Governments and agencies around the world are rallying to protect their people from COVID-19. But each country and region is employing different tactics to meet the same goal. Morgan Lewis has assembled cross-disciplinary teams across our global offices to advise companies on this ever-evolving patchwork of laws and guidance.
Following the enactment of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act in December 2020, the Biden administration announced several changes to the Paycheck Protection Program on February 22, 2021 aimed at providing greater access to funds for underserved businesses and communities. This LawFlash discusses these recent changes, highlighting key provisions and guidance for businesses seeking to participate in the program before it officially expires on March 31, 2021 (pending any additional legislation from Congress).
The Small Business Administration recently announced new questionnaires for purposes of gathering information from borrowers related to the economic necessity certification under the Paycheck Protection Program.
Nonprofit organizations are on the front lines in the battle against the coronavirus (COVID-19), but they also number among the many victims of COVID-19’s devastating financial impact. In response, the Federal Reserve recently announced that loans would be available to nonprofit borrowers under the Main Street Lending Program, and issued a FAQ on two new facilities—the Nonprofit Organization New Loan Facility and the Nonprofit Organization Expanded Loan Facility.
The CARES Act’s Paycheck Protection Program provides loans targeted to small businesses to help keep their workers employed during the coronavirus (COVID-19) pandemic, and offers loan forgiveness to borrowers maintaining a high percentage of employees on payroll. This LawFlash provides the latest developments in PPP loan availability, eligibility, and forgiveness, as well as a comprehensive overview of the PPP and related guidance.
The Paycheck Protection Program and other government loan programs implemented in response to the coronavirus (COVID-19) pandemic have a variety of implications on pending and potential M&A transactions. This White Paper provides an overview of considerations that stakeholders in a transaction should consider in structuring, negotiating, and executing a deal involving a PPP loan.
The Federal Reserve took additional actions on April 9 to provide up to $2.3 trillion in loans to support the US economy during the coronavirus (COVID-19) pandemic. This LawFlash covers the new and expanded programs, and provides comprehensive coverage of the Coronavirus Economic Stabilization Act.
The Internal Revenue Service (IRS) recently released new guidance in IRS Notice 2020-50 and Notice 2020-51 to help owners and beneficiaries of individual retirement accounts and individual retirement annuities (IRAs) and IRA providers navigate the relief provided under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
The Internal Revenue Service recently published additional guidance on the coronavirus-related distributions and loans provisions of Section 2202 of the CARES Act. Notice 2020-50 is intended to assist employers and plan administrators, trustees and custodians, and qualified individuals in applying Section 2202 to take advantage of greater access to plan distributions and plan loans.
US President Donald Trump signed the Paycheck Protection Program Flexibility Act of 2020 (the Act) on June 5, modifying certain provisions related to the forgiveness of loans under the Paycheck Protection Program (PPP). We recently published a LawFlash discussing these modifications.
With just days left until provider attestations are due related to acceptance of CARES Act Provider Relief Funds, the US Department of Health and Human Services (HHS) has recently been updating its FAQs, providing some additional clarity, and potentially confusion, surrounding the acceptance of Relief Funds from its initial tranche $30 billion of General Distribution payments. Attestations for the first tranche of payments on April 10 are due May 25, and HHS continues to furnish guidance regarding the details of the General Distribution Relief Fund.
Federal and state regulators and Congress continue to release new guidance and requirements to assist mortgage borrowers facing economic hardships resulting from the coronavirus (COVID-19) pandemic. Due to the high volume of borrower requests, the associated burden on servicers, and the unknown duration of the COVID-19 pandemic, it is critical for servicers to be in compliance with all forbearance-related requirements and to be responsive to borrower communications and inquiries.
For-profit medical care providers that receive CARES Act grants to provide funds for healthcare-related expenses or lost revenues attributable to the coronavirus (COVID-19) may be taxed for those receipts. Because Congress did not otherwise exclude or address the tax treatment of these grant payments, taxability would be determined based upon applicable tax law and guidance, which require that such funds be reported as taxable income. For-profit healthcare providers that received these grants should consider this issue and its resulting tax implications.
As part of its ongoing efforts to provide guidance on the federal income tax consequences of various Coronavirus Aid, Relief, and Economic Security (CARES) Act provisions, the IRS issued Notice 2020-32 addressing the deductibility of certain expenses incurred in a taxpayer’s trade or business after receiving a loan pursuant to the CARES Act’s Paycheck Protection Program.
In what is likely the first of several CARES Act–related pieces of retirement plan guidance, the Internal Revenue Service recently posted a set of Q&As addressing certain issues and questions related to distributions and loans related to the coronavirus (COVID-19) pandemic under the CARES Act.
The US Department of Education is now accepting applications from qualifying postsecondary institutions for emergency grants from funds that have been allocated under the CARES Act. The Department has issued instructions about how to apply for the grants, as well as guidance aimed at assisting institutions in realizing the benefits of the CARES Act.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law on March 27 contains several emergency measures affecting retirement plans. The CARES Act gives plan sponsors the option of making available to participants, effective immediately, penalty-free coronavirus-related distributions as well as plan loans increased beyond the amount otherwise permitted under Internal Revenue Code (IRC) 72(p).
The US Department of the Treasury recently began accepting loan applications from qualifying Defense Industrial Base contractors, with a short deadline of May 1, 2020, to submit the application for expedited review.
Provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act signaled that the government intends to closely monitor the more than $2 trillion in relief funds, including loans through the Paycheck Protection Program. New developments confirm that businesses seeking these loans must understand the risks before accepting and retaining the funds.
The coronavirus (COVID-19) pandemic has forced companies to reassess their financial projections amid the rapidly shifting landscape of the global economy. In response, there has been a rapid uptick in the number of corporations that have suspended dividend payments to preserve assets and capital. The last few weeks have seen corporations in the auto, aerospace, cruise line, entertainment, hospitality, mining, and restaurant industries, to mention a few, suspend dividends.
Morgan Lewis partner Alexander Reid and associate Chelsea Rubin were quoted in an EO Tax Journal article about the US Internal Revenue Service’s proposed regulations regarding Section 512(a)(6) and the CARES Act.
The Centers for Medicare & Medicaid Services (CMS) announced on April 26 that it will no longer be accepting new applications for the Medicare Accelerated/Advanced Payment Program (AAPP).
US President Donald Trump signed the Paycheck Protection Program and Healthcare Enhancement Act (HR 266) into law on April 24. HR 266 appropriates $483 billion in new spending, including $321 billion for the Payment Protection Program, an additional $75 billion for the Public Health and Social Services Emergency Fund, and $25 billion to support expanded testing across the United States.
The Federal Housing Finance Agency (FHFA) announced on April 21 that servicers’ obligation to advance scheduled monthly payments for Fannie Mae and Freddie Mac (the Enterprises) backed single-family mortgage loans in forbearance will be limited to four months.
