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UPDATE ON THE “CORONAVIRUS AID, RELIEF AND ECONOMIC SECURITY ACT” OR “CARES ACT”

Just after midnight this morning, the Senate passed the CARES ACT to provide relief to individuals and businesses.  This briefing is focused on the proposed relief to individuals and small businesses. This update is also subject to change as the U.S. House of Representatives is not scheduled to vote on this matter until Friday, March 27, 2020.

Individuals:

  • Provides recovery rebates in form of tax credits to prior returns to individuals up to $1,200 ($2,400 in case of eligible individuals filing joint returns). 
  • Provides a tax credit of $500 per child.

  • The amount of credit allowed above is reduced by 5% of so much of the taxpayer’s adjusted gross income as exceeds $150,000 joint returns; $112,500 in case of head of household; and $75,000 for individuals. See the Chart below from the Tax Foundation:



Small Business:

  • Provides $350 billion in monies for loans for small businesses. This will be administered through the Small Business Association and its authorized lenders. 
  • Small businesses can apply for low-interest loans that cover up to two-and-a-half months of payroll expenses, including salaries, sick leave, and other compensation benefits. The maximum loan amount is $10 million. The loans can cover payroll, rent, utilities, or existing debt obligations. Interest rates on these loans can’t exceed 4%.(a)
  • If an employer continues to pay workers through June, the amount of the loans that went toward eligible costs would be forgiven. That means they’d essentially be grants to small businesses. Eligible costs for forgiveness include payroll costs for employees earning up to $100,000 annually, rent (b) or mortgage payments, and utilities. The amount forgiven would be scaled back if an employer lays off workers or reduces their pay.

  • Employer side of payroll taxes may be deferred, with one-half  (½) of the deferred amount due by December 31, 2021 and the other one-half (½) deferred until December 31, 2022. (c)

(a) A loan made under the SBA’s Disaster Loan Program on or after January 31, 2020, may be refinanced as part of a covered loan under this new program as soon as these new loans are made available. The CARES Act specifically allows SBA Disaster Loan recipients with economic injury disaster loans made since January 31, 2020 for purposes other than the permitted loan uses under this program to receive assistance under this program. 

(b) Rent has to be obligated under a leasing agreement in force before February 15, 2020. 

(c) Current language states that an employer shall not be eligible for deferment of payroll taxes if the employer has loans forgiven from the SBA for wages, rent, etc. 




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A Letter Regarding The Current Health & Economic Situation in the U.S.

Dear Friends, 
Now is not the time to be delusional nor a time put our heads in the sand.  Rather it is time to sober up and face reality. 

The fact of the matter is this:  the health and economic situation that the United State and the World is facing is bleak.  

Economically, we are not going to experience a "V"-shape recovery that some experts want to grasp in their denial of reality. 

This is a long, slow painful recovery that we face. This is a potential Depression. This is not the financial crisis of 2008-11 which was primarily a breakdown in the financial and liquidity markets.  Rather, this is a sudden, forceful and violent stop of the economy.  Like a fast moving car hitting an old oak tree.

Coming out of 2008-11 economic activity still took place; today and going into the future we are seeing large and potentially larger full cessation of economic activity across many industries and geographical locations. Our friends and neighbors will face unemployment, foreclosures and bankruptcies. 

Businesses will close or retract; many will not reopen. Value is being destroyed as I write these words. But we will all get through this.  But to do so, you need to take action and more importantly our government leaders need to take action.

What we need is cash. We do not need regulations that free up more sign space for restaurants as I have seen some locations do.  More room for business to put up signs that say "Sorry, we are closed" does not help.

On behalf of our clients, I call on state and local governments and agencies (RITA) to stop and defer the collection of taxes for 90 days just as the federal government has done.   

I encourage the federal and state governments to direct payments of cash to all taxpayers making less than $500,000 of at least $5,000 per adult and $2,500 per child total.

Moving forward, all rent expenses paid by business should be 100% deductible for businesses in 2020. Rent is one of the largest expenses that businesses pay outside of wages; fully deducting rents in turn frees that money up to pay wages.

Further, business should be able to fully deduct certain capital expenses and not have to depreciate them over time.  Again, this will free up monies to protect investments that business owners have made while freeing up cash for their employees. 

On the local level, officials can suspend the collection of fees for utilities and trash pickup. These are just some immediate actions our leaders must take at ALL levels of government to the extent that it is within their province to do so.

We will get through this, but it will be hard and arduous. I have helped many clients in 2008-2011 get through those years in a variety of ways.  We are here to help once again, and we will.

But the economy is in triage. The economy needs to be stabilized and I call on government officials to take the steps above to infuse liquidity and cash immediately into the economy.

Thank you-
Nathan Painter

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Important Announcement from Ohio Job & Family Services

This is an important announcement from ODJFS that we wanted to share with our clients:

All Ohio employers planning a mass layoff or shutdown due to the coronavirus (COVID-19) pandemic should provide the following mass-layoff number – 2000180 – and the second link below to an instructional sheet to their employees to speed the processing of unemployment benefits.


COVID-19-affected claimants with otherwise valid applications for unemployment will be awarded benefits. While claimants must still meet the weekly requirements that they be able and available for work, the requirement that they actively search for work while receiving benefits has been waived.


COVID-19-affected contributory employers will receive regular monthly charge statements, but these charges will be charged to the mutual account and not the employer’s account.


Reimbursing employers will follow existing charging requirements under Ohio Revised Code Chapter 4141.


For more information, please see the press release at the following link:
Press Release: http://jfs.ohio.gov/RELEASES/pdf/031620-ODJFS-Provides-COVID-Number.stm

Instructional Sheet: https://www.odjfs.state.oh.us/forms/num/JFS00671

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Painter & Associates Coronavirus Message

Our team is continuing to monitor the current global health crisis as the coronavirus has been dominating the headlines these last few weeks. 
 
We share your concern about the spread and impact of the coronavirus, but we want you to know that our team is available anytime if you would like to discuss how recent events may be impacting you.

  • We currently remain open and are still accepting new cases.

 

  • We have taken steps to separate the attorneys to limit the risk of infection to ensure as much as possible that at least one attorney is available to handle client needs in case other attorneys get sick.

 

  • We will make an assessment in 24 hours on how we will handle upcoming client meetings. We have virtual technologies that can be deployed in the event face-to-face meetings are not possible. If this affects an upcoming meeting you have scheduled with us, we will notify you.

 

 

We encourage everyone to follow the preventative actions advised by the CDC to mitigate the spread of any virus and practice good hygiene hand-washing methods. We encourage you to stay up to date at: https://www.who.int/emergencies/diseases/novel-coronavirus-2019

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Nathan D. Painter founded Painter & Associates to provide legal services he believes every client deserves: access to large-firm experience and talent with a highly personalized approach that keeps each client’s individual legal needs top of mind.


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