News Archives - Page 2 of 16

May 11, 2020 Dunlap Seeger

Survey of Property Tax Deferments in Southeastern Minnesota

Many counties in Minnesota have passed property tax deferments and penalty waivers for the first installment due May 15. The following is a survey of the current property tax relief measures in southeastern MN counties: Olmsted County The Olmsted County Board of Commissioners approved a one-time, temporary abatement of penalties and interest which would normally accrue following late property tax payments. The county Board has extended the first half payment deadline from May 15th to July 15, 2020. The abatement of More +

May 07, 2020 Dunlap Seeger

EEOC Announces Delay in Collection of EEO-1 Information

As a result of the current public health emergency, the Equal Employment Opportunity Commission (EEOC) announced on May 7 a delay until March 2021 of the collection of EEO-1 Component 1 information. EEO-1 Component 1 information asks for the number of employees who work for a covered business sorted by job category, gender, race, and ethnic background. In a press release, the EEOC stated it “recognizes the impact that the current public health emergency is having on workplaces across America and More +

April 29, 2020 Dunlap Seeger

Paycheck Protection Program: New Disbursement Rule

The Small Business Administration recently released another interim final rule. This rule relates to disbursements of Paycheck Protection Program loans. It announces that borrowers may not take multiple draws to delay the start of the 8-week covered period. Under the CARES Act, the covered period is important for determining loan forgiveness. The Paycheck Protection Program FAQs had created confusion. The answer to Question 20 says that the 8‑week covered period “begins on the date the lender makes the first disbursement.” “First disbursement” implied More +

April 25, 2020 Dunlap Seeger

New Repayment Safe Harbor for Companies That Didn’t Need a PPP Loan

On Friday, the SBA issued another set of rules for the Paycheck Protection Program. No, these are not the much-needed rules and guidance on forgiveness, which we still await. These new rules cover a variety of topics, including certain requirements for promissory notes for lenders, clarification on certain eligible businesses (including a prohibition on hedge fund participation), eligibility of companies with ESOPs, and eligibility of businesses currently in bankruptcy. Perhaps the most notable piece is a new repayment safe harbor for More +

April 14, 2020 Dunlap Seeger

Commercial Property Insurance Coverage for COVID-19-Related Income Loss

Two types of commercial property insurance may cover COVID-19-related income loss for businesses: Business interruption coverage, which covers loss of income that results when damage to a business’s property prohibits the business from operating; and Contingent business interruption coverage, which covers loss of income that results when damage to a business’s supplier’s property prohibits the business from operating. To trigger either coverage, “direct physical loss or damage” to property is required. The Minnesota Court of Appeals has held “physical loss” More +

April 09, 2020 Dunlap Seeger

Main Street Business Lending Program

Today, the Treasury and Federal Reserve Board announced the establishment of the Main Street Business Lending Program. According to the Treasury Secretary, the program is aimed at making a “significant difference” for medium-sized businesses. Under the program, the Fed will facilitate lending to businesses with less than 10,000 workers or $2.5 billion in revenue. Borrowers are required to attest that the financing is required due to exigent circumstances presented by the COVID-19 pandemic and that reasonable efforts will be made to More +