Below are briefings from Stradley attorneys that discuss the impact of COVID-19 on a wide range of businesses. We are regularly monitoring federal, state and local government guidance and will provide regular updates to guide you through the changing business climate. Please click here if you would like to sign up to receive our briefings via email.
LATEST UPDATES:
Business:
Coronavirus and Cancellations: What Your Organization Should Know
CARES Act:
IRS Emphasizes Benefits of Charitable Contributions
IRS Issues Final Regulations for Improvement Property, CARES Act NOLs
IRS Updates Guidance on Employee Retention Credit
American Rescue Plan Package Includes Several Tax Provisions
COVID-19 Disaster Relief Arrives for Private-Sector Retirement Plan Sponsors and Administrators
Retirement Plan Relief in the CARES Act
Weekend Update: CARES Accommodates Nonprofit and Religious Organizations
Coronavirus Economic Stabilization Act of 2020 and Related Provisions
Summary of Tax Provisions in the CARES Act
CARES Act Summaries – Credit Reporting
CARES Act Summaries - Mortgages
CARES Act Summaries – Student Loans
Construction/Real Estate:
Philadelphia City Council Proposes Emergency Housing Protections Legislation
Construction in the Age of Coronavirus
COVID-19 Closure Orders in Delaware, Maryland, New Jersey and Pennsylvania
Congress Proposes Remote Notarization in Wake of COVID-19
Commercial Real Estate Finance Considerations in the COVID-19 Era
COVID-19 and Commercial Real Estate
Cyber & Privacy:
Mitigating Cyber Risk During the COVID-19 New Normal
Cybercriminals Increase Attacks Amid COVID-19: Here’s What You Can Do to Strengthen Resistance
Education:
New Title IX Rules Issued by Department of Education
The First COVID-19 Tuition Refund Class Actions Have Been Filed
COVID-19: Responding to Requests for Tuition Refunds
Employee Benefits:
COVID-19 Relief for Employees Who Participate in Flexible Spending Accounts
Employment & Labor:
COVID-19 Vaccination: Five Steps for Employers Now
DOL Updates FFCRA Guidance
Frequently Asked Questions About the Paid Leave Provisions of the Families First Coronavirus Response Act
COVID-19 Impact on Pennsylvania Unemployment Compensation
COVID-19 Impact on New Jersey Unemployment Compensation
WARN Act, Layoffs and the COVID-19 Pandemic
COVID-19 Employee Temperature Screening Update
Environmental:
NJ Governor Signs Executive Order Extending Statutory Deadlines for Environmental Laws
Financial Services:
TALF 2020: Summary of Frequently Asked Questions and Revised Term Sheet
U.S. Treasury Secretary and Federal Reserve Announce Main Street Business Lending Program
TALF 2020: Summary of Revised Term Sheet and 1940 Act Considerations
Coronavirus Economic Stabilization Act of 2020 and Related Provisions
CARES Act Summaries – Credit Reporting
CARES Act Summaries - Mortgages
CARES Act Summaries – Student Loans
ATTENTION LENDERS: COVID-19 Take-Away Regarding Business Interruption Insurance
Government Agencies Propose and Consider Relaxed Banking Rules Amid Coronavirus Epidemic
Government & Public Affairs:
Pennsylvania Non-Life-Sustaining Businesses to Close
Insurance:
Mitigating Cyber Risk During the COVID-19 New Normal
Business Interruption Insurance in the Face of a Global Pandemic: What Do Nonprofit Organizations Need to Know to Make Informed Decisions?
Consolidating Business Interruption Coverage Matters Is Neither Appropriate Nor Feasible
ATTENTION LENDERS: COVID-19 Take-Away Regarding Business Interruption Insurance
Business Insurance Considerations During the COVID-19 Pandemic
Intellectual Property:
Why Patents Are Not An Obstacle In The Fight Against COVID-19
IP Issues Prompted by the COVID-19 Pandemic
Copyright Protection Not Available for Georgia’s Annotated State Law Code
How Available Are Lost Profits as a Remedy for Trademark Infringement?
Thoughts on Applying to Register Trademarks for COVID, CORONAVIRUS, and CORONA
Investment Management:
Cord-Cutting: DOL Embraces Technology with New Retirement Plan Disclosure Safe Harbor
COVID-19 Disaster Relief Arrives for Private-Sector Retirement Plan Sponsors and Administrators
SEC Staff Previews Regulation Best Interest Examinations
COVID-19 Checklist & Considerations for Private Fund Advisers
PART 11: 1940 Act Issues to Consider During the Pandemic
PART 10: 1940 Act Issues to Consider During the Pandemic
PART 9: 1940 Act Issues to Consider During the Pandemic
PART 8: 1940 Act Issues to Consider During the Pandemic
PART 7: 1940 Act Issues to Consider During the Pandemic
PART 6: 1940 Act Issues to Consider During the Pandemic
PART 5: 1940 Act Issues to Consider During the Pandemic
PART 4: 1940 Act Issues to Consider During the Pandemic
PART 3: 1940 Act Issues to Consider During the Pandemic
PART 2: 1940 Act Issues to Consider During the Pandemic
PART 1: 1940 Act Issues to Consider During the Pandemic
Nonprofit & Religious Organizations:
Nonprofits Evaluate Risks of Pandemic-Driven Technology
Business Interruption Insurance in the Face of a Global Pandemic: What Do Nonprofit Organizations Need to Know to Make Informed Decisions?