Medicare providers that receive grant money under the CARES Act Relief Fund must pay close attention to the terms and conditions of the assistance and rigorously document how the funds are used to avoid potential future False Claims Act allegations.
In response to the current coronavirus (COVID-19) pandemic, federal, state, and local governments have taken various actions to limit or prohibit foreclosures and evictions during the public health emergency. Some of these actions also require forbearance in the enforcement of mortgage loans and leases.
The $100,000 limit on coronavirus related distributions (CVRD) under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is both an individual limit and a plan limit. Tracking and enforcing the $100,000 limit has the potential to create special compliance issues for employers and controlled group affiliates that sponsor more than one retirement plan and have individuals with an account balance under more than one of those plans.
The US Departments of Labor, Health and Human Services, and the Treasury (Departments) issued a set of 14 frequently asked questions (FAQs) on April 11. The FAQs are intended to offer guidance on the application and implementation of the Families First Coronavirus Response Act (FFCRA), the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), and other health coverage issues related to the coronavirus (COVID-19).
Not to be confused with the $100 billion in Provider Relief Funds established as grants to healthcare providers through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Congress also broadened the access to the Medicare Accelerated/Advanced Payment Program (AAPP) as a tool to address financial concerns associated with reduced cash flow during the pandemic.
The Internal Revenue Service on Monday, April 13 issued welcome relief to the securitization industry, providing that certain forbearances and related modifications to mortgages will generally not cause real estate mortgage investment conduits (REMICs) and other securitization vehicles to lose their special tax status if such modifications arise from new programs/procedures created by the CARES Act or by similar programs/procedures to address the coronavirus (COVID-19) emergency.
The US Department of the Treasury on April 10 released updated criteria outlining which businesses are eligible to apply for CARES Act loans out of the $17 billion allocated for businesses “critical to maintaining national security.”
Businesses that avail themselves of financial assistance under Section 4003 or 4116 of the CARES Act must limit compensation and severance paid to certain officers and employees.
Employers considering layoffs in the face of the coronavirus (COVID-19) crisis have additional opportunities to support furloughed workers, aside from options offered by the CARES Act.
Loans for US small businesses to keep employees on payroll during business slowdowns resulting from the coronavirus (COVID-19) pandemic became available April 3 under the Paycheck Protection Program. Loan forgiveness may be available if businesses meet certain requirements.
Morgan Lewis partner Andrew Budreika was quoted in an Advertising Specialty Institute article about the latest developments in the CARES Act’s Paycheck Protection Program (PPP).
The Coronavirus Aid, Relief, and Economic Security (CARES) Act offers broad-based economic support for companies contending with the disruptions caused by the coronavirus (COVID-19) pandemic. This LawFlash provides a comprehensive overview of the aid that is available to or directly affects banks and related companies.
In three new Unemployment Insurance Program Letters, the US Department of Labor (DOL) issued guidance to state workforce agencies to implement the unemployment provisions in the CARES Act. The guidance has several important aspects for employers.
This edition of Morgan Lewis Retail Did You Know? examines how the Coronavirus Aid, Relief, and Economic Security (CARES) Act impacts companies in the retail and hospitality sector, which has been severely impacted by the coronavirus (COVID-19) pandemic due to the government-mandated shutdown of “non-essential businesses” in some states, as well as the decrease in customer traffic given the uncertain economic climate. Companies in the retail and hospitality sectors should carefully consider the eligibility requirements for CARES Act relief measures.
President Donald Trump signed the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act) into law on March 27. The CARES Act aims to offer economic relief to companies and their employees due to the coronavirus (COVID-19) pandemic in the United States. Many of the CARES Act provisions impact the technology industry although the Act does not expressly provide industry-specific relief.
With broad bipartisan support, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or Act), signed into law by the president on March 27, provides a $2 trillion economic stimulus and contains numerous and significant retirement plan, health plan, and payroll tax and fringe benefit changes to help businesses and individuals.
The Coronavirus Air, Relief, and Economic Security (CARES) Act includes provisions to assist small business customer payroll and payment of telephone and internet bills and, in addition to other recently passed acts, aims to expand access to telehealth.
The Centers for Medicare & Medicaid Services has expanded its payment program to provide emergency funding and increased cash flow to providers and suppliers that participate in Medicare based on historical Medicare payments in response to the coronavirus (COVID-19) pandemic.
The $2 trillion economic stimulus package laid out in the Coronavirus Aid, Relief, and Economic Security (CARES) Act includes $11 billion in appropriations for vaccines, therapeutics, and other medical needs, and $34.9 billion supporting agriculture, rural development, the US Food and Drug Administration, and related industries. This LawFlash addresses the act’s drug, device, and food product provisions, and outlines the impact of those provisions on manufacturers and other affected parties.
With the targeted relief for small businesses from the Coronavirus Aid, Relief, and Economic Security (CARES) Act come questions about whether certain entities are eligible for relief under the act’s Paycheck Protection Program. For private equity and venture capital portfolio companies, additional analysis is required to determine whether they can obtain CARES Act aid. This LawFlash analyzes such companies’ ability to successfully apply for and receive relief.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the historic $2.2 trillion fiscal stimulus bill signed into law on March 27, authorizes the US Patent and Trademark Office and US Copyright Office to extend statutory deadlines in response to the coronavirus pandemic.
President Donald Trump signed the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act) into law on March 27. The CARES Act aims to offer economic relief to companies and their employees due to the coronavirus (COVID-19) pandemic in the United States. Although the Act does not expressly provide relief for energy companies, many of its provisions impact energy sector companies.
The Coronavirus Aid, Relief, and Economic Security Act establishes mechanisms for relief that healthcare providers are anxious to access. This alert outlines those mechanisms.
Overwhelmingly passed by both houses of the US Congress this week and signed into law by President Donald Trump on March 27, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides a $2 trillion economic stimulus and contains many major tax changes to help businesses and individuals.
Widely expected to pass both houses of the US Congress by March 27, and to be signed into law by the president, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) lays out a $2 trillion economic stimulus, including over $300 million in emergency supplemental appropriations. This is a high-level summary of key portions of the bill.
The California State Legislature Assembly Bill 84, introduced on February 2, proposes to require employers with 26 or more employees to provide up to 80 hours of supplemental paid sick leave for qualifying COVID-19 related reasons. Although the proposed bill is similar to Senate Bill 95, which expired on September 30, 2021, there are some significant differences.
The Cal/OSHA Standards Board on December 16 voted to approve the second readoption of the California COVID-19 Prevention Emergency Temporary Standards (ETS) during its monthly public meeting. The revised ETS will not adopt the federal OSHA ETS or include a mandatory vaccination requirement for employers, but will include stricter requirements for employers than the current version.
