By David M. DiSegna On September 21, 2020, Rhode Island Commerce revised the eligibility criteria for the Restore RI grant program to allow more small businesses to receive aid. The program provides grants of between $1,500 and $15,000 to small businesses impacted by the COVID-19 pandemic. Eligible businesses must have a physical location in Rhode...
By Alicia J. Samolis The Department of Labor (“DOL”) published a new temporary rule (“New Rule”) today, September 16, 2020, revising and clarifying its previous April 1, 2020 temporary rule (“Prior Rule”) concerning the Families First Coronavirus Response Act (“FFCRA”). The New Rule clarifies intermittent leave issues, revises the optional exemption for employees of health care providers...
The Internal Revenue Service (IRS) issued guidance on Thursday, September 10, 2020, to marijuana businesses. The new guidance does not change existing IRS rules, but briefly explains the rules for reporting income, paying taxes with cash, and keeping financial records. The new guidance, which also links to a “Marijuana Industry Frequently Asked Questions” document, confirms that income from...
By Russell J. Stein On Friday August 28th the IRS issued limited guidance on the payroll tax deferral that was part of President Trump’s August 8th executive order. Under IRS Notice 2020-65 (the “Notice”), employers are not required to withhold the employee share of Social Security taxes (the “Applicable Taxes”) attributable to wages paid to...
On August 26, 2020, Jay Clayton, Chairman of the U.S. Securities and Exchange Commission (SEC), released a Statement on Modernization of the Accredited Investor Definition. This Statement reflects the SEC’s commitment to expanding the pool of eligible accredited investors. For over thirty years, the accredited investor test for individuals has been a binary test based...
The 2018 federal Farm Bill changed hemp’s status by removing it from the controlled substances list, and established that hemp was to be treated like an agricultural commodity, sold in interstate commerce to be used as a raw material to make a wide range of products. Many of those products have become familiar to consumers:...
By Alicia J. Samolis and Michael A. Gamboli Rhode Island and Massachusetts have joined the growing list of states that are enacting orders requiring citizens to quarantine for up to two weeks after traveling to other states. These travel restrictions often prohibit employees from even leaving their house to work. Given that many employees have...
The scope of retail automation is reaching the retail marijuana business. A Massachusetts company, anna, has announced the installation of retail self-serve marijuana vending machines in Pueblo, Colorado, where customers can now buy flower, edibles and vape oils. Each machine can hold and dispense over 2000 products. More machines will be in Colorado and Massachusetts...
By Alicia J. Samolis and Michael A. Gamboli A federal court in New York (“Court”) recently struck down a number of important provisions contained within the Final Rule issued by the Department of Labor (“DOL”) interpreting the Families First Coronavirus Relief Act (“FFCRA”), sending employers scrambling to understand whether the ruling has national impact and...
On August 4, 2020, the U.S. Small Business Administration (“SBA”) and the Department of the Treasury released long-awaited FAQs providing guidance to both lenders and borrowers on Paycheck Protection Program (“PPP”) loan forgiveness. Section 1106 of the CARES Act, as amended by the Paycheck Protection Program Flexibility Act, together with subsequent Interim Final Rules published...
