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June 11, 2020

In this issue:

PPP Loan Alternatives:
- A Guide to the Employee Retention Tax Credit
- Main Street Federal Lending Eligibility and Options
Is Your Business Protected? Cybersecurity Risks and the Remote Workforce
New Safe Harbor Announced for Electronic Disclosures Required by ERISA
New Michigan No-Fault Laws: Employees Injured in Employer-Owned Vehicles
Coronavirus Resources to Assist Michigan Businesses
Cybersecurity Hotline Provides Tool During Pandemic

A Guide to the Employee Retention Tax Credit

The CARES Act created the Employee Retention Tax Credit (“ERTC”), which is designed to provide financial relief to employers during the COVID-19 pandemic. The ERTC is a refundable tax credit that is credited against an employer’s share of social security taxes for specific wages paid on or after March 12, 2020 and before January 1, 2021.

While many businesses have focused on the Paycheck Protection Program’s loan offering due to its attractive loan forgiveness feature, many businesses are ineligible or have been otherwise unable to receive PPP loan funds. The ERTC is an attractive alternative for companies not participating in the PPP...

Main Street Federal Lending Eligibility and Options

Taylor A. Gast, Cody A. Mott and Caroline N. Renner

The Main Street Lending Program was established under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to assist small and medium-sized businesses who were in a sound financial position prior to the COVID-19 pandemic and are now facing financial strain due to the disruption of economic activity.

While many businesses have focused on the Paycheck Protection Program’s loan offerings due to its attractive loan forgiveness feature, many businesses are ineligible or have been otherwise unable to receive PPP loan funds. The Main Street Lending options could be an alternative for companies still interested in obtaining a loan...

Is Your Business Protected? Cybersecurity Risks and the Remote Workforce

Mark T. Koerner

On March 25, 2020 Governor Whitmer executed the state’s “stay-at-home” order to reduce the spread of the novel coronavirus (COVID-19).

On June 1, 2020, Governor Whitmer executed Executive Order 2020-110, effectively lifting the “stay-at-home” order and allowing some employees to physically return to work; however, Executive Order 2020-110 states that “[a]ny work that is capable of being performed remotely must be performed remotely.” Thus, having employees remotely working is here to stay, at least for the time being.

Having remote employees dramatically increases an business' cyberattack surface, or all of the vulnerable points where an business is susceptible to cyberattack...

Mark T. Koerner

New Safe Harbor Announced for Electronic Disclosures Required by ERISA

Amanda J. Dernovshek, Julie L. Hamlet
and Mindi M. Johnson

The Employee Retirement Income Security Act of 1974 (“ERISA”) and its applicable regulations require a plan administrator to provide a number of notices to plan participants. Delivery of the notices must be reasonably calculated to ensure actual receipt by the participant.

On May 21, 2020, the DOL announced a new safe harbor (the “Safe Harbor”) that may be used by plan administrators who are required by ERISA to provide notices to participants...

What the New Michigan No-Fault Laws Mean for Employees Injured in Accidents while Occupying an Employer-Owned Vehicle

Stefania Gismondi

On May 30, 2019, Governor Gretchen Whitmer signed a bill that dramatically reformed the No Fault Act. The legislation made sweeping changes to laws that had existed for decades.

The reforms may raise questions for employees driving vehicles owned by their employers. Here are answers to some of the questions you may have...

Coronavirus Resources to Assist Michigan Businesses

During these difficult times, the Foster Swift law firm has been consistently updating a resource page relevant to the current pandemic and its impact on Michigan's small businesses, financial institutions, municipalities and other entities. This resource page is dedicated to providing attorney-written articles and recorded podcasts/webinars, along with other online resources relevant to Coronavirus/COVID-19 and its impact on numerous aspects of professional life.

Please note that while the articles on the resource page were accurate at the time of their publishing, due to constantly evolving COVID-19 laws and regulations, please consult your attorney and/or advisor to make sure you have the most current information available before taking action.

Cybersecurity Hotline Provides Tool During Pandemic

With the current pandemic forcing many businesses to work remotely to protect their employees, cybersecurity and data protection are issues of increasing concern to entities of all sizes. Foster Swift's Cybersecurity Hotline provides callers (businesses, municipalities and other organizations) with quick access to experienced cybersecurity attorneys to assist in controlling potential threats.

Cybersecurity incidents and data breaches frequently cause significant expense and reputational harm to organizations, involve important legal obligations, and can result in costly lawsuits and regulatory investigations.

Foster Swift attorneys will quickly respond to inquiries regarding data breach concerns, work with your technology team to help mitigate risk, collaborate with your communications team to minimize negative public relations, and keep breach-related costs controlled. For assistance regarding a cybersecurity incident or data breach, dial the Hotline at (517) FS1-TASK or (517) 371-8275 to speak with an attorney.

Foster Swift Collins & Smith, PC E-Newsletters are intended for general information for our clients and friends. This newsletter highlights specific areas of law and is not legal advice. The reader should consult an attorney to determine how this information applies to any specific situation.

IRS Circular 230 Notice: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.

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