The Los Angeles County Department of Public Health issued a press release on July 15 indicating that on July 16 it will post a modified county Health Officer Order requiring everyone, regardless of vaccination status, to wear a mask in indoor public settings and businesses beginning Saturday, July 17, at 11:59 pm. With this order, Los Angeles County will be more restrictive than the guidance from the Centers for Disease Control and Prevention, the California Department of Public Health, and Cal/OSHA, all of which allow fully vaccinated individuals to forgo wearing a mask in most indoor settings.
Santa Clara County, California issued a health officer order on June 21, 2021, to phase out its May 18 health officer order, which required businesses to ascertain the vaccination status of all personnel working in the county and to follow up every two weeks with those who had not yet indicated they were fully vaccinated. The county also lifted its other COVID-19-related requirements for businesses, replacing them with recommendations that businesses are encouraged to follow.
The Cal/OSHA Standards Board voted on June 17 to “readopt” the COVID-19 Prevention Emergency Temporary Standards (ETS) with several revisions that brought the ETS rules for fully vaccinated employees more in line with the Centers for Disease Control and Prevention (CDC) and California Department of Public Health’s (CDPH) guidance. Later that day, Governor Gavin Newsom issued Executive Order N-09-21 that eliminated 10 days of administrative review so that the ETS could take effect immediately.
In another reversal, on June 9 the California Division of Occupational Safety and Health (Cal/OSHA) Standards Board unanimously voted to withdraw the “Readopted” Emergency Temporary Standards that it had approved just six days earlier, while the California Department of Public Health (DPH) previewed new face mask guidance that aligns with the Centers for Disease Control and Prevention’s (CDC’s) face mask guidance and will take effect June 15. In addition, the health department from Los Angeles County—the county with the largest population and with the highest number of COVID-19 cases and deaths in the state since the pandemic began—announced that it will adopt the state DPH guidance except that employers must adhere to Cal/OSHA standards.
Morgan Lewis partners Jason Mills and Daryl Landy spoke with The Recorder after California state regulators rescinded COVID-19 workplace safety rules.
At a Standards Board meeting on June 3, 2021, the California Division of Occupational Safety and Health (Cal/OSHA) “readopted” its COVID-19 Prevention Emergency Temporary Standards with revisions as published on May 28.
The California Division of Occupational Safety and Health (Cal/OSHA) on May 28 released much-anticipated updated text for its proposed “Readoption” of COVID-19 Prevention Emergency Temporary Standards. Perhaps the biggest surprise was what Cal/OSHA did not change.
The California Occupational Safety and Health (Cal/OSHA) Standards Board has decided to delay approving Cal/OSHA’s proposed “readoption” of the COVID-19 Prevention Emergency Temporary Standards pending Cal/OSHA’s anticipated further proposed revisions in light of recent mask guidance from the Centers for Disease Control and Prevention.
California will keep its existing mask guidance in place until June 15, 2021, when it aims to “fully reopen the economy.” Thereafter, California will align its mask guidance with the Centers for Disease Control and Prevention’s mask guidelines for fully vaccinated individuals.
Partner Daryl Landy spoke with HR Today about California’s paid sick leave mandates amid the COVID-19 pandemic. In the article, Daryl discussed the expansion of the benefits under SB 95, the latest regulation.
California Governor Gavin Newsom signed into law Senate Bill 95 (SB 95) on March 19, 2021. SB 95 requires employers to provide employees with supplemental paid sick leave (CSPSL) for various absences related to COVID-19 and creates Cal. Lab. Code 248.2. This supplemental paid sick leave would be in addition to any other paid time off benefits to which the employee may be entitled.
California Governor Gavin Newsom signed Assembly Bill 685 on September 17, enhancing the state Division of Occupational Safety and Health’s (Cal-OSHA’s) enforcement of coronavirus (COVID-19) infection prevention requirements.
California Governor Gavin Newsom signed into law Assembly Bill 1867 on September 9, requiring private employers with 500 or more employees nationwide to provide California employees with paid sick leave for coronavirus (COVID-19)-related absences.
California Governor Newsom announced the “blueprint for a safer economy,” a gradual process for reopening businesses in California, on August 28. A replacement for the County Monitoring List, the blueprint is a four-tier, color-coded system for business reopening based on each county’s specific coronavirus (COVID-19) case rates and percentage of positive tests.
In response to the rising number of coronavirus (COVID-19) cases in California, effective immediately, Governor Gavin Newsom on July 13 ordered all counties in California to close all indoor and outdoor bars, brewpubs, breweries, and pubs. The order also includes restaurants’ indoor operations, wineries and tasting rooms, movie theaters, family entertainment centers, bowling alleys, zoos and museums, and cardrooms statewide. The order allows these businesses, except for bars, to operate outdoors if possible.
If a proposed bill by the California Senate is passed, parties to certain post-pandemic healthcare transactions involving private equity groups, hedge funds, healthcare systems, facilities, and provider groups would need to plan for and obtain regulatory approval from the California attorney general.
On July 1, California Governor Gavin Newsom announced closures of indoor dining and entertainment venues, as well as all bars, in 19 counties. California immediately issued Guidance describing these closures. Gov. Newsom also announced coordinated enforcement efforts, including the creation of Enforcement Strike Teams between state agencies and local counties and cities. Businesses are advised to regularly review the rules that remain in constant flux.
The July 1 enforcement of the California Consumer Privacy Act (CCPA) is one week away. Despite calls by the business community and trade associations to push back the enforcement date to January 2021 due to the coronavirus (COVID-19) pandemic and related disruptions to compliance efforts, the California state attorney general issued a press release on June 2 stating, “Businesses have had since January 1 to comply with the law, and we are committed to enforcing it starting July 1.”
With the July 1 enforcement of the California Consumer Privacy Act (CCPA) less than a month away, the state attorney general has finally submitted the final text of the proposed CCPA regulations to the California Office of Administrative Law. This article discusses the current landscape and provides practical steps that companies can take before enforcement begins.
Federal and state regulators and Congress continue to release new guidance and requirements to assist mortgage borrowers facing economic hardships resulting from the coronavirus (COVID-19) pandemic. Due to the high volume of borrower requests, the associated burden on servicers, and the unknown duration of the COVID-19 pandemic, it is critical for servicers to be in compliance with all forbearance-related requirements and to be responsive to borrower communications and inquiries.
US companies trying to close international deals or set up new branches in foreign countries are struggling to secure apostilles to certify documents due to quarantine mandates and office closures resulting from the coronavirus (COVID-19) pandemic.
Morgan Lewis’s pro bono work and charitable contributions related to the coronavirus (COVID-19) pandemic were highlighted by Law360 in a roundup of the legal industry’s actions to support their communities.
