U.S. Treasury Releases Paycheck Protection Program Loan Application, Additional Information

On March 31, 2020, the U.S. Treasury Department released the initial loan application for borrowers under the “Paycheck Protection Program,” a Small Business Administration (SBA) forgivable loan program that is part of the CARES Act passed by Congress last week.  In addition, the Treasury Department provided borrowers with an “Information Sheet” for borrowers under the program.

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Changes to Charitable Giving Limits in the CARES Act

The newly passed Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) contains two provisions that will be of interest to folks who want to help their communities this year.  Section 2104 creates an above the line deduction of up to $300 for contributions made in 2020. This is important because after the Tax Cuts and Jobs Act (TCJA) a couple years ago, many folks no longer itemize, which means that they are not eligible to receive a tax benefit for the charitable deductions that they make over the course of the year. So, if you now claim the standard deduction, individual taxpayers can claim a deduction for the amounts up to $300 that they donate to charity. They don’t let you double-dip though, so if you itemize, you would claim your deductions on Schedule A as usual.

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Family Law Experts Issue Recommendations for Co-Parenting During Pandemic

Lots of families are struggling with how to best protect and parent children as the world responds to the COVID-19 pandemic. However, divorced parents may have additional concerns, such as “Is it safe to allow my children to travel to their other parent’s house for parenting time?,” “How can supervised parenting time continue if it was usually held at a restaurant?,” and “When is spring break, anyway?”

While each family may decide to approach these issues differently, the Oregon Statewide Family Law Advisory Committee (“SFLAC”) has issued recommendations for families who cannot reach their own agreements. Some common issues are addressed.

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Creative (and free!) Options When You Can’t Hit the Gym

We have a few free and fun ways to get moving and out of your head when you can’t get out of the house.

The recent Stay-at-Home order issued in Portland, Oregon has many of us adjusting to the new day to day life of remote work. It can be a hard balance when your work and home life all take place in the same building. Remember to take a few minutes for yourself and your mental wellness – stretch, or engage in a form of exercise you enjoy.

Though we are still able to go outside for walks and recreation (allowing for 6 feet of distance), Portland weather isn’t always so accommodating. If you’re in need of a creative way to move, but don’t have the space for an at home gym, we have a few suggestions.

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COVID-19: Resources

We’re getting a lot of questions right now about what resources are out there for individuals and businesses. I recommend taking a look at this comprehensive list that Representative Blumenauer’s office is developing and maintaining, for a start.

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Adequate Funding Needed to Support Court: Op Ed Article

The Oregon State Legislature is currently in full session and debating a proposed budget for Governor Brown’s approval. At stake is funding for our Oregon Courts. The Judicial Branch currently receives less than 3% of the total budget even though it is one of our three branches of government. SYK partner, Chris Costantino, in her role as President of the Oregon State Bar this year co-authored an article which was recently published in The Oregonian outlining the need to adequately fund our state courts in the 2019 budget. Right now, only one court house in the entire state is providing public services full time; other courts have limited time to answer phone calls or in-person requests. This is because court staffing has been cut by more than 12% since 2009.

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Free 24/7 Senior Loneliness Line: A Caring Call

Clackamas County has launched a free and confidential 24/7 call-in at 503.200.1633 (or 800.282.7035) for adults older than 55 who live in Clackamas County. The Senior Loneliness Line supports seniors in the community who are feeling lonely, anxious, or having difficulty connecting. Staff members are primarily trained under Lines for Life, to be well-equipped for crisis management training and suicide prevention. Staff members are also mandatory reporters and have been trained on how to fill out reports to Adult Protective Services.

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Attorneys Blachly & Pasieczny Present on Combating Financial Elder Abuse

Today, over 46 million Americans are 65 years of age or older. This accounts for nearly 15% of the population. According to the Population Reference Bureau, that number is projected to more than double by the year 2060. It will reach an estimated 98 million and 24% of the U.S. population. Approximately 1 out of every 10 Americans, age 60 and older have experienced some form of elder abuse. Estimates of financial elder abuse and fraud costs range from $2.9 billion to $36.5 billion annually

On Thursday, February 21st, SYK attorneys Victoria Blachly and Darlene Pasieczny will speak to the Oregon State Bar Securities Regulation Section about financial elder abuse in the securities industry. Their program “Recent Tools to Combat Financial Elder Abuse: Mandatory and Permissive Conduct Under FINRA Rules and Oregon Law for Securities Professionals,” will take a closer look at Oregon statues and FINRA rules regarding mandatory and permissive conduct for brokers and investment advisers when there is reasonable suspicion of financial abuse.

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Give to Live & Be the Inspiration for Positive Change

Friend of the firm, Arlene Cogen, has the #1 new release in Finance on Amazon – Give to Live: Make a Charitable Gift You Never Imagined.

“This is a love story about your finances, taking care of family and making a difference. Whether you are new to charitable giving or simply keen to improve your understanding of giving and philanthropy, this is your book. It will free you from the haze of the complicated jargon, break things down in understandable terms and share ways to effectively and meaningfully include philanthropy in your life.”

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