BLS 112 Business law II

Answer the re-opening plan question. The Circumstances Payroll Protection Program New York Shared Work Program The New York Shared Work Program is a program established such that employers are able to provide their trained employees the means to still retain work and avoid full unemployment by allowing employers the chance to manage business schedules and make seasonal adjustments when the business experiences downturns. Mainly the way in which this program works is that though the businesses may not necessarily be as profitable during downturns which would typically result in many employees being laid off from work this program enables employers to retain employees by making provision for partial Unemployment Insurance benefits while the employees work fewer hours. A minimum of 2 employees are required to be eligible for the program and so with 7 employees in our business we are eligible to The number of employees cannot be adjusted once the program is started. The program requirements state it clearly that additional employees cannot be employed and so any adjustments would definitely tamper with the business’ eligibility for the program Rent Forgiveness Low interest Business Loan Weekly $600 unemployment checks President’s Executive Order What is it? Who is eligible? How long does it go for? Should we do it? Is it a deferment or forgiveness? Re-Opening Plan Requirements: 2-3 sentence | .doc file Client = Jackson Bergman LLP S Corp (Two partners and 7 employees) – we will need to do layoffsPartners – paycheck plus monthly draws Partners – paycheck plus monthly draws Office has to shut down courts are closed Nature of the services: Criminal Defense Matrimonial Family Law Average Monthly Payroll: $48000 Average monthly cost of rent/utilities: $3000 Gross receipts in all 4 quarters of 2020 were down more than 25% from 2019 Should we apply ?Yes this loan is completely forgivable if used according to guidelines and will provide pay to employees and owners who can not work during the pandemic lockdown. There are no collateral requirements or personal guarantees Yes this loan is completely forgivable if used according to guidelines and will provide pay to employees and owners who can not work during the pandemic lockdown. There are no collateral requirements or personal guarantees How much money can we get?First time applicants can receive up to 10 million dollars in aid second time applicants can receive up to 2 million dollars.Loan amounts are based on previously documented payroll and other covered business costsCovered costs includepayroll/employee compensation continuation of health care benefits utilities commercial rent and mortgage interestJackson Bergman will be eligible to up to $120000 (2.5x average monthly payroll) and in to have it completely forgiven the proceeds must be spent on payroll plus health and retirement benefits mortgage interest interest on debt incurred before February 15 2020 rent and utilitiesNo more than 25% can be forgiven if used on expenses other than payroll First time applicants can receive up to 10 million dollars in aid second time applicants can receive up to 2 million dollars. Loan amounts are based on previously documented payroll and other covered business costsCovered costs includepayroll/employee compensation continuation of health care benefits utilities commercial rent and mortgage interest Covered costs includepayroll/employee compensation continuation of health care benefits utilities commercial rent and mortgage interest payroll/employee compensation continuation of health care benefits utilities commercial rent and mortgage interest Jackson Bergman will be eligible to up to $120000 (2.5x average monthly payroll) and in to have it completely forgiven the proceeds must be spent on payroll plus health and retirement benefits mortgage interest interest on debt incurred before February 15 2020 rent and utilities No more than 25% can be forgiven if used on expenses other than payroll Can the business owners/partners be paid from the PPP monies?The regulations are silent on use of loan proceeds and loan forgiveness for staff and salary enhancements because the owners of Jackson Bergman are paid on salary they may increase salaries. As long as Jackson Bergman pays their staff 8 weeks of payroll and does not lay off staff or reduce compensation and spend no more than 25% of loan proceeds on allowable costs other than payroll the full value of the loan will be forgiven. However even if the terms of the program are not satisfied the borrower will pay 1% interest for two years. The regulations are silent on use of loan proceeds and loan forgiveness for staff and salary enhancements because the owners of Jackson Bergman are paid on salary they may increase salaries. As long as Jackson Bergman pays their staff 8 weeks of payroll and does not lay off staff or reduce compensation and spend no more than 25% of loan proceeds on allowable costs other than payroll the full value of the loan will be forgiven. However even if the terms of the program are not satisfied the borrower will pay 1% interest for two years. Can the business owners/partners take the monthly draws and if so how much?Same as answer above Same as answer above What is it ? How does it work ? Is our business eligible ? Which and how many employees and eligible ? Can we adjust the number of employees on the program once we start it ? Can we adjust the number of hours once we start it ? Do we have to pay rent ?Yes rent must be paid. However if the rent is a asfinancial burden” meaning it is more than 30% of of gross income one can qualify for government assistance. The New COVID Rental Assistance Program is an emergency rental assistance program that will help keep low-income families throughout New York in their homes. Yes rent must be paid. However if the rent is a asfinancial burden” meaning it is more than 30% of of gross income one can qualify for government assistance. The New COVID Rental Assistance Program is an emergency rental assistance program that will help keep low-income families throughout New York in their homes. Can we be evicted ?The CDC is ed a ban on evictions effective January 31 2021 through March 31 2021. This is meant as a way to prevent the further spread of COVID. The CDC is ed a ban on evictions effective January 31 2021 through March 31 2021. This is meant as a way to prevent the further spread of COVID. Is there a forgiveness option or moratorium?CDC’s temporary eviction moratorium: Some residential evictions for nonpayment of rent can be paused through March 31 2021If the CARES Act applies:Cannot collect late fees or other charges solely because no rent was paid between March 27 and July 24 2020Cannot evict for not paying those fees CDC’s temporary eviction moratorium: Some residential evictions for nonpayment of rent can be paused through March 31 2021

