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COVID-19 Update June 24, 2020

Earlier this week, SBA and the Treasury released more details on the new changes for PPP loan forgiveness. One of the clarifications was that businesses no longer must wait the whole 24 weeks to submit a loan forgiveness application advised in the original instructions. Thus, if your PPP money runs out during week 15, for example, the recommendation is to immediately submit the application at that point. Additionally, the documentation required to show a reduction in employees for your FTE count has been revised toward loan forgiveness. We will be reviewing this information in our webinar tomorrow afternoon at 3 PM CST, or feel free to reach out to us if you prefer to speak offline.

In Louisiana, the governor recently vetoed a controversial car insurance bill that would have changed how our civil justice system operates with several one-sided laws causing us to have some of the highest auto insurance rates in the country. The special session is going on now for another similar bill passed in an effort to help reduce costs. This bipartisan bill is significant because the overwhelming in-favor vote count results suggest that if the governor wants to veto this again, there may likely be enough votes to override the veto.

Lastly, the recent ruling protecting the LBGTQ community as part of Title VII will have an interesting side effect for employees’ benefits, so be sure to update your policies for compliance.

 

Today’s Downloads:

  1. IFR Forgiveness – Latest release of FAQ’s from the SBA says more information will be coming soon.
  2. Louisiana Expands Access to Medical Marijuana – The new law provides that any licensed physician in Louisiana may prescribe medical marijuana “for therapeutic use to any patient clinically diagnosed as suffering from a debilitating medical condition.”
  3. What Does the High Court’s LGBTQ Ruling Mean for Employee Benefits? – The U.S. Supreme Court recently ruled that employers can’t terminate workers based on their lesbian, gay, bisexual, transgender or queer (LGBTQ) status, and employers should understand that the ruling provides employment protections beyond being fired.

 

 

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