By: Brian Paul The CARES Act includes a provision allowing a borrower to defer mortgage payments for up to 180 days. Homeowners who have federally backed mortgages (Fannie Mae, Freddie Mac, FHA or USDA loans) and are experiencing financial hardship due to the coronavirus pandemic may request forbearance for up to 180 days. During [...]
By: Bruce Sattin The Coronavirus Aid, Relief and Economic Security Act ("CARES Act”) that Congress has been debating for weeks has finally become law. One major portion of the law is the Relief for Workers Affected by Coronavirus Act, which has extended unemployment benefits to many who have lost their jobs, had their hours [...]
By: Benjamin Branche Section 6428. 2020 Recovery Rebates for Individuals Due to significant financial hardships foist upon individuals at this difficult time, the Senate approved the Recovery Rebate. The amount of the rebate is $1,200 for those filing tax returns as an individual, and $2,400 for individuals filing joint tax returns. The rebate is [...]
By: Scott Borsack Who is eligible for Paycheck Protection loans? Generally employers with fewer than 500 employees, independent contractors and certain not for profit entities are eligible for a Paycheck Protection loan. There are provisions that allow employers with multiple locations to consider each location as a separate eligible borrower. Is there a loan [...]
By: Jeffrey Hall As with other government agencies, the New Jersey Economic Development Authority (“EDA”) has unveiled an emergency program to deal with the COVID-19 crisis that has beset New Jersey’s small businesses. While this program will be useful, it will be on a first come, first serve basis and will not be funded [...]
By: Janine Danks Fox Congress has enacted numerous emergency measures to ensure that college and graduate students are not burdened with Federal student loan payments, accrual of interest on federal loans, or collection efforts for loan delinquencies during the COVID-19 emergency. The CARES Act also grants Higher Education Institutions the ability to provide emergency [...]
By: Scott Borsack One of the many relief provisions in the CARES Act attempts to allow employers to provide salary continuation benefits for employees while also allowing for the payment of interest on loans, rent and utility charges. The Act provides for loans to be made by financial institutions and the Small Business Administration [...]
The "Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) was passed the U.S. Senate 96-0 on March 26, 2020. If passed by the House and signed by the President, the Senate Bill should give much added to relief to businesses with 500 employees or less. The Act will provide small businesses with forgivable [...]
Today, Szaferman Lakind donated $5,000 to the Trenton Area Soup Kitchen (TASK). Like all New Jersey businesses, our firm has been impacted by the Coronavirus. However, we have not lost sight of the fact that those hardest hit in our community are not New Jersey’s businesses and professionals, but the homeless and indigent population. [...]
By: Janine Danks Fox, Esq. In these unprecedented times, change can be not only scary, but overwhelming. Many of you have likely never been mandated to work from home and may feel that you will only be marginally productive, disorganized and distracted. This is particularly the case if you are juggling working from home [...]
