In passing the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES), Congress provided much-needed relief to project owners by making it easier to modify construction loans. Under the Act, an owner may qualify for a forbearance arrangement, an interest rate modification, or a repayment plan, among other options, and the modification does not adversely impact the credit of the borrower ...
The IRS continues to provide clarity regarding application of the various Coronavirus Aid, Relief, and Economic Security ("CARES Act") modifications to the Internal Revenue Code (the "Code") (see prior coverage here). In addition to recent guidance regarding bonus depreciation, the IRS on April 9 released Rev. Proc. 2020-24 and Notice 2020-26, both of which address CARES Act amendments applicable to net operating losses ("NOLs") ...
The SEC’s Office of Municipal Securities recently released guidance providing that statements made by municipal issuers, such as public announcements, press releases, interviews with media representatives, and public reports, may be subject to the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 (the Exchange Act) and Rule 10(b)-5 thereunder. On Feb. 7, 2020, the Office of Municipal Securities released Staff Legal Bulletin No ...
In an April 7, 2020 press release, the SEC Office of Inspections and Examinations (OCIE) issued two risk alerts. The first, involving examinations, focuses on compliance with Regulation Best Interest, and the second focuses on compliance with Form CRS. OCIE has released these two risk alerts to give investment advisers and broker-dealers advance notice as to what they can expect, in terms of scope and substance, during initial exams for compliance with the two initiatives ...
For over 240 years, Congress has allowed citizens of different states to litigate in federal court and, for equally as long, has permitted defendants to remove such cases from state court to federal court in cases exceeding the jurisdictional minimum. Judiciary Act of 1789, 1 Stat. 79 Section 12 ...
When COVID-19 first hit, many employers were initially faced with the need to identify if they qualified as an essential business under the operative orders issued by the federal and state governments, and then come into compliance with safety measures, all while ensuring compliance with other requirements such as those laid out by the Americans with Disabilities Act ...
In the face of governmental orders shutting down businesses, redirecting business efforts and assets, and even seizing business property to redistribute to others, we are seeing more and more questions about the limits of governmental authority and the remedies for affected people and businesses. Lawsuits already are being filed, and the courts undoubtedly will have to provide the answers ...
In the face of governmental orders shutting down businesses, redirecting business efforts and assets, and even seizing business property to redistribute to others, we are seeing more and more questions about the limits of governmental authority and the remedies for affected people and businesses. Lawsuits already are being filed, and the courts undoubtedly will have to provide the answers ...
Many states now have Executive Orders in place either requesting or requiring employers to allow employees to work from home to the maximum extent possible. Allowing employees to work from home is new ground for many employers, so here are a few tips an employer should keep in mind and traps to avoid in order to make the adjustment easier for all involved: 1 ...
On April 9, 2020, the Argentine Executive Branch issued and published in the Official Gazette Decree No. 351/2020, whereby it summons the mayors of all the country’s municipalities to control and monitor compliance with National Secretariat of Domestic Commerce’s Resolution No. 100/2020 concurrently with the national government and while health emergency lasts ...
Does the Covid-19 pandemic (or actions taken to counter the spread of Covid-19) constitute a Force Majeure in a refit/ repair contract? Is there any implied right of relief for the contractor or the owner? Under English law, unlike civil law systems, a force majeure is neither defined nor automatically applicable to commercial contracts ...
The extensive global COVID-19 pandemic determined the states to impose restrictive measures with impact over the free movement of people and usual course of business of the economic operators. Due to the recent development of the outbreak in Romania, the Presidential Decree no. 195/16.03 ...
We have previously reported on the Order that adopted the extraordinary measures under the COVID-19 health emergency declaration, published on March 31, 2020 (the “Order”), and the subsequent Technical Guidelines regarding certain essential activities described in the Order published on April 6, 2020. (These alerts may be found here and here, respectively ...
On March 25, 2020, and as the Chilean authority holding the superior direction of the civil aviation, the Civil Aeronautical Board (Junta de Aeronáutica Civil) issued the resolution Resolución Excenta Nº280 (“RE280”). The RE280 was issued based on the need to reduce the risks associated to the spreading of the Covid-19 virus through the air transport during the sanitary emergency period ...
On April 6, 2020, the National Consumer Service (SERNAC) published the "Interpretative Circular on distance contracts during the COVID-19 pandemic", which seeks to set general guidelines regarding distance contracting with consumers during the constitutional state of catastrophe due to public calamity. To safeguard the basic rights embodied in Law No ...
On March 31, 2020, the Subsecretary of Fishing and Aquaculture (“Subpesca”) issued the Exempt Resolution N° 886 (“Res. 886”) which provides the suspension of terms, procedures and other measures, as a consequence of the force majeure event caused by Covid-19. The suspension is effective as of March 18, 2020 and until it is reversed by another act. I. Terms and procedures subject to suspension. According to Res ...
According to a news report published by Reuters, the Equal Employment Opportunity Commission ("EEOC") has stopped sending Right to Sue letters ("RTS") to complainants for the duration of the COVID-19 pandemic. An RTS is a statement from the EEOC that it has concluded its investigation into a charge and is generally required for an employee to bring suit for claims of discrimination under Title VII, the Americans with Disabilities Act, or the Age Discrimination in Employment Act ...
On April 8, 2020, the IRS released Rev. Proc. 2020-23 to allow certain partnerships to take advantage of tax law changes under the Coronavirus Aid, Relief and Economic Security (CARES) Act, including the immediate expensing of costs related to "qualified improvement property ...
Boards of education should be aware of some upcoming deadlines regarding new WV State Department Policy 3300 and the introduction of the possibility of charter schools in West Virginia. As you may recall, new WV Code Sections 18-5G-1 through 18-5G-12 establish the process by which West Virginia will consider public charter schools. The Code Sections limit the number of new schools to three until July 1, 2023 ...
Physicians and medical professionals throughout the world are facing and attempting to treat one of the most serious and deadly viruses that has affected the world in our lifetime. Medical professionals are on the front lines and in a position, despite their best efforts to protect themselves, to contract the disease. Medical professionals do not only fear for their own lives but also for the lives of their family members if they unintentionally bring this disease home ...
The U.S. Department of Justice (DOJ) has issued a series of memoranda that discloses the department’s enforcement priorities and provides public guidance related to the ongoing coronavirus crisis ...
The Treasury Department has recently published the Paycheck Protection Program Loans Frequently Asked Questions (PPP FAQs). The Treasury Department’s publication provides businesses and lenders desperate guidance related to the Paycheck Protection Program (PPP) and the applicable rules, regulations and guidelines that have been plaguing PPP loan participants. This alert summarizes a number of the key questions in the PPP FAQs as of April 7, 2020 ...
In coordination with the EU Commission, the federal government has launched numerous support measures and state aid in the form of grants, loans, and guarantees with facilitated conditions in a short period of time. For this purpose, the federal government mainly used already existing funding programs. An explanatory article on the support measures and state aid provided by the federal government can be found here ...
Measures are established for public investment projects that can be financed with resources from the General System of Royalties ...
Provisions for electric power and fuel gas utilities, within the framework of the State of Economic, Social and Ecological Emergency ...
