The New 80/20 Rule for Tipped Employees
On December 28, 2021, a new rule affecting tipped employees goes into effect. Tipped employees under the Fair Labor Standards Act (Fl.SA) are defined as (1) non-exempt, (2) customarily and regularly receive more than $30.00 a month in tips, and (3) the employer is allowed to credit a portion of their minimum wage obligation against […]
Choosing the Right Business Structure: 4 Factors to Consider
Starting a business can be an intimidating process especially, navigating the legal process of making your business official. When starting a business, several factors must be considered. One of the most important choices is deciding what structure best suits your business. When taking the leap and starting a business, contact an experienced attorney to help. […]
WEBINAR, MAY 20th: INS & OUTS of BUSINESS CONTRACTS AND AGREEMENTS
Understanding contracts and agreements is crucial to running a lasting business. Join us on May 20th, 2021 for a live webinar presented by our own James Rosenblatt as he discusses what makes a legally binding contract, how to document your business relationships, and the essential elements of a contract. Date And Time Thursday, May 20th, […]
RESTAURANT REVITALIZATION FUND ADDRESSED IN ARPA
Under Section 5003 of the ARPA, certain food service businesses are eligible to apply and receive a tax-free federal Restaurant Revitalization Fund grant (“RRF Grant”). While the amount of the grant provided to the eligible entity depends on the “pandemic-related revenue loss of eligible entity,” the amount cannot exceed $10 million and is limited to […]
UPDATED EIDL ADVANCE
The Targeted EIDL Advance was created under the December 2020 Consolidated Appropriations Act to provide support businesses most heavily impacted by the COVID-19 pandemic. The Advance is limited to: small businesses in low-income communities that suffered a substantial economic loss; defined as 30% or more, due to the pandemic; may not have received advance funds previously; […]
THE AMERICAN RESCUE PLAN ACT AND THE SSBCI
The American Rescue Plan Act (“ARPA”) reauthorized State Small Business Credit Initiative (“SSBCI”) and allocated $10 billion toward funding the program for state and tribal governments. The original SSBCI was a $1.5 billion program authorized through the Small Business Jobs Act of 2010 and aimed at strengthening state programs supporting financing small businesses and entrepreneurs. Administered by […]
SMALL BUSINESS ADMIN PREPARES FOR SHUTTERED VENUE OPERATORS GRANTS
The newly passed American Rescue Plan (“ARP”) revised and expanded the Shuttered Venue Operators Grants program initially passed under the Consolidated Appropriations Act, 2021. The available amount of grants increased to over $16 billion. Additionally, grant applicants no longer need to choose between a PPP loan and the Shuttered Venue Operator Grants. If a venue […]
CORPORATE TRANSPARENCY ACT
To prevent the illicit use of “shell companies” concealing illegal activity or facilitating money laundering and tax evasion, Congress enacted the Corporate Transparency Act (“CTA”) on January 1, 2021. Although the law garnered little fanfare, it creates a registry of “beneficial owners” and imposes strict reporting to the Financial Crimes and Enforcement Center’s (“FinCEN”) anti-money […]
EMPLOYER OPTIONS DURING BAD WEATHER
Not one RLF attorney or staff member can remember a time when the entire 268,820 square miles of Texas was covered in a winter storm warning, much less covered to some degree in ice and snow, and dealing with the aftermath of power and water outages. That just doesn’t happen here. But in 2021 fashion, […]
UPDATES TO PPP and COVID-19 RELIEF BILL
The first round of Paycheck Protection Program (“PPP”) loans provided much needed capital to businesses struggling through the pandemic. President Biden and the Consolidated Appropriations Act, 2021 (the “Act”) have provided further assistance to employers. The Act allows employers with fewer than 300 employees a “second draw” of PPP loan funds, subject to certain criteria. […]