News

Earlier this month, the United States District Court for the Southern District of New York struck down the Department of Labor’s (DOL) definition of “health care provider” as promulgated in the regulations implementing the Families First Coronavirus Response Act (FFCRA). See State of New York v. United States Department of Labor. In this case, the State of New York sued the DOL claiming that several provisions of the regulations implementing the FFCRA violated the Administrative Procedures Act.

On August 24, the U.S. Small Business Administration (SBA) released a new interim final rule regarding the Paycheck Protection Program (PPP). This new interim final rule provides additional guidance on the applicability of owner compensation rules and the eligibility of certain nonpayroll costs for forgiveness.

Friday Eldredge & Clark, LLP is pleased to announce a total of 72 of the firm lawyers have been included in the 2021 Edition of The Best Lawyers in America. The list includes 16 “Lawyers of the Year” and nine attorneys recognized as “Ones to Watch.”

On Wednesday, Governor Hutchinson announced that Arkansas will submit an application to the Federal Emergency Management Agency (FEMA), paving the way for Arkansans to receive an extra $300 per week in unemployment benefits through the end of the year. The state legislature approved the application on August 18, but it still needs to go through the legislative council for final approval. And FEMA must approve the application before any supplemental benefit payments can be made.

On August 3, 2020, the Federal Financial Institutions Examination Council (FFIEC) issued a joint statement addressing additional loan accommodations related to Covid-19. As borrowers near the end of initial loan accommodation periods, the FFIEC encourages financial institutions to consider loan arrangements that might mitigate adverse effects on borrowers. Specifically, the FFIEC promoted the following practices:

On August 11th the Small Business Administration updated its Paycheck Protection Program (PPP) frequently asked questions on loan forgiveness.

On August 4, the U. S. Small Business Administration (SBA), in consultation with the Department of the Treasury, issued additional guidance on the forgiveness of Paycheck Protection Program (PPP) loans in the form of Frequently Asked Questions.