News & Events

The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was passed by the U.S Senate on March 25, 2020, and by the U.S. House of Representatives on March 27, 2020.  President Trump has signed the bill into law and Steve Mnuchin, the U.S. Secretary of the Treasury, has indicated that the administration will move quickly to formulate rules implementing the legislation as early as April 3, 2020.

For taxpayers who are delinquent in their tax payments, the IRS is a feared institution.  Through levies on bank accounts, payroll earnings and receivables, the IRS has powerful forced collection tools.

The Senate passed a $2.2 trillion stimulus package to help states, businesses and individuals counter the negative economic impacts of the coronavirus, with the House expected to pass the bill today. The plan will provide, among other things, direct payments to individual taxpayers, loans and grants to assist distressed businesses and benefits for the unemployed. It is the largest stimulus package in modern U.S. history. The President is expected to sign the bill immediately.

As you may know, any funds required for a real estate transaction must be “good funds,” meaning that the funds must be deposited in the settlement company’s escrow account at the time of closing and immediately available for disbursement after settlement is complete.

On March 25, 2020, U.S. Department of Labor (DOL) released the model notice covered employers are required to post pursuant to the Families First Coronavirus Response Act (FFCRA), along with answers to Frequently Asked Questions about these notice requirements.  

In response to the impact of COVID-19, the Small Business Administration  (SBA) announced the availability of Economic Injury Disaster Loans.  While some business owners may be tempted to complete the SBA loan application on their own, a single misstep during this part of the process can cause serious problems down the road.

On March 25, 2020, the Securities and Exchange Commission (“SEC”) superseded the original relief of March 13, 2020 it had provided to certain registered investment advisers and exempt reporting advisers that met the conditions of the relief regarding their obligations with respect to Form ADV and Form PF.

On March 24, 2020, in response to the Coronavirus pandemic, the Montgomery County Council announced that it will hold public hearings and vote on a $20 million grant fund for small businesses and non-profits located in Montgomery County, Maryland.

Yesterday the District of Columbia published information about its Microgrants program.  Grants up to $25,000 will be available to provide financial support for expenses such as employee wages and benefits, rent, and other operating costs.