While the financial impact of quarantines and shelter-in-place orders will inevitably reach into every industry and every corner of the economy, companies in the hotel, restaurant, travel, retail and manufacturing sectors have already sustained significant business interruption losses. Much of the commentary from insurers and even some government agencies has been presumptively negative about the prospects for coverage ...
Introduction: The new reality As a result of the sudden and dramatic fall in the oil price that had occurred between June 2014, when oil had been trading at prices of around US$115 per barrel of Brent crude, to January 2015 by which time it had fallen to around US$35 per barrel, I was prompted to prepare a “Guide for Contractors”. Parties in the offshore oil and gas sector, and in particular contractors in the industry, were facing turbulent and unpredictable times ...
Federal and state agencies continue to deliver tools and information to help healthcare providers respond to the COVID-19 pandemic since the President declared the COVID-19 outbreak a national emergency. The declaration gave the Secretary of the U.S. Department of Health and Human Services (“HHS”) authority to temporarily waive or modify certain requirements of federal healthcare programs ...
During the Great Recession, fund finance professionals spent a lot of time analyzing and speculating about the impact of the financial crisis on fundraising, the potential for the failure of limited partners to honor their capital contribution obligations to funds, and the strength of facility structures and documentation. That makes the current scene familiar to many of us ...
On March 30, 2020, the Department of the Treasury published guidelines and procedures for passenger and cargo air carriers (together, “Air Carriers”) seeking relief under the recently passed Coronavirus Aid, Relief and Economic Security (CARES) Act ...
The Coronavirus pandemic is impacting every business sector across the globe. Many new resources, however, including the new Coronavirus Aid, Relief, and Economic Security (CARES) Act, provide franchise and hospitality businesses with opportunities for relief. The following information is intended to aid franchise and hospitality companies in understanding options available to them during this time ...
Last week, we reported on Executive Order No. 202.9 issued by Governor Cuomo, and some of the important questions posed by that Executive Order. We suggested that the implementing regulations by the NYS Department of Financial Services (the “DFS”) would likely clarify these points, and this has turned out to be the case. On March 24, implementing regulations were released by the Superintendent of Financial Services, Linda A ...
Many regulated entities are struggling to comply with certain environmental reporting, monitoring and settlement agreement requirements because of the impact of shelter in place orders, supply chain disruptions, and social distancing requirements relating to the COVID-19 pandemic response ...
The United Nations has issued a “Global Call to Creatives” (the “Call”) asking content creators, influencers, advertisers, and others to help in translating public health messages “into work that will engage and inform people across different cultures, languages, communities and platforms ...
On March 24, 2020, the Commodity Futures Trading Commission (“CFTC” or the “Commission”) unanimously approved its final interpretive guidance (“Final Guidance”) regarding retail commodity transactions involving certain digital assets ...
In response to the Coronavirus pandemic, the President signed H.R. 748, known as the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act on March 27, 2020. The bill provides more than $2 trillion of aid to individuals and the public and private sector ...
On March 31, 2020, the Treasury Department and Small Business Administration (“SBA”) released initial guidance and a sample application form for the Paycheck Protection Program (“PPP”), the small business loan program established pursuant to theCoronavirus Aid, Relief, and Economic Security (“CARES”) Act signed by President Trump on March 27, 2020 ...
The Public Utility Commission of Texas (PUCT or Commission) issued three orders on March 26, 2020, establishing a new COVID-19 Electricity Relief Program for residential customers and modifying certain regulatory requirements applicable to retail electric providers (REPs) and electric utilities, including transmission and distribution utilities (TDUs) ...
On March 27, 2020, Congress passed the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). This historic $2 trillion relief package received bipartisan support and is part of the third wave of federal government support as the nation copes with the acute economic fallout from the coronavirus (COVID-19) pandemic. The CARES Act, among other things, aims to provide significant aid to businesses and employees ...
Employee Benefits Newsletter March 31, 2020 Authored by: Alexis Blair, Cathy Currie, Kirsten Garcia, Jesse Gelsomini, Brian Giovannini, Tyler Hubert, Chris Kang, Charles Plenge, Scott Thompson, Tiffany Walker, and Susan Wetzel EMPLOYEE BENEFIT/EXECUTIVE COMPENSATION CHANGES MADE BY THE CARES ACT On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) ...
The British government has adopted stringent measures to reduce the spread of the novel coronavirus effective from 23 March 2020[1], including a nationwide lockdown, closure of non-essential shops and public venues and mandatory social distancing. The general rule is that people should stay at home, but workers can travel to and from work if they cannot perform their work from home[2] ...
On March 27, 2020, President Trump signed the Coronavirus Aid,Relief, and Economic Security (“CARES”) Act into law. The CARES Act, which injects trillions of dollars into the economy, provides relief to employers and workers, alike ...
Breaking Tax News - IRS Extends April 15 Payment and Filing Due Date For Gift Taxes Because of COVID-19 Emergency 03/29/2020 Authored by: Jennifer R. Lan,John M. Collins,Jamie L. Carter,J. Mitchell Miller The IRS issued Notice 2020-20 on March 27, 2020, thereby superseding certain provisions of Notice 2020-18 related to filing and paying gift taxes (see our prior coverage here) ...
On March 27, 2020, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act. The $2 trillion bipartisan legislation serves as a third round of federal government support in the wake of the economic fallout from the coronavirus (COVID-19) pandemic. Among other things, the Act provides significant relief to air carriers and aviation employees. We outline some of the key provisions below ...
The impact of the novel coronavirus (COVID-19) across the globe remains a significant concern in every aspect of business – and the representation and warranty (R&W) insurance market is no different. The following Frequently Asked Questions are designed to address some of the more common questions that have arisen since the outbreak of the pandemic.As always, advice in this area is fact-sensitive ...
The IRS issued a notice offering a special two-month deferral for federal income tax payments and federal income tax returns that are due April 15, 2020 (Notice 2020-18) (see our recent alert). This relief applies to all taxpayers, without requiring a written form (for example, no form 4868 or 7004 is required); the relief applies to individuals, trusts, estates, partnerships, LLCs, associations, and corporations ...
The CFTC recently published several no-action letters issuing temporary relief to certain market participants in response to the Coronavirus/COVID-19 outbreak, which was declared a pandemic by the World Health Organization on March 11, 2020 ...
Thousands of disputes are dealt with by way of international arbitration every year and it is inevitable that when most countries started introducing social distancing measures, a number of arbitrations were either part heard or just about to start and will have been derailed, at least to some extent ...
COVID-19 and the sweeping government actions to curtail the effects of the virus have disrupted business activities across the globe, requiring businesses to carefully examine their existing contracts and in certain cases deliver important notices thereunder, such as notices of force majeure ...
The COVID-19 pandemic and the sweeping government action to curtail its effects across the globe has disrupted global supply chains and may continue to do so for quite some time. These constraints will strain project development timelines across the renewable energy industry ...
