News & Events

Updated April 8, 2020 On March 27, 2020, President Trump signed the $2 trillion Coronavirus Aid, Relief and Economic Security Act (the “Act”).  The Act provides a number of tax benefits to individuals and businesses. Cash Rebates: Coronavirus recovery rebate checks of up to $1,200 for individual taxpayers ($2,400 for married couples filing jointly) will be issued, with an additional $500 payment for every child. The payments are reduced by $5 for each $100 a taxpayer’s adjustable gross income ...

During this uncertain time of the COVID-19 pandemic, not only is there an impact to the health of many around the world, but there has been major disruption to our daily lives and businesses. The tax-exempt bond market has seen an unprecedented reaction by investors. The current environment has also created potential federal tax issues in the tax-exempt bond market. The requested modifications to regulations governing the tax-exempt bond market are of interest to state government, municipalities ...

Paycheck Protection Program The CARES Act expands funding available to U.S. small businesses through the addition of the Paycheck Protection Program to the Small Business Administration Section 7(a) loan program.  What businesses are eligible?  The Paycheck Protection Program is a $349,000,000,000 lending program available to an expanded group of borrowers until June 30, 2020:  A small business, Tribal business concern, 501(c)(3), or a 501(c)(19) Veterans Organization with fewer than 500 e ...

The Coronavirus outbreak has caused many Americans to review their estate plans for the benefit of their families and intended beneficiaries. Individuals and families who do not have estate plans in place should consult with a tax and estate planning specialist to ensure that their current estate planning wishes are legally documented. Now is also a good time to review your insurance, annuity and retirement plan or IRA beneficiary designations.   In addition to setting the parameters for the di ...

On March 23, 2020, Updike, Kelly & Spellacy (“UKS”) achieved another major victory for the Tweed New Haven Airport Authority (“Tweed”) when the United States Supreme Court denied the State of Connecticut’s Petition for Certiorari, wherein the State (William Tong, in his official capacity as Attorney General for the State of Connecticut) petitioned the U.S. Supreme Court to review the July 9, 2019 unanimous decision of the U.S. Second Circuit Court of Appeals in favor of Tweed. In that decisi ...

On March 24, 2020, the United States Department of Labor’s Wage and Hour Division published the first set of guidance regarding the Families First Coronavirus Response Act (“FFCRA”).  This guidance provides key information for employers and employees regarding the applicability and impacts of the FFCRA, including the Emergency Paid Sick Leave Act and the Emergency FMLA.  This week, the Wage and Hour Division will be publishing additional information and guidance concerning compliance with the FF ...

Part I: Connecticut Recovery Bridge Loan Program  ***The DECD has announced that as of 6:00PM on March 27, 2020 it will stop accepting applications for the Connecticut Recovery Bridge Loan Program due to high demand. We will continue to provide updates in the event that the application process is reopened by the DECD or other changes are made to the Program.*** Program Overview   Effective as of March 25, 2020 the Department of Economic and Community Development (“DECD”) and Connecticut Innov ...

On March 25, 2020, Governor Lamont issued Emergency Order 7M (“Order 7M”), effective immediately, which addresses deadlines and proceedings before Connecticut State agencies.  In line with prior emergency orders addressing judicial and probate proceedings, Order 7M allows the head of each agency to extend for a period not to exceed ninety (90) days “any statutory or regulatory time requirements, decision-making requirements, hearings, or other time limitations or deadlines, procedure or legal process pertaining to matters under their respective jurisdiction, functions or powers . . . .”  

What should I do if an employee has COVID-19? A: You should send home the employee and all employees who worked closely with that employee for a 14-day period of time to ensure the infection does not spread. Before the infected employee departs, ask them to identify all individuals who worked in close proximity (three to six feet) with them in the previous 14 days to ensure you have a full list of those who should be sent home. When sending the employees home, do not identify by name the in ...

In response to the COVID-19 Crisis, Updike, Kelly & Spellacy, P.C. has assembled a multi-disciplinary team of attorneys to serve as points of contact for businesses and individuals with questions or concerns regarding a wide range of legal issues. These attorneys are available to assist you directly or to put you in contact with attorneys at the firm best suited to address your legal needs.