Following Los Angeles’s lead, San Francisco and San Jose have enacted ordinances requiring certain businesses to provide additional paid leave benefits to employees for coronavirus (COVID-19)-related reasons.
The coronavirus (COVID-19) pandemic has forced companies to reassess their financial projections amid the rapidly shifting landscape of the global economy. In response, there has been a rapid uptick in the number of corporations that have suspended dividend payments to preserve assets and capital. The last few weeks have seen corporations in the auto, aerospace, cruise line, entertainment, hospitality, mining, and restaurant industries, to mention a few, suspend dividends.
The impact of the coronavirus (COVID-19) pandemic on the global sports industry and its affiliated sectors is substantial and unprecedented. Constructive stakeholder engagement at all levels is crucial to ensuring business continuity. Organizations should be cognizant that decisions made now will attract post-crisis scrutiny, and start planning for post-pandemic recovery and growth.
Several counties and cities in California are requiring individuals to wear cloth face coverings, including those working in or visiting public-facing essential businesses during the coronavirus (COVID-19) pandemic.
In response to the current coronavirus (COVID-19) pandemic, federal, state, and local governments have taken various actions to limit or prohibit foreclosures and evictions during the public health emergency. Some of these actions also require forbearance in the enforcement of mortgage loans and leases.
In continued efforts to help taxpayers address the challenges brought on by the coronavirus (COVID-19) pandemic, the Internal Revenue Service announced further relief on April 9, including automatically extending deadlines for various filing and payment obligations and allowing tentative carryback refunds for net operating losses.
US antitrust laws already on the books facilitate rapid investment without government delay: important practical tools and rules for dealmakers and their counsel in the wake of the coronavirus (COVID-19) pandemic and the current economic challenges.
The court held in an April 1 ruling that an employer’s purported nonaccrual, “unlimited” paid vacation policy violated California Law, but left many questions unsettled. Employers with “unlimited” vacation policies should promptly review their policies to ensure compliance, and should also assess how their policies interact with other types of leave, such as those granted by Congress recently in response to the coronavirus (COVID-19) crisis.
As local jurisdictions attempt to slow the spread of the coronavirus (COVID-19) and “flatten the curve,” several Northern and Central California counties have updated their existing shelter-in-place orders to impose more restrictions on employers and company operations. Employers should immediately prepare for compliance with the new protocols, some of which take effect on April 2.
In response to the coronavirus (COVID-19) pandemic, California Governor Gavin Newsom has issued two executive orders that place temporary restraints on the ability of landlords to evict residential tenants, authorize local governments to halt residential and commercial evictions, and call on banks and other financial institutions to suspend residential and commercial foreclosures and related evictions.
The Los Angeles City Council held an emergency meeting on March 27 in response to the coronavirus (COVID-19) crisis and approved several ordinances, including one pertaining to sick leave and another relating to retail and delivery workers. The council tabled two controversial proposals that would subject employers to various obligations to retain and recall employees during and after the COVID-19 threat period.
Overwhelmingly passed by both houses of the US Congress this week and signed into law by President Donald Trump on March 27, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides a $2 trillion economic stimulus and contains many major tax changes to help businesses and individuals.
The California attorney general on March 12 released additional modified regulations (Second Set of Modifications) proposing further refinements to the California Consumer Privacy Act. This latest set are mostly minor adjustments, introducing fewer significant new concepts than the previous iterations on October 11, 2019 and February 7 and 10, 2020. Against this backdrop, businesses responding to the coronavirus (COVID-19) outbreak seek enforcement delays as the regulations approach final form.
New York Gov. Andrew Cuomo, New Jersey Gov. Phil Murphy, and Connecticut Gov. Ned Lamont jointly announced on May 3 a significant easing of the remaining capacity restrictions on business operations related to the COVID-19 pandemic.
In a joint press conference on June 24, New York Governor Andrew Cuomo, New Jersey Governor Phil Murphy, and Connecticut Governor Ned Lamont announced a coordinated effort to protect the tristate area from community spread of the coronavirus (COVID-19) by implementing a travel quarantine on travelers from states with a high rate of COVID-19 cases based on specified criteria. Employers should review their paid sick leave and travel policies.
Federal and state regulators and Congress continue to release new guidance and requirements to assist mortgage borrowers facing economic hardships resulting from the coronavirus (COVID-19) pandemic. Due to the high volume of borrower requests, the associated burden on servicers, and the unknown duration of the COVID-19 pandemic, it is critical for servicers to be in compliance with all forbearance-related requirements and to be responsive to borrower communications and inquiries.
The impact of the coronavirus (COVID-19) pandemic on the global sports industry and its affiliated sectors is substantial and unprecedented. Constructive stakeholder engagement at all levels is crucial to ensuring business continuity. Organizations should be cognizant that decisions made now will attract post-crisis scrutiny, and start planning for post-pandemic recovery and growth.
In response to the current coronavirus (COVID-19) pandemic, federal, state, and local governments have taken various actions to limit or prohibit foreclosures and evictions during the public health emergency. Some of these actions also require forbearance in the enforcement of mortgage loans and leases.
In continued efforts to help taxpayers address the challenges brought on by the coronavirus (COVID-19) pandemic, the Internal Revenue Service announced further relief on April 9, including automatically extending deadlines for various filing and payment obligations and allowing tentative carryback refunds for net operating losses.
US antitrust laws already on the books facilitate rapid investment without government delay: important practical tools and rules for dealmakers and their counsel in the wake of the coronavirus (COVID-19) pandemic and the current economic challenges.
As the coronavirus (COVID-19) pandemic continues to evolve, regulatory and legislative authorities are taking actions, in the form of directives and orders, that could directly impact companies’ business interruption coverage. Careful review of insurance policies and insurers’ responses in light of these actions, as well as monitoring of regulatory and legislative developments, will be critical in preserving companies’ rights to coverage for COVID-19 losses.
Connecticut Governor Ned Lamont has released additional guidance on essential business definitions, clarifying previous orders and providing processes and forms for requesting exemptions, during the coronavirus (COVID-19) pandemic.
Overwhelmingly passed by both houses of the US Congress this week and signed into law by President Donald Trump on March 27, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides a $2 trillion economic stimulus and contains many major tax changes to help businesses and individuals.
The ultimate impact of the coronavirus (COVID-19) pandemic on shareholder activism remains largely uncertain and comparisons with the surge in activism that followed the 2008 global financial crisis are tempting, but suspect as it remains questionable whether activists can still rely on the same forces that have been driving activism.
The Commonwealth of Virginia recently became the first state in the nation to enact enforceable workplace safety standards to address the risks of coronavirus (COVID-19).
Following in the footsteps of several state legislatures, the Council of the District of Columbia plans to consider on May 5 draft legislation that would require insurers to provide coverage for business interruption losses resulting directly or indirectly from the coronavirus (COVID-19) public health emergency.