Weekend Update: CARES Accommodates Nonprofit and Religious Organizations
Securities Litigation & Enforcement:
The Future is Here: FINRA Arbitrations in the Age of COVID-19 and Making the Most of Virtual Hearings
Tax:
NY Governor Signs Bill To Streamline NYC State Business Tax Laws
Philadelphia DOR Issues FAQs on BIRT and NPT Expiration of Temporary Nexus Waiver
PA Governor Announces Certain Student Loan Forgiveness Excluded From PA Personal Income
IRS Revenue Procedures Address Taxability of PPP Loan Forgiveness
IRS Issues FAQs on Rehiring Retirees
IRS Issues Guidance on Multiemployer Defined Benefit Pension Plan Changes from the ARP
IRS Emphasizes Benefits of Charitable Contributions
IRS Issues Final Regulations for Improvement Property, CARES Act NOLs
IRS Extends Timeframe for Private Activity Bond Approval via Teleconference
Additional Guidance on the Employer Retention Credit Released
IRS Updates FAQs on Paid Sick and Family Leave Tax Credits
IRS Issues New Guidance for Multiemployer Retirement Plans
Philadelphia DOR Announces End Dates for Temporary COVID-19 Guidance
IRS Announces FAQs for Credits Under American Rescue Plan
IRS Expands List of Forms Permitting Electronic Signatures
AICPA Submits Comment Letter to IRS Requesting Relief for Taxpayers Using LIFO for Inventory
IRS Announces Guidance on American Rescue Plan Act Tax Credits
Philadelphia DOR Releases Guidance on the Treatment of CARES Act Relief Payments
IRS to Issue Guidance on Taxes Paid on Unemployment Compensation
IRS Extends Individual Tax Return Due Date
PA DOR Addresses Home Office Expense Deduction
American Rescue Plan Package Includes Several Tax Provisions
IRS Releases FAQs on Recovery Rebate Credit
IRS Updates FAQs for Paid Sick and Family Leave
IRS Issues Guidance Extending Certain Payroll Tax Deferral Deadlines
IRS Extends Safe Harbors for REMICs and Certain Investment Trusts
IRS’s TE/GE and LB&I Divisions Extend Relaxed Document Request Guidelines
New COVID-19 Relief Bill Includes Several Tax Provisions
IRS Updates FAQs on COVID-19 Relief Issues
Pennsylvania Extends Scholarship Credit in Response to Pandemic
PA DOR Issues Telework Guidance
IRS Announces No Information Returns When PPP Loans Are Forgiven
IRS Issues Final Regulations Regarding Eligible Terminated S Corporations
IRS Expands E-Signatures in Response to Pandemic
IRS Introduces Temporary Procedure for Changing Account Method Due to COVID-19
District Court Holds Non-Willful FBAR Penalties Apply Per Report Not Per Account
IRS Issues Final QBI Deduction Regulations
IRS Provides Relief for New Markets Tax Credit Transactions
IRS Extends Tax Relief Deadline for Qualified Opportunity Zones
IRS Issues Guidance on Grantor Trusts Holding Real Property
District Court Finds FBAR Penalty Did Not Violate Eighth Amendment
IRS Issues Ruling on REIT Qualified Health Care Properties
IRS Modifies Exempt Bond Reissuance and Retirement Rules
IRS Loosens Safe Harbor for RIC and REIT Stock Distributions
DOL/IRS Extend Time Periods for Making COBRA and Other Elections
IRS Allows Faxed Tax Refund Claims Due to COVID-19
IRS Provides Relief to REMICs for Loan Modifications
IRS Issues Final Regs Explaining Hybrid Arrangement Rules
Retirement Plan Relief in the CARES Act
Update on COVID-19 Economic Impact Payments
Summary of Tax Provisions in the CARES Act
Employer Tax Credits in Families First Coronavirus Response Act
IRS Issues COVID-19 Relief for High-Deductible Health Plans
Trusts, Estates & Personal Planning:
Transferring Wealth During the COVID-19 Crisis
ADDITIONAL RESOURCES:
SERVICES:
Corporate & Securities
Contract
Finance
Insurance
Investment Management
Corporate & Securities
- Contract interpretation issues, including MAE or MAC clauses and force majeure provisions
- Virtual or hybrid shareholder meetings
- Securities disclosures
Contract
- Advise on legal aspects of event contract implications and options
- Assist companies that are currently negotiating commercial agreements
- Advise companies that are considering issuing force majeure notices as well as the companies that are receiving them, to review the relevant agreement together with a company's other material agreements to ascertain all rights and obligations under their various agreements, financing instruments and the applicable law
Finance
- Advise on MAC (material adverse change) and reserve provisions in revolving credit agreements to determine impact on additional loan and other credit requests
- Update diligence review to determine availability of insurance coverage for business interruption resulting from future events
- Advise on governmental funding programs – timing, process and coverage
- Prepare for impact/requests of related EBITDA add-backs in financial covenant calculations
Insurance
- Advise insurers in response to state requirements and regulatory edicts related to the COVID-19 outbreak
- Provide guidance to insurers and intermediaries on compliance and related issues during crisis
- Advise insurers and administrators on billing, payments and telehealth related issues
- Analyze insurance programs for businesses to discern coverage availability for business interruption losses, claims against directors and officers, and other corporate liabilities
- Provide guidance on insurance program renewals and expansions
Investment Management
- Advise investment companies and fund managers in connection with operational disruptions including:
- In-person board meetings
- SEC filings
- Delivery of prospectuses and shareholder reports
- Business continuity plans
- Liquidity risk management
- Valuation
- Redemptions
- Cybersecurity
- Prospectus disclosures
- Annual meetings
- Exchange-traded funds
- Money market funds
- Advice in connection with "material adverse effect" (MAE) in agreements