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About us

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Avv. Flavia Betti Tonini, PhD, Of Counsel Flavia Betti Tonini is an experienced attorney with a solid background in corporate law, compliance, criminal law, and...

Posted on 13th January 2023 by lcmm@melchionnalaw.com

About us

Mission and Values

Mission Melchionna PLLC is an indipendent law firm. Melchionna PLLC’s mission is to provide outstanding legal services and tax advice. We focus on building a relationship with...

Posted on 5th November 2019 by lcmm@melchionnalaw.com

About us

Melchionna PLLC, a law firm with a focus on business, corporate, tax, and IP law.

About us Melchionna PLLC represents and assists North American and European business clients in achieving their goals with sound legal advice and innovative solutions to current...

Posted on 18th February 2019 by lcmm@melchionnalaw.com

Business law

The 2020 CARES (Coronavirus Aid, Relief, and Economic Security) Act – Summary. March, 27 2020 – 10:30 am

On March 25, 2020, the United States Senate unanimously approved a $2 trillion rescue package to combat the Covid-19-induced economic downturn...

Posted on 28th March 2020 by lcmm@melchionnalaw.com

International tax

Tax Inversion under Italian and U.S. Regulations

Abstract “Esterovestizione” – a.k.a. “tax inversion” or “corporate expatriation” is the practice of moving a domestic parent company to a foreign jurisdiction with a lower tax...

Posted on 21st March 2020 by lcmm@melchionnalaw.com

Business law

COVID-19 – Legal, corporate, and tax advisory

As a law firm with global reach, Melchionna PLLC would like to reaffirm its support to clients and prospective clients affected by the worldwide spread of the COVID-19 (COrona...

Posted on 16th March 2020 by lcmm@melchionnalaw.com

Tax Law

Chamberlain and Edelman: double taxation, the dormant commerce clause and a few planning considerations

In the 2015 case Comptroller of Treasury of Md. v Wynne, 575 U. S. 542 (2015)(‘Wynne‘) the United States Supreme Court affirmed that a state’s...

Posted on 12th March 2020 by lcmm@melchionnalaw.com

M&A and corporate law

When and how to pull levers: intent and enforceability of term sheet/letter of intent

Introduction A term sheet (TS) should be able to document with reasonable clarity and transparency corporate intent to reach certain goals. Similar to a TS, a letter of intent...

Posted on 3rd February 2020 by lcmm@melchionnalaw.com

Tax Law

Corporate tax reform in Missouri

Missouri’s Senate Bill 884 of 2018 (the “Act”), which lowered the corporate rate from 6.25% to 4%, became effective on January 1st this year, making the state one of the lowest...

Posted on 3rd January 2020 by lcmm@melchionnalaw.com

Business law

California’s new data privacy law

The California Consumer Privacy Act (CCPA) entered into effect on January 1, 2020, bringing with it a slew of new protectionary measures for consumer data. Below is a summary of...

Posted on 2nd January 2020 by lcmm@melchionnalaw.com

Business law

On November 21, new rules entered into effect on EB – 5 Immigrant Investor Program

The Immigrant Investors Program (EB-5) allows foreign investors to apply for permanent residence in the U.S. (green card) if they invest in a commercial enterprise and create or...

Posted on 30th December 2019 by lcmm@melchionnalaw.com

Food law

Pennsylvania: recent changes in serving alcoholic beverages

On November 21, 2019, Pennsylvania Governor Tom Wolf signed into law House Bill 947 (now known as Act 86 of 2019) in order to address the inconsistent alcoholic beverage serving...

Posted on 19th December 2019 by lcmm@melchionnalaw.com

International trade

Balance of Trade for goods exchanged between the EU, France, Germany, Switzerland, Italy and the US: the first nine months of 2019

The balance of trade for goods is the net amount of EU and US exports and imports over a stated period of time. In 2019, the trade balance of goods between EU and the US shows a...