The impact of the coronavirus (COVID-19) pandemic on the global sports industry and its affiliated sectors is substantial and unprecedented. Constructive stakeholder engagement at all levels is crucial to ensuring business continuity. Organizations should be cognizant that decisions made now will attract post-crisis scrutiny, and start planning for post-pandemic recovery and growth.
In response to the current coronavirus (COVID-19) pandemic, federal, state, and local governments have taken various actions to limit or prohibit foreclosures and evictions during the public health emergency. Some of these actions also require forbearance in the enforcement of mortgage loans and leases.
US antitrust laws already on the books facilitate rapid investment without government delay: important practical tools and rules for dealmakers and their counsel in the wake of the coronavirus (COVID-19) pandemic and the current economic challenges.
Overwhelmingly passed by both houses of the US Congress this week and signed into law by President Donald Trump on March 27, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides a $2 trillion economic stimulus and contains many major tax changes to help businesses and individuals.
The impact of the coronavirus (COVID-19) pandemic on the global sports industry and its affiliated sectors is substantial and unprecedented. Constructive stakeholder engagement at all levels is crucial to ensuring business continuity. Organizations should be cognizant that decisions made now will attract post-crisis scrutiny, and start planning for post-pandemic recovery and growth.
In response to the current coronavirus (COVID-19) pandemic, federal, state, and local governments have taken various actions to limit or prohibit foreclosures and evictions during the public health emergency. Some of these actions also require forbearance in the enforcement of mortgage loans and leases.
In continued efforts to help taxpayers address the challenges brought on by the coronavirus (COVID-19) pandemic, the Internal Revenue Service announced further relief on April 9, including automatically extending deadlines for various filing and payment obligations and allowing tentative carryback refunds for net operating losses.
US antitrust laws already on the books facilitate rapid investment without government delay: important practical tools and rules for dealmakers and their counsel in the wake of the coronavirus (COVID-19) pandemic and the current economic challenges.
Overwhelmingly passed by both houses of the US Congress this week and signed into law by President Donald Trump on March 27, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides a $2 trillion economic stimulus and contains many major tax changes to help businesses and individuals.
Additional reopening steps come several weeks after Illinois released a five-phase, regional plan for reopening businesses following the statewide closure of all nonessential businesses due to the coronavirus (COVID-19) public health emergency, a process known as Restore Illinois.
The impact of the coronavirus (COVID-19) pandemic on the global sports industry and its affiliated sectors is substantial and unprecedented. Constructive stakeholder engagement at all levels is crucial to ensuring business continuity. Organizations should be cognizant that decisions made now will attract post-crisis scrutiny, and start planning for post-pandemic recovery and growth.
In response to the current coronavirus (COVID-19) pandemic, federal, state, and local governments have taken various actions to limit or prohibit foreclosures and evictions during the public health emergency. Some of these actions also require forbearance in the enforcement of mortgage loans and leases.
In continued efforts to help taxpayers address the challenges brought on by the coronavirus (COVID-19) pandemic, the Internal Revenue Service announced further relief on April 9, including automatically extending deadlines for various filing and payment obligations and allowing tentative carryback refunds for net operating losses.
US antitrust laws already on the books facilitate rapid investment without government delay: important practical tools and rules for dealmakers and their counsel in the wake of the coronavirus (COVID-19) pandemic and the current economic challenges.
Overwhelmingly passed by both houses of the US Congress this week and signed into law by President Donald Trump on March 27, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides a $2 trillion economic stimulus and contains many major tax changes to help businesses and individuals.
Massachusetts Governor Charlie Baker announced on May 17 that Massachusetts will rapidly accelerate the commonwealth’s reopening process by adopting the Centers for Disease Control and Prevention’s (CDC’s) Interim Public Health Recommendations for Fully Vaccinated People. Effective May 29, all businesses can open at 100% capacity, with very limited exceptions. The governor also announced that the 14-month state of emergency will end on June 15, 2021.
Massachusetts is beginning to prepare for the next phase of its four-phase reopening plan. On June 1 Governor Charlie Baker issued an order allowing Phase II businesses to open their locations to workers to prepare for reopening, providing additional details concerning what types of businesses will be allowed to reopen in Phases II–IV of the reopening plan, and outlining additional guidance for these businesses.
Massachusetts is beginning to reopen for business, with strict rules about how businesses may bring workers back to the workplace. On May 18, the commonwealth issued its phased reopening plan following the closure of all nonessential businesses due to the coronavirus (COVID-19) public health emergency. This LawFlash discusses the government’s rules for the reopening process, including industry-specific guidance.
Federal and state regulators and Congress continue to release new guidance and requirements to assist mortgage borrowers facing economic hardships resulting from the coronavirus (COVID-19) pandemic. Due to the high volume of borrower requests, the associated burden on servicers, and the unknown duration of the COVID-19 pandemic, it is critical for servicers to be in compliance with all forbearance-related requirements and to be responsive to borrower communications and inquiries.
An injunction blocking enforcement of an emergency prohibition on debt collection phone calls and lawsuits during the coronavirus (COVID-19) crisis was granted on May 6, 2020 on grounds that it violates the First Amendment rights of collection agencies without adding meaningful protections for consumers.
US companies trying to close international deals or set up new branches in foreign countries are struggling to secure apostilles to certify documents due to quarantine mandates and office closures resulting from the coronavirus (COVID-19) pandemic.
The impact of the coronavirus (COVID-19) pandemic on the global sports industry and its affiliated sectors is substantial and unprecedented. Constructive stakeholder engagement at all levels is crucial to ensuring business continuity. Organizations should be cognizant that decisions made now will attract post-crisis scrutiny, and start planning for post-pandemic recovery and growth.
Governor Charlie Baker signed emergency legislation on April 20 limiting evictions for residential and small business properties, and limiting foreclosures and requiring forbearance for residential properties. This legislation follows a number of actions by Governor Baker and the City of Boston to protect renters, homeowners, and small businesses during the coronavirus (COVID-19) pandemic.
In response to the current coronavirus (COVID-19) pandemic, federal, state, and local governments have taken various actions to limit or prohibit foreclosures and evictions during the public health emergency. Some of these actions also require forbearance in the enforcement of mortgage loans and leases.
In continued efforts to help taxpayers address the challenges brought on by the coronavirus (COVID-19) pandemic, the Internal Revenue Service announced further relief on April 9, including automatically extending deadlines for various filing and payment obligations and allowing tentative carryback refunds for net operating losses.
US antitrust laws already on the books facilitate rapid investment without government delay: important practical tools and rules for dealmakers and their counsel in the wake of the coronavirus (COVID-19) pandemic and the current economic challenges.
