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SBA, Treasury update PPP reg guidance for laid-off employee forgiveness exclusion

[PPP Loans] Treasury: Laid-off employees will be excluded from the forgiveness reduction calculation so long as the borrower made a good faith, written offer of rehire and the employee’s rejection of the offer is documented. 

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Phillips Murrah presents COVID-related employment law update for Petroleum Alliance

[EMPLOYMENT LAW] Phillips Murrah Director Kathy Terry presented an in-depth labor and employment videoconference about changes to employment rules resulting from new COVID-19-related federal legislation to the Oklahoma Petroleum Alliance.

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UPDATE: Senate approves bill to revive, revise PPP program

[PPP LOANS UPDATE] On Tuesday, April 21, the Senate approved a $484 billion bill, allocating an additional $310 billion in funds to the Small Business Association’s Paycheck Protection Program, whose original funds were depleted after only one week.

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Business risk related to independent contractor unemployment claims under CARES Act

[EMPLOYMENT LAW] How do businesses handle risk when filing unemployment insurance benefits claims for independent contractors?

Roth: Utility demand peaks lowered, overall Oklahoma energy industry impact yet to be seen

[ENERGY] Oklahoma utility demand peaks are down, and a clear indication of how the coming months will affect the Oklahoma energy industry has yet to reveal itself. Phillips Murrah Attorney Jim Roth is quoted in the Oklahoman newspaper.

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General Contractor Bankruptcy – protect your rights

[CONSTRUCTION LAW] Given the uncertain economic times and the potential delays for projects, the risk of bankruptcy is high. It is more important than ever to protect your rights to payment or to completed, timely projects without additional costs. Communicate up and down the chain and act quickly to ensure, to the extent possible, that your rights are protected.

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Horse Management Facilities: Mitigating risk during COVID-19

[EQUINE LAW] Horse management facilities are designated as critical infrastructure businesses in Oklahoma. Manage risk by implementing best practices guidelines for preventing COVID-19 spread, communicate barn rules & implement stable liability waivers.

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FAQs: Impact of Covid-19 On Commercial Real Estate

[COMMERCIAL REAL ESTATE] The impact of COVID-19 on the CRE industry is unprecedented. We have been asked a broad range of questions as a result of the pandemic, including: What if a tenant cannot pay rent? Are commercial transactions being closed? How are lenders and borrowers affected? Are Force Majeure clauses available? and more.

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SBA disaster loan summary

Gavel to Gavel appears in The Journal Record. This column was originally published in The Journal Record on April 2, 2020. This Gavel to Gavel column is a summary of our full-length Q&A on Small Business Administration (SBA) loan programs. By Phillips Murrah Director Alison J. Cross and Attorney Kara K. Laster On March 27, Congress passed […]

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Tax Law Q&A: COVID-19 Tax Issues for Businesses

[TAX LAW] As part of FFRCA and the CARES Act, Congress made a number of favorable changes to the Tax Code that are beneficial to benefit both businesses and individuals.  Specifically with respect to businesses, the following provisions may be extremely helpful during the economic crisis stemming from COVID-19:

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Q&A about SBA Loans related to the newly passed CARES Act

[SBA LOANS] With recent passage of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). Small business owners, in particular, are anxious to receive relief under the Act. The Small Business Administration (SBA) is implementing regulations regarding the historic legislation. Here is a summary of what we know, currently:

Employer Essentials Resource Package

[EMPLOYMENT LAW] Phillips Murrah has put together a flat-fee bundle of basic policies and guidance to help employers comply with the Emergency Paid Sick Leave Act (EPSLA) and the Emergency Family Medical Leave Expansion Act (EMFLA), both of which are part of the Families First Coronavirus Response Act that goes into effect on April 1.

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Senate Approves CARES Act: Key Tax Changes

[TAX LAW] The CARES Act, approved by the Senate and set for a Friday House vote, provides both individuals and businesses with robust economic support, including through changes to the federal tax code.

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Senate Approves CARES Act: Important SBA Loan Information

[SBA LOANS] The CARES Act, approved by the Senate and set for a Friday House vote, authorizes $349 billion for SBA 7(a) loans. Read important highlights:

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What are considered “essential services” in Oklahoma during COVID-19?

Due to the horrible effects of the COVID-19 global pandemic, Oklahoma Governor Kevin Stitt has ordered that all businesses not identified as being within a critical infrastructure sector to close. Understandably, the order has a lot of Oklahomans wondering who and what falls into the category of being considered as a part of the critical […]