Posted on 19th December 2019 by lcmm@melchionnalaw.com

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Business law

The 2020 CARES (Coronavirus Aid, Relief, and Economic Security) Act – Summary. March, 27 2020 – 10:30 am


lcmm@melchionnalaw.com
The 2020 CARES (Coronavirus Aid, Relief, and...
Posted on 28th March 2020 by lcmm@melchionnalaw.com

On March 25, 2020, the United States Senate unanimously approved a $2 trillion rescue package to combat the Covid-19-induced economic downturn (https://www.congress.gov/bill/116th-congress/senate-bill/3548/text ). This third rescue package includes a variety of initiatives and financing sources that target different sectors of the US economy. When signed into law by the President– as is currently expected – the sprawling legislation would be the largest relief package in US history.

This is the third remedy that Congress has passed in the span of two weeks to face the COVID-19 public health and economic crisis: the first one was the March 6, 2020 $8.5 billion Coronavirus Preparedness and Response Supplemental Appropriations Act, (https://www.cdc.gov/cpr/readiness/funding-covid.htm), followed by the March 18, 2020 Family First Coronavirus Response Act (FFCRA Act) https://www.dol.gov/agencies/whd/pandemic/ffcra-employee-paid-leave .

The CARES Act provides funding and/or tax relief to individuals, industries, businesses, and hospitals as follows:

  1. Individuals: A cash payment of $1,200 to individuals who earned $75,000 or less in 2019 (or 2018 if they have not yet prepared their 2019 tax return). The size of the payment gradually decreases for workers who earned more than $75,000 and phases out completely at $99,000. A $2,400 check will be sent to married couples who earned less than $150,000 and will phase out at $198,000. Individuals and couples with children 16 and under will receive an additional $500 per child.
  2. Workers: They can receive an additional $600 per week payment for up to 4 months on top of state unemployment benefits; self-employed individuals and independent contractors are also eligible to obtain payments. The ‘waiting week’ that is customary for many state unemployment insurance applications may be repealed by state authorities, and there may be an additional 13 weeks of coverage after exhaustion of state benefits; 
  3. Small businesses (with fewer than 500 employees) paycheck protection: A $350 billion forgivable loan program, guaranteed by the Small Business Administration, to help small businesses maintain staff for payroll and other expenses (February 15 to June 30). Loans are forgivable if used for payroll or to pay rent, interests on mortgages, and utilities. Businesses with fewer than 500 employees are eligible for loans up to $10 million depending on aggregate employee wages paid between January 1 and February 29 this year. The maximum interest rate on these loans is 4%, and the principal on the loan can be forgiven if the loan is used for approved purposes and the employer maintains its average workforce size based on when it receives the loan (https://www.marketwatch.com/story/heres-what-the-historic-2-trillion-coronavirus-stimulus-package-will-do-to-help-small-businesses-2020-03-26);
  4. Small businesses (with fewer than 100 employees): A 50% payroll tax credit on wages up to $10,000 per worker during the crisis;
  5. Businesses: A two-year deferral on the 6.2% social security tax employers and the self-employed pay on wages. The current bill mandates that half of the deferred amount must be paid by the end of 2021 and half must be paid by the end of 2022 (https://www.politico.com/news/2020/03/25/whats-in-stimulus-package-coronavirus-149282);
  6. Business NOLs: Losses that occurred in 2018, 2019 and 2020 can be carried back for 5 years with no application of the 80% limitation;
  7. Businesses and local governments: $454 billion in emergency lending provided that they retain 90% of their employees (as of March 24, 2020) and do not engage in stock buy-back.

After the bill passes, the Department of the Treasury is expected to establish a process where almost all FDIC-insured banks can originate SBA loans. Treasury Secretary has also stated that he hopes to make the loan application process very simple with same-day disbursement (https://www.wsj.com/articles/how-to-apply-for-small-business-loans-under-the-coronavirus-stimulus-bill-11585235059).

lcmm@melchionnalaw.com
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