The Massachusetts Office of the Attorney General issued an emergency rule on April 1 to prevent unfair and deceptive collection practices during the coronavirus (COVID-19) crisis. The rule temporarily prohibits some debt collectors from initiating or threatening collection lawsuits, acting on vehicle repossession, and taking steps toward wage garnishment – among other restrictions.
As the coronavirus (COVID-19) pandemic continues to evolve, regulatory and legislative authorities are taking actions, in the form of directives and orders, that could directly impact companies’ business interruption coverage. Careful review of insurance policies and insurers’ responses in light of these actions, as well as monitoring of regulatory and legislative developments, will be critical in preserving companies’ rights to coverage for COVID-19 losses.
Overwhelmingly passed by both houses of the US Congress this week and signed into law by President Donald Trump on March 27, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides a $2 trillion economic stimulus and contains many major tax changes to help businesses and individuals.
New guidance will allow employees in New Jersey, Oregon, and Washington to go maskless and stop social distancing if they provide their employers proof of vaccination against COVID-19.
New York Gov. Andrew Cuomo, New Jersey Gov. Phil Murphy, and Connecticut Gov. Ned Lamont jointly announced on May 3 a significant easing of the remaining capacity restrictions on business operations related to the COVID-19 pandemic.
In a joint press conference on June 24, New York Governor Andrew Cuomo, New Jersey Governor Phil Murphy, and Connecticut Governor Ned Lamont announced a coordinated effort to protect the tristate area from community spread of the coronavirus (COVID-19) by implementing a travel quarantine on travelers from states with a high rate of COVID-19 cases based on specified criteria. Employers should review their paid sick leave and travel policies.
New Jersey Governor Phil Murphy has signed Executive Order 150, which furthers efforts to reopen non-essential businesses closed due to the coronavirus (COVID-19) pandemic. Starting June 15, 2020, non-essential retail businesses can reopen physically to customers and outdoor dining and beverage services may resume.
New Jersey Governor Phil Murphy has signed Executive Order 142, which cues the early stages of reopening. New Jersey residents can now hold small in-person gatherings, as well as attend vehicular gatherings or events. Starting May 18, nonessential retail businesses can open, but only for curbside pickup and provided they require infection control practices inside the store. Nonessential construction projects can also resume on May 18.
Employers should be aware that remote working arrangements during the coronavirus (COVID-19) pandemic may inadvertently trigger state payroll tax registration and filing requirements for their businesses, and possibly trigger corporate income/franchise tax “nexus” with another state, subjecting the business to that state’s tax regime.
The impact of the coronavirus (COVID-19) pandemic on the global sports industry and its affiliated sectors is substantial and unprecedented. Constructive stakeholder engagement at all levels is crucial to ensuring business continuity. Organizations should be cognizant that decisions made now will attract post-crisis scrutiny, and start planning for post-pandemic recovery and growth.
New Jersey amended its Family Leave Act (FLA) on April 14, allowing eligible employees to use family leave to care for a child whose school or daycare is closed because of a public health emergency. The April 14 amendment is the second one in a month and clarified changes to the law that were previously adopted on March 25.
In response to the current coronavirus (COVID-19) pandemic, federal, state, and local governments have taken various actions to limit or prohibit foreclosures and evictions during the public health emergency. Some of these actions also require forbearance in the enforcement of mortgage loans and leases.
Governor Phil Murphy signed a suite of new laws on April 14 in response to the coronavirus (COVID-19) pandemic, including an amendment to New Jersey’s WARN Act providing relief to employers that conduct mass layoffs as a result of the current crisis. This law takes effect immediately and is retroactive to March 9, 2020.
As New Jersey continues to battle the spread of coronavirus (COVID-19), Governor Phil Murphy ordered essential businesses in the state to adopt several measures including mandatory face coverings at worksites, occupancy limits for stores, and frequent handwashing breaks for employees. Employers should pay close attention to these comprehensive and far-reaching—and sometimes confusing—orders that impose affirmative duties and could raise a host of reasonable-accommodations issues.
In continued efforts to help taxpayers address the challenges brought on by the coronavirus (COVID-19) pandemic, the Internal Revenue Service announced further relief on April 9, including automatically extending deadlines for various filing and payment obligations and allowing tentative carryback refunds for net operating losses.
US antitrust laws already on the books facilitate rapid investment without government delay: important practical tools and rules for dealmakers and their counsel in the wake of the coronavirus (COVID-19) pandemic and the current economic challenges.
New Jersey has enacted an expansion of the state’s Earned Sick Leave and Temporary Disability Benefits (including Family Temporary Disability Benefits) for situations related to the coronavirus (COVID-19) as well as other public health emergencies as determined by the public health authorities and/or when the governor declares a state of emergency. This Act is effective immediately.
As the coronavirus (COVID-19) pandemic continues to evolve, regulatory and legislative authorities are taking actions, in the form of directives and orders, that could directly impact companies’ business interruption coverage. Careful review of insurance policies and insurers’ responses in light of these actions, as well as monitoring of regulatory and legislative developments, will be critical in preserving companies’ rights to coverage for COVID-19 losses.
In response to the coronavirus (COVID-19) pandemic, New Jersey Governor Phil Murphy has announced an initiative whereby participating financial institutions will provide mortgage forbearance and financial protections for New Jersey residents facing economic hardship as a result of COVID-19.
Overwhelmingly passed by both houses of the US Congress this week and signed into law by President Donald Trump on March 27, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides a $2 trillion economic stimulus and contains many major tax changes to help businesses and individuals.
New Jersey Governor Phil Murphy on March 21 signed Executive Orders 107 and 108, which took effect at 9:00 pm the same day. Executive Order 107 mandates that all residents remain home unless performing certain delineated activities; orders the closure of brick-and-mortar retail locations of all non-essential businesses; and instructs all businesses and nonprofits—even those deemed essential—to implement telework or work-from-home options for employees, to the extent practicable.
The New Jersey Department of Labor & Workforce Development (NJDOL) has issued guidance for employees on navigating coronavirus (COVID-19) issues using benefits already available statewide, which the NJDOL touts as “among the most comprehensive… in the country, [and] which cover all employees.”
New York State lifted its mask mandate applicable to businesses on February 10, and the New York State Department of Labor subsequently issued new guidance that the New York HERO Act does not require employers to enforce mask requirements.
New “Key to NYC” guidance for private sector employers was released on Wednesday following New York City Mayor Bill de Blasio’s December 6 announcement that employees (1) not previously covered under the existing Key to NYC vaccination requirements and (2) who perform in-person work for private businesses in the city must receive at least one dose of a COVID-19 vaccine by December 27.
In Law360, partner Ashley Hale and associate Kaiser Chowdhry write that there has been minimal guidance for New York City’s new vaccination requirements for private sector employees who report to work in person—which would apply to an additional 184,000 businesses.
