COVID-19 Federal Legislation/Actions/Updates
Treasury Relents on Employee Retention Tax Credit for Health Benefits Provided to Unpaid Employees
Following bipartisan pressure from members of both Houses of Congress and from employer groups, the IRS and Treasury have released additional guidance reversing the position taken in their recent FAQs. Read more.
IRS Releases FAQs with Additional Guidance on the CARES Act Employee Retention Tax Credit
The IRS has issued FAQs providing additional guidance on several aspects of the CARES Act Employee Retention Tax Credit. This alert summarizes a number of the key topics addressed in these FAQs. Read more.
Federal Reserve Main Street Lending Program Update
On April 30, 2020, the United States Federal Reserve issued additional guidance for the Main Street Lending Program (MSLP). Among other things, this Guidance expanded and clarified portions of the MSLP as it was initially outlined on April 9, 2020. Read more.
Senators Propose the COVID-19 Consumer Data Protection Act
U.S. Senators Roger Wicker, John Thune, Jerry Moran, and Marsha Blackburn recently announced their plan to introduce the COVID-19 Consumer Data Protection Act, seeking to provide Americans more transparency and control over the collection and use of “covered data” during the COVID-19 public health emergency. Read more.