spending bill that was passed by Congress and signed into law by President Trump on Oct. 1, 2020, includes various amendments to the Medicare Accelerated and Advance Payment (AAP) program. The AAP was expanded under the CARES Act and has allowed health care providers, namely hospitals, to receive an advance on their Medicare claims payments in light of the COVID-19 pandemic.
Ohio irrevocable trusts – Respite for trustees? Proposed legislation establishes optional process for extra-judicial claim resolution | LexBlog
An advantage of an inter vivos revocable trust, which becomes irrevocable upon the settlor’s death, is that the trust typically avoids all probate court filings. However, the lack of filings with the probate court can also be a double-edged sword for trustees who wish for a swift absolution of all claims associated with an irrevocable trust’s administration in Ohio.
Aug. 31 deadline to rollover 2020 RMDs is quickly approaching
Once a taxpayer reaches age 72 (or age 70 ½ if the taxpayer reached age 70 ½ prior to 2020), the Internal Revenue Code requires owners of most retirement accounts to withdraw minimum distributions (RMDs) from those accounts. To provide relief from the increased tax burden often associated with RMDs, the Coronavirus Aid, Relief and Economic Security (CARES) Act waived RMDs for 2020.
Paycheck Protection Program closes; new FAQs on loan forgiveness released
The Paycheck Protection Program (PPP) is now closed to new applicants. While talks on extending or changing the program have stalled on Capitol Hill, the Small Business Administration (SBA) has issued 23 more frequently asked questions specifically related to loan forgiveness. These FAQs are contained in a separate list from the previously released FAQs last updated on June 25, 2020 that focused on PPP loan eligibility and similar questions.
Updated guidance for lenders on the Paycheck Protection Program loan forgiveness process
Although the federal government’s Paycheck Protection Program (PPP) is still open to applicants, borrowers who received PPP loans earlier this spring are getting ready to request that their loans be forgiven, in whole or in part. Lenders are preparing for the influx of a new round of “paperwork.” However, many questions about the program remain unanswered.
Force majeure is the clause du jour in commercial leasing during the pandemic
“Force majeure” clauses are enjoying their day in the sun this year. Historically a boilerplate contract provision that excused performance in the event of some “act of God,” “war or insurrection,” or other unforeseen calamity likely never to occur, force majeure clauses were for years more frequently invoked by contracts professors and bar examiners than in the real world. COVID-19 changed that.
Wage withholding in a remote working environment
Employers generally must withhold income taxes on behalf of employees based on where the employee works. Typically this determination is simplified by the location of the employer’s offices. The COVID-19 pandemic and corresponding stay-at-home orders have altered the working situations for most Americans. Employers must now consider the impact of employees working remotely and confirm that income tax withholding is properly executed given these unprecedented circumstances.
UPDATE: Main Street Lending Program
Earlier this week, the Federal Reserve Board provided another update to the terms of the Main Street Lending Program that is intended to provide financing opportunities to small and medium–sized businesses. My Treasury Sec. Steve Mnuchin initially announced the details of the program on April 9, 2020. My colleagues Jack Beeler and Jack Meadows explain the details in this Porter Wright Law Alert.
Drop your pencils: The PPP Flexibility Act is here
Paycheck Protection Program (PPP) borrowers across the nation have struggled to meet the Small Business Administration’s (SBA) guidelines, with many resorting to new and creative payroll expenditures to meet spending minimums and qualify for full forgiveness of the loan. On June 3, 2020, the U.S. Senate passed House Bill 7010, the “Paycheck Protection Program Flexibility Act of 2020”, which was promptly signed by the president the following day.
Main Street Lending Program terms updated
The U.S. Treasury Department’s Main Street Lending Program is expected to be up and running within days. The program is intended to provide financing opportunities to small and medium–sized businesses. U.S. Treasury Secretary Steve Mnuchin announced details on the program on April 9, 2020 and updated the terms recently with a second set of FAQs. My colleagues Jack Beeler and Jack Meadows explain in this Porter Wright Law Alert.