If the CARES Act applies:Cannot collect late fees or other charges solely because no rent was paid between March 27 and July 24 2020Cannot evict for not paying those fees Cannot collect late fees or other charges solely because no rent was paid between March 27 and July 24 2020 Cannot evict for not paying those fees If there is a moratorium how long do we have to catch up?Originally it was a 120 day moratorium but President Biden extended it to March 31 Originally it was a 120 day moratorium but President Biden extended it to March 31 Should we apply ?Yes there are many options to choose from when looking for a low interest business loanDifferent types of lenders include Banks Credit Unions Crowdfunding Friends Mission-Driven Lenders Small Business Administration Angel Investors Venture capitals Yes there are many options to choose from when looking for a low interest business loan Different types of lenders include Banks Credit Unions Crowdfunding Friends Mission-Driven Lenders Small Business Administration Angel Investors Venture capitals Which lender should we use ?We recommend you use the Small Business Administration (SBA) which is a federal agency that helps small business owners gain access to capitalThe reasoning for this choice is their extremely low rates available like their current one mentioned early (The PPP) at 1% with the opportunity to be completely forgiven We recommend you use the Small Business Administration (SBA) which is a federal agency that helps small business owners gain access to capital The reasoning for this choice is their extremely low rates available like their current one mentioned early (The PPP) at 1% with the opportunity to be completely forgiven How does it work?People who lose their jobs due to influenza pandemic will be able to pay all UIB beneficiaries $600 per week in addition to regular benefits during the benefit week from April 5 2020 to July 26 2020 People who lose their jobs due to influenza pandemic will be able to pay all UIB beneficiaries $600 per week in addition to regular benefits during the benefit week from April 5 2020 to July 26 2020 Who is eligible?Individuals are eligible for the Pandemic Unemployment Assistance (PUA) if they do not qualify for regular UIB benefits (including self-employed workers and independent contractors) and cannot work because they: Are diagnosed COVID-19 or have COVID-19 symptoms and are seeking diagnosis; Individuals are eligible for the Pandemic Unemployment Assistance (PUA) if they do not qualify for regular UIB benefits (including self-employed workers and independent contractors) and cannot work because they: Are diagnosed COVID-19 or have COVID-19 symptoms and are seeking diagnosis; •Have a member of the household who is diagnosed with COVID-19; •Are providing care for a family or household member diagnosed with COVID-19; •Are the primary caregiver for a child whose school or care facility closed due to COVID-19; •Are unable to reach their place of employment due to an imposed quarantine or because advised by medical provider to self-quarantine due to COVID-19; •Were scheduled to start new employment and cannot reach the workplace as direct result of COVID-19; •Became the major breadwinner because the head of household died from COVID-19; •Quit their job as a direct result of COVID-19; •Had their place of employment closed as a direct result of COVID-19; or •Meet any additional criteria specified by the U.S. Secretary of Labor. How long does it go for? PUA provides up to 39 weeks of unemployment benefits for persons impacted by COVID-19 and covers individuals who are self-employed who otherwise would not qualify for regular unemployment compensation or who have exhausted state benefits. An additional $600/week for weeks ending 4/5/2020 to 7/26/2020. An additional $300/week for weeks ending 1/3/2021 to 3/14/2021. An executive is a way of issuing federal instructions used by the Federal President to govern the operation of the federal government in the United States. There are many sources of legal or constitutional basis for administrative s. An executive is a signed written and published directive from the President of the US Presidential executive s once issued remain in force until they are canceled revoked adjudicated unlawful or expire on their terms. At any time the president may revoke modify or make exceptions from any executive whether the was made by the current president or a predecessor. The payroll tax relief provided by the Executive Order is a deferral not a tax holiday and must be repaid. What asPhase” does our business fall under and when can we re-open ? Can we have all of our employees back to work ? How does our office have to be set up ? What do we individually have to do while in office? Do we have to provide any support of supplies? Can we have clients into the office?

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