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  • Coronavirus Alert

    Paycheck Protection Program: SBA Will Provide Relief from Potential Reduction in Loan Forgiveness for Attempts to Rehire Employees

    May 5, 2020
    The SBA recently issued updates to its Frequently Asked Questions interpreting provisions of the Paycheck Protection Program. FAQ #40 addresses application of the CARES Act provisions that reduce the amount of loan forgiven based upon the number of employees retained by a borrower.
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  • Coronavirus Alert

    Timeframes Extended for Group Health and Retirement Plans

    May 5, 2020
    Continuing with ongoing efforts to provide relief during this COVID-19 National Emergency, the Internal Revenue Service, Department of Labor, Treasury Department and EBSA (the “Agencies”) have issued new joint guidance extending certain timeframes under ERISA and the Internal Revenue Code that apply to group health, disability and other welfare plans, and retirement plans as well as the participants/beneficiaries of those plans during this National Emergency.
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  • Coronavirus Alert

    Quick Guidance to Lenders: Update to SBA Frequently Asked Questions Issued April 29, 2020

    May 1, 2020
    The Small Business Administration (SBA) recently released an update to its Frequently Asked Questions.
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  • Coronavirus Alert

    Notice Required if Employee is Separated From Employment

    April 29, 2020
    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.
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  • Coronavirus Alert

    Should You Convert Retirement Account to a Roth Account During the COVID-19 Pandemic?

    April 28, 2020
    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.
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  • Coronavirus Alert

    Paycheck Protection Program: SBA Issues Guidance to Banks for Processing PPP Loan Applications in Bulk

    April 27, 2020
    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.
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  • Chambers USA 2020

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    Chambers USA 2020 Rankings Announced

    April 24, 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.
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