New York Governor Kathleen Hochul announced a mandate requiring that all businesses and venues require employees and patrons in public indoor spaces to wear masks, unless the business or venue requires all individuals on the premises to be fully vaccinated. The mandate, which applies to private businesses, will go into effect on December 13, and last until January 15, 2022, at which time it will be reevaluated.
New York City Mayor Bill de Blasio announced on December 6 that employees (1) not previously covered under the existing “Key to NYC” vaccination requirements and (2) who perform in-person work for private businesses in the city must receive at least one dose of a COVID-19 vaccine by December 27. The “Key to NYC” requirements currently in place for restaurants, fitness facilities, and entertainment venues have also been expanded to require proof of two doses (for individuals receiving a two-dose series) by that date, where previously only proof of an initial dose was required.
New York State Governor Kathy Hochul announced on September 6, 2021 that the New York State Department of Health designated COVID-19 a highly contagious communicable disease that presents a serious risk of harm to public health under the New York State Health and Essential Rights Act (HERO Act). Under the Act requirements, businesses must promptly review their worksite exposure prevention plans; activate the protective measures in the plan, including mandatory screening, social distancing, and masking; and provide employees with verbal and written notice of their exposure prevention plans.
New York City Mayor Bill de Blasio issued Executive Order 225 (the Order) and related guidance on August 16 regarding the “Key to NYC” vaccination requirements for indoor entertainment/recreation, dining, and fitness settings. Under these requirements, individuals age 12 and older will be required to show proof that they have received at least one dose of an approved COVID-19 vaccine before being admitted to certain covered indoor facilities. The requirements took effect on August 17 but will not be enforced until September 13, 2021.
The New York State Department of Labor (DOL) published the Airborne Infectious Disease Exposure Prevention Standard (the Standard) on July 6 pursuant to the New York Health and Essential Rights Act (HERO Act) as well as a template compliant safety plan. By August 5, 2021, employers must either adopt an applicable template plan or establish an alternative plan that meets the Standard’s minimum requirements. While employers must make available and communicate the existence and contents of their plan to employees by September 4, 2021, they do not need to actually implement the safety controls in the plan until the New York Department of Health declares an outbreak of an infectious disease, which has not happened yet.
Governor Andrew Cuomo announced on June 15 that the State of New York reached its goal of 70% of adult New Yorkers receiving at least one dose of a COVID-19 vaccine.
On June 8, 2021, the New York State Department of Health released updated interim guidance for office-based workplaces that removes significant prior restrictions. This new guidance comes on the heels of Governor Andrew Cuomo’s recent announcement that once 70% of adult New Yorkers have received at least the first dose of the COVID-19 vaccine, almost all applicable guidance will become optional, except that unvaccinated individuals still need to wear face coverings and maintain social distancing. According to Governor Cuomo, New York is expected to hit the 70% threshold during the week of June 14, if not earlier.
Members of our labor and employment team recently published a LawFlash discussing and analyzing the New York Health and Essential Rights Act (the HERO Act), which was signed into law on May 5, 2021 by New York Governor Andrew Cuomo. The HERO Act requires the New York State Department of Labor and New York State Department of Health to create industry-specific airborne infectious disease standards that must be used by all employers doing business within the State of New York.
New York Governor Andrew Cuomo signed the New York Health and Essential Rights Act (the HERO Act) into law on May 5, 2021, requiring the New York State Department of Labor and New York State Department of Health to create industry-specific airborne infectious disease standards that must be used by all employers doing business within the State of New York.
New York Gov. Andrew Cuomo, New Jersey Gov. Phil Murphy, and Connecticut Gov. Ned Lamont jointly announced on May 3 a significant easing of the remaining capacity restrictions on business operations related to the COVID-19 pandemic.
Employers should note several recent legislative and regulatory developments in New York State related to the COVID-19 pandemic. On March 12, Governor Andrew Cuomo signed legislation entitling all public- and private-sector employees in the state to up to four hours of paid leave per injection to receive the COVID-19 vaccination.
New York Governor Andrew Cuomo announced on October 31 that all travelers from out of state must quarantine for 14 days upon entrance and/or return to New York unless they meet specific exemptions.
Morgan Lewis partner Leni Battaglia authored a Law360 article about a recent New York State Department of Health executive order that requires companies in specific geographic areas to enact new restrictions to mitigate coronavirus (COVID-19) transmissions in those areas. In the piece, they discuss best practices for companies and key considerations regarding paid leave.
Following an increase in documented coronavirus (COVID-19) cases, New York Governor Andrew Cuomo issued an executive order permitting the state Department of Health to identify geographic areas that require enhanced public health restrictions based on clusters of COVID-19 cases. The permitted restrictions include mandatory business closures, and are to be based on risk-level categorizations (red, orange, or yellow risk zones) with corresponding levels of constraint meant to mitigate COVID-19 transmissions in those areas.
In a joint press conference on June 24, New York Governor Andrew Cuomo, New Jersey Governor Phil Murphy, and Connecticut Governor Ned Lamont announced a coordinated effort to protect the tristate area from community spread of the coronavirus (COVID-19) by implementing a travel quarantine on travelers from states with a high rate of COVID-19 cases based on specified criteria. Employers should review their paid sick leave and travel policies.
New York State has continued to issue the state’s phased, regional plan for reopening businesses following the statewide closure of all nonessential businesses due to the coronavirus (COVID-19) public health emergency, a process known as “New York Forward.”
NEW YORK, May 22, 2020: Morgan Lewis is representing Calvert Impact Capital and Local Initiatives Support Corp. (LISC) in the agreement for an $100+ million credit facility to support the New York Forward Loan Fund.
New York State began on May 15 to implement the state’s phased, regional plan for reopening businesses following the statewide closure of all nonessential businesses due to the coronavirus (COVID-19) public health emergency, a process known as “New York Forward.” Pursuant to New York Forward, certain industries in qualifying regions of New York can begin in-person operations, provided they affirm compliance with industry-specific health and safety guidance promulgated by the state and develop and post a compliant safety plan. This LawFlash discusses the nature and scope of the New York Forward reopening process, and key provisions from health and safety guidance issued to date.
Federal and state regulators and Congress continue to release new guidance and requirements to assist mortgage borrowers facing economic hardships resulting from the coronavirus (COVID-19) pandemic. Due to the high volume of borrower requests, the associated burden on servicers, and the unknown duration of the COVID-19 pandemic, it is critical for servicers to be in compliance with all forbearance-related requirements and to be responsive to borrower communications and inquiries.
US companies trying to close international deals or set up new branches in foreign countries are struggling to secure apostilles to certify documents due to quarantine mandates and office closures resulting from the coronavirus (COVID-19) pandemic.
New York’s Department of Financial Services (DFS) issued guidance on April 13 alerting regulated entities of the significant increase in cybercrime during the coronavirus (COVID-19) pandemic.
