On March 27, 2020, Congress passed the CARES Act, a sweeping piece of legislation aimed at providing relief to individuals, families, and businesses adversely affected by the Coronavirus pandemic. The Act will have different repercussions for individuals in different circumstances, but the provision with perhaps the broadest impact is the recovery rebate. More commonly referred to as a stimulus payment, the recovery rebate is a one-time payment to US citizens and residents. For most the recovery rebate is good news, but for unmarried, divorced, or separated parents sharing custody of their children, the rebate may usher in unwelcome complications.
Even small children know that they can dial 911 in an emergency. However, many do not know that in Oregon and Southwest Washington they can dial 211 to get access to a variety of community information resources. The 211info contact center is a nonprofit that serves all of Oregon’s and some of Washington’s counties. The organization can provide community members with information and referrals to services in each of the following areas:
Oregon’s unemployment rate has risen to a historic high of almost 15% in the wake of the COVID-19 pandemic, leaving many in a state of uncertainty about how they will make ends meet. For those who are party to a child or spousal support award, a change in employment may be grounds for modifying the terms of their support award. When there has been a significant, unanticipated change in economic circumstances, the court will consider a petition to modify a child or spousal support award. You would be hard pressed to find anyone who anticipated the COVID-19 pandemic, so if you have lost your job or are otherwise significantly impacted by the pandemic, you may consider requesting a child or spousal support modification.
FINRA, the Financial Industry Regulatory Authority, issued an eye-catching warning in Regulatory Notice 20-14 about a particularly complex and risky type of security: Oil and Gas Exchange Traded Products, or ETPs. High concentrations in the oil and gas sector, especially with complex, risky, and volatile products like ETPs, may become a frequent subject for investor litigation in the upcoming year and fallout of the Coronavirus pandemic. To quote FINRA, “the performance of such products may be linked to unfamiliar indices or reference benchmarks, making them difficult for the average investor to comprehend.”
We are happy to introduce the newest attorney in the SYK family – Colleen Muñoz.
Colleen is a a graduate of Lewis & Clark. During her time in law school, Colleen clerked for Federal Magistrate Judge Stacie F. Beckerman, volunteered with Innovation Law Lab to assist detained individuals in presenting their asylum claims, and clerked at Passage Immigration Law. Colleen joined SYK as a law clerk during her third year of law school, where she found a home to begin her professional career as a lawyer. She passed the Oregon State Bar earlier this year. Her practice is centered around commercial and fiduciary litigation focusing on real property, employment, and construction law.
Due to COVID-19, her swearing in was a little different than the usual ceremony. Judge Katherine Tennyson joined us via Zoom to administer Colleen’s Oath of Office.
On Friday, June 7, 2020, the President signed the ‘‘Paycheck Protection Program Flexibility Act of 2020’’ (PPPFA) into law. This Act, recently passed in Congress by large bipartisan votes, makes a number of significant changes to the Paycheck Protection Program (PPP), which was passed by Congress on March 25, 2020, as part of the Coronavirus Aid Relief, and Economic Security (CARES) Act.
Here are the key changes made by Paycheck Protection Program Flexibility Act.
June 15, 2020 is World Elder Abuse Awareness Day. You have the opportunity to learn from federal government leaders how they are seeking global solutions for elder abuse. The 90 minute free seminar starts at 10:00 AM on June 15.
Hope to “see” you there.
We’ve been getting a lot of questions about the Paycheck Protection Program (PPP) and how our clients can maximize the amount that is forgiven. While this is a bit of a moving target, our friends at Geffen Mesher have put together a helpful video on working through the Small Business Association’s (SBA) Paycheck Protection Forgiveness Application that we wanted to commend to your attention.
Valerie Sasaki, of Samuels Yoelin Kantor, LLP facilitated a “Cocktails and Conversation” discussion with the Portland Chapter of Women in Insurance and Financial Services, which explored the recent Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The CARES Act is Congress’ comprehensive legislation to provide relief to individuals, families, and businesses that are adversely affected by the Coronavirus pandemic. Despite frequent news coverage and criticism, the scope and effect of the CARES Act can seem impenetrable because it contains so many separate moving parts. In this discussion, Ms. Sasaki walked through the different components of the CARES Act and explained how each works to combat the economic hardship brought about by the Coronavirus epidemic.
The CARES Act is a $2 trillion economic relief package that creates new aid programs and expands existing programs. State and local governments will receive $339.8 billion, the majority of which goes to specific COVID-19 response efforts. The rest of the state and local government relief is divided between education, community development, and family assistance programs.
Time marches on and the time to comment on several of the Oregon Department of Revenue’s Corporate Activity Tax (“CAT”) rules ends today, May 26 at 5pm. While the Oregon State Bar Taxation Section did not officially comment on the rules, three attorneys, including Samuels Yoelin Kantor, LLP’s Valerie Sasaki, did submit comments on the math problem that is Proposed OAR 150-317-1200. Essentially, the CAT is only imposed on a taxpayer’s Oregon receipts. The question of how to calculate that though, has led to what we believe are some unintended flawed results for taxpayers that have costs and labor concentrated relative to certain income streams.
While the section did not officially comment, several folks whose names don’t appear on the final comments contributed to discussing the comments and accompanying examples, which you can find below as downloads. We are proud to practice as a part of a community that values good tax policy, even in difficult times.