COVID-19 detection testing: You shall not pass (unless you pass the test)
With many businesses opening back up again, many are pondering the question of how to screen for COVID-19. The U.S. Equal Employment Opportunity Commission (EEOC) has released guidance allowing employers to test employees for COVID-19 under certain circumstances. My colleague Jyllian Bradshaw explains on this Employer Law Report blog.
Antitrust concerns, price gouging, hoarding and protecting your business during the COVID-19 pandemic
We’ve seen some incredible collaborations and innovations during the COVID-19 pandemic. We have also seen price volatility during these uncertain times. While these may not be top of mind for some, antitrust law and consumer protection law still apply and ignoring them could be costly for businesses down the road. Porter Wright’s Jay Levine discussed these topics with partner Allen Carter in a three-part Antitrust Law Source podcast series focused on antitrust law and price gouging.
Think twice before hitting “record”
It is simple enough: press record and you can easily share your internal video conference call, re-watch it later, or forget it and move on. You move on until you receive a discovery request or a subpoena for information if the company is sued. Now, your internal video call is discoverable and may be seen by those outside your intended viewership. My colleagues Abby Chin and Molly Crabtree delve into this issue on the Technology Law Source blog.
Main Street Lending Program
On April 9, 2020, U.S. Treasury Secretary Steve Mnuchin announced the details for a “Main Street Lending Program” intended to provide financing opportunities to small- and medium–sized businesses. Secretary Mnuchin said, “The Main Street Business Lending Program will make a significant difference for the 40,000 medium-sized businesses that employ 35 million Americans.” My colleagues Jack Beeler, Jack Meadows and Cassandra Rice summarize the program and eligibility in this Law Alert.
Q1 2020 drone law update
Drone law is a hot topic across the country and there have been new developments in U.S. drone law on a federal and state level. My colleague Caroline Gentry explains in this Technology Law Source blog.
Important update on the Payroll Protection Program
Since the passage of the Coronavirus Aid, Relief and Economic Security CARES Act, the Small Business Administration (SBA) and the U.S. Treasury Department have released a series of interim final rules and updated Frequently Asked Questions (FAQs) (as of April 8, 2020) regarding Paycheck Protection Program (PPP). These updates provide critical guidance and information to borrowers and lenders alike in the implementation of the highly sought after program.
UPDATE: SBA loan eligibility FAQs
Certain government programs, including SBA loan programs, are reserved for “small businesses.” In order to qualify for those programs, a business must satisfy both the SBA’s definition of a “small business concern” as well as the size standards for a small business. My colleague Jack Meadows offers answers to some frequently asked questions in this Employee Benefits blog post.
Workplace exposure to COVID-19: Can employers be liable?
As COVID-19 cases continue to mount nationwide, so have lawsuits relating to fallout from the virus. On April 6, 2020, in one of the first COVID-19-related lawsuits of its kind, the estate of an Illinois Walmart Supercenter employee sued Walmart and the premises owner for wrongful death in Toney Evans v. Walmart, Inc., et al. My colleague Brodie Butland details the lawsuit in this Employer Law Report blog.
Supreme Court of Ohio tolls civil deadlines during COVID-19 emergency period
In response to the COVID-19 pandemic, Ohio’s legislative, executive, and judicial branches are working together to clarify requirements for civil litigants and alleviate mounting pressure on Ohio’s courts. My colleague Sean Klammer explains in this Porter Wright Law Alert.
Tax credits available under the Families First Coronavirus Response Act
The Families First Coronavirus Response Act (FFCRA) requires employers with fewer than 500 employees to make payments for COVID-19 related FMLA leave and paid sick leave required by the act. To lessen this financial burden to employers, the act provides for refundable tax credits to offset payroll taxes. My colleague Victoria Hanohano-hong details the credits in her post on the Employee Benefits Law Report Blog.