The coronavirus (COVID-19) pandemic has forced companies to reassess their financial projections amid the rapidly shifting landscape of the global economy. In response, there has been a rapid uptick in the number of corporations that have suspended dividend payments to preserve assets and capital. The last few weeks have seen corporations in the auto, aerospace, cruise line, entertainment, hospitality, mining, and restaurant industries, to mention a few, suspend dividends.
The impact of the coronavirus (COVID-19) pandemic on the global sports industry and its affiliated sectors is substantial and unprecedented. Constructive stakeholder engagement at all levels is crucial to ensuring business continuity. Organizations should be cognizant that decisions made now will attract post-crisis scrutiny, and start planning for post-pandemic recovery and growth.
In response to the current coronavirus (COVID-19) pandemic, federal, state, and local governments have taken various actions to limit or prohibit foreclosures and evictions during the public health emergency. Some of these actions also require forbearance in the enforcement of mortgage loans and leases.
Following a recent trend, New York Governor Andrew Cuomo has issued two executive orders requiring individuals to wear face coverings when near other people. One order requires all customer/public-facing employees to wear face coverings and requires employers to provide these face coverings at no cost to employees. The other order requires all individuals in a public place to use a mask or face covering.
In continued efforts to help taxpayers address the challenges brought on by the coronavirus (COVID-19) pandemic, the Internal Revenue Service announced further relief on April 9, including automatically extending deadlines for various filing and payment obligations and allowing tentative carryback refunds for net operating losses.
US antitrust laws already on the books facilitate rapid investment without government delay: important practical tools and rules for dealmakers and their counsel in the wake of the coronavirus (COVID-19) pandemic and the current economic challenges.
Guidance issued by New York state on April 8 clarifies that the state COVID-19 law did not create any new entitlement for employees of large employers to use Paid Family Leave during coronavirus (COVID-19) quarantines.
As the coronavirus (COVID-19) pandemic continues to evolve, regulatory and legislative authorities are taking actions, in the form of directives and orders, that could directly impact companies’ business interruption coverage. Careful review of insurance policies and insurers’ responses in light of these actions, as well as monitoring of regulatory and legislative developments, will be critical in preserving companies’ rights to coverage for COVID-19 losses.
Overwhelmingly passed by both houses of the US Congress this week and signed into law by President Donald Trump on March 27, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides a $2 trillion economic stimulus and contains many major tax changes to help businesses and individuals.
In response to the coronavirus (COVID-19) crisis, New York Governor Andrew Cuomo has issued two executive orders that place temporary restraints on the ability of banks, residential mortgage servicers, and landlords to exercise remedies under certain agreements, mortgages, and leases.
Philadelphia enacted a new version of its Public Health Emergency Leave (PHEL) Ordinance on March 29. The new ordinance amends the emergency regulations the city enacted in November 2020 to expand paid sick leave access for workers during the COVID-19 pandemic. Under the new ordinance, which will remain in effect for the duration of the pandemic, covered employers must immediately provide up to 80 hours of paid sick leave to qualifying employees for certain COVID-19-related reasons.
Morgan Lewis partner John Lavelle discusses the pro bono efforts of Morgan Lewis in coordination with Community Legal Services (CLS) to represent Pennsylvanians denied emergency food assistance during the COVID-19 pandemic in this column written for the Philadelphia Bar Reporter.
The coronavirus (COVID-19) pandemic has forced companies to reassess their financial projections amid the rapidly shifting landscape of the global economy. In response, there has been a rapid uptick in the number of corporations that have suspended dividend payments to preserve assets and capital. The last few weeks have seen corporations in the auto, aerospace, cruise line, entertainment, hospitality, mining, and restaurant industries, to mention a few, suspend dividends.
The impact of the coronavirus (COVID-19) pandemic on the global sports industry and its affiliated sectors is substantial and unprecedented. Constructive stakeholder engagement at all levels is crucial to ensuring business continuity. Organizations should be cognizant that decisions made now will attract post-crisis scrutiny, and start planning for post-pandemic recovery and growth.
The Pennsylvania Senate on April 15 introduced robust business interruption loss coverage legislation in the form of its proposed COVID-19 Insurance Relief Act (General Assembly Senate Bill 1114). This LawFlash provides an overview of Senate Bill 1114 and its potential impact on how insurers are required to cover COVID-19-related business interruption losses in the state.
In response to the current coronavirus (COVID-19) pandemic, federal, state, and local governments have taken various actions to limit or prohibit foreclosures and evictions during the public health emergency. Some of these actions also require forbearance in the enforcement of mortgage loans and leases.
In continued efforts to help taxpayers address the challenges brought on by the coronavirus (COVID-19) pandemic, the Internal Revenue Service announced further relief on April 9, including automatically extending deadlines for various filing and payment obligations and allowing tentative carryback refunds for net operating losses.
US antitrust laws already on the books facilitate rapid investment without government delay: important practical tools and rules for dealmakers and their counsel in the wake of the coronavirus (COVID-19) pandemic and the current economic challenges.
As the coronavirus (COVID-19) pandemic continues, state government agencies are increasingly responding with closures and cancellations. In Pennsylvania, the Department of Environmental Protection recently cancelled seven highly anticipated public hearings.
Overwhelmingly passed by both houses of the US Congress this week and signed into law by President Donald Trump on March 27, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides a $2 trillion economic stimulus and contains many major tax changes to help businesses and individuals.
The impact of the coronavirus (COVID-19) pandemic on the global sports industry and its affiliated sectors is substantial and unprecedented. Constructive stakeholder engagement at all levels is crucial to ensuring business continuity. Organizations should be cognizant that decisions made now will attract post-crisis scrutiny, and start planning for post-pandemic recovery and growth.
In response to the current coronavirus (COVID-19) pandemic, federal, state, and local governments have taken various actions to limit or prohibit foreclosures and evictions during the public health emergency. Some of these actions also require forbearance in the enforcement of mortgage loans and leases.
In continued efforts to help taxpayers address the challenges brought on by the coronavirus (COVID-19) pandemic, the Internal Revenue Service announced further relief on April 9, including automatically extending deadlines for various filing and payment obligations and allowing tentative carryback refunds for net operating losses.
US antitrust laws already on the books facilitate rapid investment without government delay: important practical tools and rules for dealmakers and their counsel in the wake of the coronavirus (COVID-19) pandemic and the current economic challenges.
Texas Governor Greg Abbott issued Executive Order GA-14 on March 31, directing every person in Texas to minimize social gatherings and in-person contact with people who do not live in the same household except where necessary to provide or obtain essential services.
Overwhelmingly passed by both houses of the US Congress this week and signed into law by President Donald Trump on March 27, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides a $2 trillion economic stimulus and contains many major tax changes to help businesses and individuals.