The negative pricing for West Texas Intermediate oil (“WTI”) on Monday has raised alarm bells for many of our clients in the exploration and production and midstream industries. This article will clarify the issues for these companies and explain the forces at work that have created this situation. The root cause of the current dilemma arises from the dramatic drop in demand starting with the onset of the COVID-19 virus on the United States ...
A recent decision by the Supreme Court of Pennsylvania concerning a challenge to Governor Tom Wolf’s executive order relating to COVID-19 could impact disputes nationwide that arise out of the pandemic and involve a determination of whether COVID-19 constitutes a “natural disaster” or other like term within the context of force majeure clauses. In its April 13, 2020, decision inFriends of Devito v ...
Guidance Focuses on Concurrent Leave Issues, Hours to be Paid During Leaves, and Regular Rates of Pay Applicable Now that covered employers are providing paid leaves under the Families First Coronavirus Act (the “FFCRA”), more questions about the FFCRA’s nuances are surfacing ...
After stating he planned on issuing an Executive Order earlier this week, President Trump yesterday issued a proclamation barring intending immigrants from the United States for 60 days beginning at 11:50 p.m. on April 23, 2020. It states it is intended to help U.S. workers facing high levels of unemployment due to the Coronavirus ...
On Friday, April 17, 2020, The Michigan Department of Treasury issued two departmental notices; a Notice of Automatic Extension of State and Income Tax Filing Deadlines (the “Notice of Automatic Extension”) and a Notice Regarding Electronic Requests for Informal Conferences ...
As all lenders know by now, the Coronavirus Aid, Relief, and Economic Security Act’s (“CARES Act”) guaranteed Paycheck Protection Program (“PPP”) loans are the key piece of economic relief for small businesses during the COVID-19 crisis ...
The initial $350 billion in forgivable loans under the Small Business Administration’s Paycheck Protection Program (PPP) were claimed within 13 days. Given the initial interest, Congress on Thursday, April 23 approved an additional $484 billion of coronavirus-relief funding, including an additional $310 billion for the government-backed PPP and $75 billion in new funding for healthcare providers. President Trump is expected to sign the bill into law on Friday, April 24 ...
Metro Nashville Mayor John Cooper announced a detailed plan for the staged reopening of restaurants, bars and music venues, as soon as May 1. The real question is: will anyone reopen their dining room on May 1st? You can read the entire Roadmap here. Initial reactions do not look good if you are in the market for a sitdown meal on May 1 ...
Earlier this week, the US Department of Labor (DOL) added to their long list of Frequently Asked Questions (FAQs) to the Families First Coronavirus Response Act or FFCRA. These latest additions raises the total of FAQs from an already robust 79 to a staggering 88. Combined with the DOL’s first FFCRA enforcement action in Arizona, this is the latest warning for employers to get fully prepared ...
The stock market has had record declines and many businesses are shuttered, at least temporarily. Long-term prospects may still be positive but in the near-term the value of many entities has reduced. Are there transactions that privately-held businesses and their owners could implement that would allow them to achieve long-term goals that could benefit the business, the owner, and owner’s family? We believe that there are ...
Key Points: SF Major extends commercial eviction moratorium through May 17, 2020. Moratorium applies only to commercial tenants registered to do business in San Francisco meeting certain requirements. Moratorium applies to all attempts to recover possession due to non-payment. Moratorium covers security deposits ...
The COVID-19 pandemic has had a disproportionate impact on skilled nursing and assisted living facilities. While the following CMS recommendations and guidelines identify nursing homes as the target recipients, they are applicable to all facilities that receive Medicare and Medicaid funds, and are therefore subject to CMS's oversight ...
With the promise of low-interest or no-interest loans, and even the possibility of loan forgiveness, small businesses rocked by COVID-19 have recently turned to banks to apply for federally guaranteed funds. These funds are vital to many small businesses in order to help them stabilize their financial health during the widespread economic fallout from the pandemic. They are seeking these funds under the recently enacted CARES Act ...
The United States Securities and Exchange Commission (SEC) recently updated its Compliance and Disclosure Interpretations (CDI) to confirm that its recent orders extending the due date for SEC filings by up to 45 additional days in light of COVID-19 pandemic are applicable to the incorporation by reference of disclosure into Part III of Form 10-K. (Additional information on the prior orders is available here and here ...
Following up on his recent tweet to temporarily halt all immigration to the United States due to the coronavirus pandemic, President Trump announced his upcoming Executive Order would be limited to those people seeking permanent resident status in the United States (“green cards”) and would last for 60 days. This will apparently not apply to those seeking to enter the United States on non-immigrant visas ...
In response to the economic impact of the COVID-19 pandemic, the federal government has passed several new laws to provide trillions of dollars of funding to affected businesses and individuals. But this also means there are new compliance considerations for entities receiving federal funds, especially as it relates to the False Claims Act’s “false certification” theory of liability ...
Employers are now confronted with the next COVID-19 challenge: safely bringing employees back to work. The recent federal guidelines for “Opening Up America Again” specifically refer to recommended practices for employers ...