Financial services sector classified as critical infrastructure
On March 22, 2020, Steve Mnuchin, Secretary of the Treasury, released a providing that the financial services sector is identified as Critical Infrastructure Sector by the Department of Homeland Security. This means that despite the restrictions put in place to slow the spread of COVID-19, essential workers in the financial services sector must maintain their operations and work schedules.
Financial institutions encouraged to work with borrowers affected by COVID-19
Several governmental agencies have issued a statement encouraging financial institutions to work with borrowers affected by the COVID-19 pandemic. The Board of Governors of the Federal Reserve System, Conference of State Bank Supervisors, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency issued a press release on March 22, 2020.
Ohio “Stay at Home” order limits business operations to slow spread of COVID-19
The director of the Ohio Department of Health signed a “Stay at Home” order on March 22, 2020, calling on all Ohioans to stay at home or at their place of residence unless conducting or participating in essential activities, essential governmental functions, or essential businesses and operations. Our colleague, Adam Bennett, lays out what this order means for Ohio businesses. Read the full post on the Employer Law Report Blog.
UPDATE: Treasury delays April 15 tax filing and payment deadline
The IRS has pushed back both the April 15 tax filing and payment deadlines. Porter Wright’s Gary Schulte and Cassandra Rice have made some important updates to this blog post.
Banks, credit unions, non-depository licensees remain open in PA
On Thursday, March 19, 2020, Pennsylvania’s Governor Tom Wolf ordered all “non-life sustaining businesses” in the state to close their physical locations in an attempt to slow the spread of COVID-19. According to the Department of Banking & Securities, this order does not pertain to banks, credit unions or non-depository licensees. These institutions will remain open.
Madison Academy 9, St. Bernard Prep 0: Nathan Geis reaches 100 career goals
By Grant Stephenson | preps@al.com on February 24, 2015 10:18 PM, updated February 24, 2015 11:20 PM Nathan Geis scored seven goals with an assist to lead Class 1A-3A No. 6 Madison Academy to a 9-0 win over visiting St. Bernard Prep.Nathan scored his 100th career goal and moved into seventh place for career goals scored in the state. Brother Matthew Geis added one goal and four assists for the Mustangs (3-0), while Michael Worley contributed one goal and two assists.
Leeds 47, Childersburg 45 (OT): Lockhart's layup sends Green Wave to area finals
Jacoby Lockhart hit a layup at the overtime buzzer as Leeds outlasted Childersburg 47-45 in the semifinals of the Class 4A, Area 8 tournament at Handley. Jeffery Nolan scored 17 points with eight rebounds and made two free throws to tie the game at the end of regulation for the Green Wave (9-17). Demontrez Clark added 11 points and 12 rebounds and Lockhart finished with six points and six assists.
Minor 62, Hueytown 61: Spencer, Johnson lead Tigers rally
By Grant Stephenson | preps@al.com on February 05, 2015 10:56 PM, updated February 05, 2015 11:56 PM Haywood Spencer scored 15 points and Jaquez Johnson added 13 as Minor rallied for a 62-61 win over Hueytown in the semifinals of the Class 6A, Area 8 tournament at Jackson-Olin.Jakobe Smith added nine points for the Tigers, who trailed 36-27 at the half.Ronald Strother led the Golden Gophers with 14 points while Prince Moss and Austin Hardy scored 11 and 10, respectively.
Carver-Birmingham 37, Parker 36: Paris Parker's late free throws seal area title
By Grant Stephenson | preps@al.com on February 05, 2015 10:38 PM, updated February 05, 2015 11:39 PM Paris Parker made two free throws with five seconds remaining to lift Carver-Birmingham to a 37-36 win over Parker in the finals of the Class 5A, Area 10 tournament.Parker and Journey Jones each scored 13 points for the Rams (19-11), who won their first area championship.Akeria Medlock scored 21 points for the Thundering Herd.
Jackson 44, Escambia County 43: Cox seals Class 5A, Area 2 tournament win
Montiara Cox made a mid-court steal and followed with a layup to lift Jackson past Escambia County 44-43 in the Class 5A, Area 2 semifinals at Vigor. Cox and Kayla Perine each scored 10 points for the Aggies (7-9), who were led in scoring by Jada Armstrong with 15. Jackson trailed 38-26 entering the fourth quarter and withstood two missed free throws and another missed shot after Cox's basket to advance. Jackson will meet Vigor in the area finals on Thursday at 6:30 pm.
