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COVID-19 Related News
COVID-19 Related News
20
Jan
The Small Business Administration (SBA) published their guidelines for the Second Round of PPP loans (“PPP2”) which was signed into law late December (The Consolidated Appropriations Act, 2021). This is the second largest federal stimulus package following the previous CARES Act that was signed earlier in 2020. This second round offered another round of Paycheck Protection Loans (“PPP2”), which could potentially benefit some of TABS’ clients. Like the first round of PPP, the loans are meant to help small businesses who...
13
Jan
While a halt in state income tax payments can trigger a residency audit in many states, New York City is one of the few municipalities to aggressively pursue them. With office buildings across the city dark for most of 2020 and employees flocking to other states or second homes, many taxpayers are left wondering where their 2020 resident state and local tax (SALT) obligations lie.
This issue is often the blurriest for New York State residents, who still reside in...
12
Jan
The Paycheck Protection Program (PPP) was established in March 2020 by the U.S. Congress and Government to help small businesses weather the economic fallout caused by the Covid-19 pandemic. After the first two rounds of funding were exhausted in spring ($349 billion) and summer ($320 billion), a new version of PPP has been approved before the end of the year and is now available.
Businesses that did not get the loan under the first two rounds will be eligible under...
12
Jan
Today, the European Commission concluded exploratory talks with the pharmaceutical company Valneva with a view to purchasing its potential vaccine against COVID-19. The envisaged contract with Valneva would provide for the possibility for all EU Member States to purchase together 30 million doses, and they could further purchase up to 30 million more doses.
Today's finalisation of exploratory talks with Valneva come in addition to an already secured broad portfolio of vaccines to be produced in Europe, including the contracts...
08
Jan
The European Commission today proposed to the EU Member States to purchase an additional 200 million doses of the COVID-19 vaccine produced by BioNTech and Pfizer, with the option to acquire another 100 million doses.
This would enable the EU to purchase up to 600 million doses of this vaccine, which is already being used across the EU.
The additional doses will be delivered starting in the second quarter of 2021.
The EU has acquired a broad portfolio of vaccines with different...
07
Jan
Who Needs to Know
All parties interested in participating in the PPP.
Why It Matters
In addition to allocating $284.45 billion in new funding, this package of laws include significant clarifications and modifications to the PPP that are important to borrowers and lenders.
On December 27, 2020, the President signed into law the Consolidated Appropriations Act, 2021, which included the Economic Aid to Hard-Hit Small Businesses, Non-profits, and Venues Act (the Act), the COVID-Related Tax Relief Act of 2020, and the Taxpayer Certainty...
07
Jan
Today, the European Commission has granted a conditional marketing authorisation (CMA) for the COVID‑19 vaccine developed by Moderna, the second COVID-19 vaccine authorised in the EU. This authorisation follows a positive scientific recommendation based on a thorough assessment of the safety, effectiveness and quality of the vaccine by the European Medicines Agency (EMA) and is endorsed by the Member States.
The President of the European Commission, Ursula von der Leyen, said: “We are providing more COVID-19 vaccines for Europeans. With the Moderna...
06
Jan
As part of its leading role in providing global relief to address the COVID-19 crisis, the World Bank has committed significant financing to its member countries to respond to the pandemic and support economic growth. Recognizing the urgent need for these resources, the World Bank is relying on emergency guidelines that relax and expedite its traditional procurement oversight. However, companies interested in bidding in World Bank-financed projects should still expect the World Bank’s standards of conduct to apply, and...
