News

The Paycheck Protection Program (PPP) has been extended and expanded to provide more funding for first-time borrowers and to allow some existing borrowers the opportunity to receive additional help. The Economic Aid Act, which become law late last year, allocates $284 billion in additional funds to the program and authorizes the Small Business Administration (SBA) to guarantee loans through March 31, 2021. On January 6, 2021, the SBA provided guidance in the form of Interim Final Rules (First Draw IFR) (Second Draw (IFR) to address eligibility and applications to the expanded program.

On Tuesday, Dec. 29, Governor Hutchinson issued Executive Order (EO 20-54) which grants relief to employers whose unemployment rates might have been adversely affected by the economic effects of COVID-19.

Congress’s most recent COVID-19 relief bill was signed into law on Sunday, Dec. 27, 2020, as the Consolidated Appropriation Act of 2021 (CAA). Title X of the CAA provides additional bankruptcy relief for individual and corporate debtors, as well as creditors impacted by COVID-19. Most changes are temporary as noted below.

Congress passed a $900 billion COVID-19 relief package on Monday, Dec. 21, which was signed by President Trump late Sunday, Dec. 27. While most of the coverage of the legislation has focused on a new round of stimulus checks and unemployment benefits, the legislation includes some notable components for healthcare providers.

Friday, Eldredge & Clark, LLP has elected four new partners to the firm which include Kathy McCarroll, Joshua C. Ashley, Katie M. Eaves and Michael McCarty Harrison. Michael S. Moore has been appointed practice group leader of the Labor and Employment Practice Group and a member of the firm’s management committee.

Beginning Friday, Jan. 1, 2021, the minimum wage in Arkansas will increase to $11 per hour. In 2018, Arkansas voters approved a ballot initiative to incrementally raise the minimum wage to $11 an hour by 2021. The increase in minimum wage offers employers an opportunity to evaluate their pay practices.

After several rounds of discussion, congressional leaders reached a deal on a new COVID-related stimulus bill. The bill passed both houses of Congress on Monday, Dec. 21 and was signed into law by the President Trump on Sunday, Dec 27. The stimulus package, which totals nearly $900 billion, provides aid for workers and businesses and includes expansions and revisions of existing COVID relief programs.