Kingwood Christian 64, Tuscaloosa Academy 58 (OT): Lions outlast Knights in AISA regional championship
By Grant Stephenson | preps@al.com on January 31, 2015 6:37 PM, updated January 31, 2015 7:38 PM Justin Gibson scored 22 points with four assists and five rebounds to lead Kingwood Christian to a 64-58 win in overtime against AISA No. 6 Tuscaloosa Academy in the Class AAA, Region 1 championship game.E.J. Gant added 10 points and eight rebounds for the Lions (16-9), while Benjamin Peoples scored 10.
Flomaton 59, Mobile Christian 41: Filmore leads Hurricanes to area win
By Grant Stephenson | preps@al.com on January 23, 2015 8:18 PM, updated January 23, 2015 9:18 PM Hannah Filmore scored 23 points as Class 2A No. 2 Flomaton defeated ninth-ranked Mobile Christian 59-41 in an Area 1 game.Dezeray Wesley added 14 points for the visiting Hurricanes, who led 32-23 at the half.Kortney Barnes had 23 points and 13 rebounds for the Leopards (13-6, 3-2), while Baylee Johnson contributed 10 points and six rebounds.
Fultondale 48, Oak Grove 19: Wildcats win Jefferson County Schools Small Schools Tournament
By Grant Stephenson | preps@al.com on January 23, 2015 10:23 PM, updated January 23, 2015 11:25 PM Derrick Houston scored 12 points as Fultondale downed Oak Grove 48-19 in the championship of the Jefferson County Schools Small Schools Tournament at Corner.Asa Williams added nine points for the Wildcats (14-3), while Brandon Mahan had seven points and six rebounds. Bronson Myers scored 11 points for the Tigers (8-12).
Madison County 58, J.O. Johnson 44: Baggett nets 24 for Tigers in area win
By Grant Stephenson | preps@al.com on January 23, 2015 9:32 PM, updated January 23, 2015 10:32 PM Madison Baggett scored 24 points with nine rebounds, four assists and seven steals to lead Madison County to a 58-44 win over visiting J.O. Johnson in a Class 5A, Area 15 game.Taylor Jennings added 14 points for the Tigers (19-6, 6-0), who took control with a 20-10 advantage in the third quarter after trailing by one at halftime.Diamond Crutcher scored 24 points for the Jaguars.
Shades Valley 49, Hoover 44: Mounties rally in second half to overcome Bucs
By Grant Stephenson | preps@al.com on December 12, 2014 10:28 PM, updated December 12, 2014 11:28 PM Camryn London scored 13 points as Class 6A No. 5 Shades Valley rallied for a 49-44 win over Class 7A No. 1 Hoover.Kaihla Carter and Katelyn Thomas each added 11 points for the host Mounties (5-1), who outscored Hoover 38-19 in the second half after trailing by 14 at halftime.Jailyn Maddox led the Bucs with 13 points, while Kendra Langham contributed 12 rebounds and nine points.
Grissom 71, Gadsden City 69: Johnson's late 3-pointer lifts Tigers over Titans
Clay Johnson hit a 3-pointer with 30 seconds remaining to put Grissom up by two and the Tigers held on for a 71-69 win over visiting Gadsden City in a Class 7A, Area 7 game. The clutch 3-pointer was one of six for Johnson, who finished with 21 points for the Tigers (7-4, 2-0). J.J. Kaplan added 16 points and Tim Flowers-Nolen and Luke Luna each scored 11, with Luna grabbing 11 rebounds as well. The Titans (9-2, 1-1) got 17 points from Kalin Johnson and 15 from both Joshua Juddine and Chris Dudley.
Faith Academy 48, Gulfport (Miss.) 36: Williams scores 23 to lead Rams
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