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Arkansas Department of Workforce Services Emergency Rule 30 became effective on April 27, 2020 and will expire on December 31, 2020. This rule requires employers to give notice to employees of the availability of unemployment benefits when they are let go. The state promulgated this rule to comply with requirements in the CARES Act to allow it to receive supplemental federal funding. Thus, beginning April 27, 2020 every employer in the state is required to give a copy of the notice prepared by ARDWS to employees upon separation of employment.

During the COVID-19 pandemic, the investment world has seen a dramatic decrease in values. This is obviously not what you want to see in your retirement account; however, there could be a silver lining for you to take advantage of — a Roth conversion. A Roth conversion is taking the pre-tax dollars in your retirement account — whether that be a qualified plan sponsored by your employer or a traditional IRA — and paying tax on these amounts currently while leaving such funds in a tax free account (i.e., a Roth account). The earnings after the conversion grow tax-free indefinitely, so when you pull the funds out of the Roth account, there is no tax. Although, the distribution from the Roth account must be a “qualified distribution” to be tax free. This requires that the Roth distribution is made after a 5-year period of participation in the Roth account and occurs on or after the individual attains age 59 ½. In the case of a Roth conversion, the 5-year period begins on the date of the Roth conversion. If there is a distribution from a Roth account that is not a qualified distribution, then the earnings in the Roth account from the time of the Roth conversion will be taxed.

With the SBA set to resume accepting Paycheck Protection Program loan applications on Monday, the agency issued guidance to allow lenders to make a one-time bulk submission of XML files to E-Tran. The process is intended for banks with a large number of applications ready to submit will allow a single bulk submission per lender and. SBA will begin accepting applications at 10:30 AM EDT, Monday, April 27, 2020.

Friday, Eldredge & Clark, LLP is pleased to announce 27 attorneys have been recognized as “Leaders in Their Field” in the 2020 Chambers USA: America’s Leading Lawyers for Business. The firm is also ranked highly in four categories: Corporate/Commercial, Labor and Employment, Litigation: General Commercial and Real Estate.

The flurry of mergers and acquisitions deals in the banking industry over the past several years has created an active market for bankers seeking a better fit at another institution. Anyone changing jobs accepts some risk that the new position will not be as ideal as hoped. While that risk is inherent in any move, bankers and their new employers should consider a few steps to mitigate other risks accompanying the change.

While Coronavirus is not an accidental injury as contemplated in the Workers’ Compensation Act, it may be considered an “occupational disease” if it meets the statutory definition for a compensable claim. In Ark. Code Ann. 11-9-601(e)(1)(A), “Occupational disease” is defined as “any disease that results in disability or death and arises out of and in the course of the occupation or employment of the employee or naturally follows or unavoidably results from an injury as that term is defined in this chapter.”

The Small Business Administration (SBA) recently released a supplement to the Interim Final Rule issued on April 3, 2020, along with an update to its Frequently Asked Questions. The supplemental rule provides guidance for self-employed individuals as well as addressing certain eligibility requirements. This alert contains a review of several pertinent points in the rule and updated FAQs.