Relief For Small Businesses: The Paycheck Protection Program

Note that all Sheehey guidance regarding COVID-19 is subject to change, as the legal landscape is evolving rapidly. Please note the date of publication for this bulletin, and be aware that things may have changed since then. Please check our COVID-19 landing page for the most up-to-date posts and contact us with any questions.

The CARES Act, passed by Congress and signed into law last week, provides extraordinary support for small businesses to help them weather the consequences of the coronavirus and COVID-19. The law expands the category of entities eligible for Small Business Administration (“SBA”) loans. In addition to a business qualifying as a “small business concern” under the Small Business Act, any business, certain nonprofit organizations, veterans organizations, or tribal businesses with 500 or fewer full and part-time employees are eligible to receive an SBA loan with generous forgiveness provisions. Even entities over 500 employees could qualify for a loan if they meet certain standards. Sole proprietors, independent contractors and those who are self-employed are also eligible.

[Read more…]

What The CARES ACT Means For Student Loans

Note that all Sheehey guidance regarding COVID-19 is subject to change, as the legal landscape is evolving rapidly. Please note the date of publication for this bulletin, and be aware that things may have changed since then. Please check our COVID-19 landing page for the most up-to-date posts and contact us with any questions.

On Friday, March 27, 2020 President Trump signed the CARES Act into law. Among its many provisions are several that pertain to student loan payments.

[Read more…]

Vermont Department of Labor Announces It Will Not Enforce Mini-WARN Act For Layoffs Caused By Effects of COVID-19

Note that all Sheehey guidance regarding COVID-19 is subject to change, as the legal landscape is evolving rapidly. Please note the date of publication for this bulletin, and be aware that things may have changed since then. Please check our COVID-19 landing page for the most up-to-date posts and contact us with any questions.

Ordinarily, under Vermont’s Notice of Potential Layoffs (the so-called “Mini-WARN Act”) requires qualifying employers to notify the State 45 days in advance of closing or laying off 50 or more employees over a 90-day period. It also requires qualifying employers to give 30 days’ notice to the affected employees and the chief elected or administrative official of the municipality where the layoff or closing occurs. [Read more…]