In an effort to streamline the provision of COVID-19 patients’ Protected Health Information (PHI) to public health authorities, the United States Department of Health and Human Services Office for Civil Rights (OCR) recently published practical guidance explaining the methods by which Health Insurance Portability and Accountability Act (HIPAA) Covered Entities may disclose COVID-19 patient PHI to law enforcement, first responders, and public health authorities ...
A quick legal reference for banks supporting small businesses Section 1 Section 2 Section 3 The Coronavirus Aid, Relief, Economic Security (CARES) Act signed into law by President Donald Trump on March 27, 2020, contains significant relief for small businesses affected by the national emergency declaration related to the COVID-19 pandemic and the aggressive actions taken by state governments across the nation to combat the spread of the virus ...
The current coronavirus crisis has created unprecedented challenges for those in the construction industry. While many states have exempted construction activities from their shelter-in-place or stay-at-home orders, projects have nonetheless been impacted and cash flow from owners or contractors may slow or halt. As a result, contractors, subcontractors, and suppliers must be vigilant to protect their ability to receive payment on projects where cash flow might become problematic ...
Section 1106 of the Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act” provides a framework whereby small businesses can obtain loans from the SBA that may be forgiven to the extent of certain business expenses, including rent. Generally, when a loan is forgiven, the debtor is taxed on the amount forgiven under Internal Revenue Code §108 (subject to statutory exceptions) ...
In the wake of COVID-19, cities, counties and states across the nation are issuing shelter-in-place and stay-at-home orders to curb nonessential movement of residents. States and local authorities are invoking powers to evacuate residents through statutes that have historically been used for natural disaster evacuations. While the ability to order and enforce such evacuations is not in dispute, the orders in this context raise many questions ...
President Trump signed the Families First Coronavirus Response Act (“FFCRA” or “the Act”) into law on March 18. The Act requires employers with fewer than 500 employees to provide their employees with paid sick leave and expanded Family and Medical Leave Act rights, subject to exceptions for certain healthcare providers, emergency responders, and businesses with fewer than 50 employees if compliance would jeopardize the business as a going concern ...
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”) ...
On Friday, March 27, 2020, the U.S. Department of the Treasury issued Notice 2020-20, which postpones the filing and payment deadline for any taxpayer who is required to file Form 709 (U.S. Gift and Generation-Skipping Transfer Tax Return) or who has Federal gift or generation-skipping transfer tax payments due on April 15, 2020 ...
Commentators and lawyers continue to make blanket statements regarding lack of business interruption coverage for losses caused by the novel coronavirus (COVID-19). They contend that coronavirus-related losses cannot satisfy the “direct physical loss of or damage to [covered] property” language contained in many policies to trigger coverage in the first place ...
The Board of Governors of the Federal Reserve System (the “Fed”) has implemented monetary policy and federal programs in response to COVID-19. The policies and programs primarily affect financial institutions in the business of lending, but an understanding of the policies will aid all borrowers in knowing the constraints of their lenders and the process by which they will receive funds ...
Pursuant to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), $500 billion of emergency relief has been allocated to be used at the discretion of the Secretary of the Treasury (the “Secretary”) to make loans, loan guarantees, and other investments in support of eligible businesses, states and municipalities ...
On March 31, the Federal Reserve Board announced that it will delay for six months the effective date (from April 1, 2020 to September 30, 2020) for its revised control framework for determining when a company controls a bank, and vice versa, for purposes of the Bank Holding Company Act (referred to as the “BHC Act”) ...
Welcome to PointByPoint. Conversations, interviews and legal commentary for today's business professionals. In this episode, Waller’s Mark Peters talks with employment attorney Kierstin Jodway about two of the major federal stimulus packages related to the coronavirus and what it means for businesses. Here is a transcript of the conversation: Mark Kierstin, thanks for being with us today ...
The Federal banking agencies recently issued an interim final rule (Regulatory Capital Rule: Revised Transition of the Current Expected Credit Losses Methodology for Allowances) permitting banks to mitigate the effects of the current expected credit loss, or CECL, accounting standard. Introduced in 2016 by the Financial Accounting Standards Board, CECL replaces the incurred loss methodology for financial assets and requires banks to recognize lifetime expected credit losses ...
Now that the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) has been signed into, law, small businesses may be wondering what they can do to get a Paycheck Protection Program (“PPP”) loan into their bank accounts as soon as possible so they can pay employees. In case you missed it, check out our bulletin here for a detailed description of the terms and conditions of and eligibility for these very favorable loans ...
On March 30, 2020, Tennessee Governor Bill Lee issued Executive Order No. 21, an order amending Executive Order No. 17 to further mitigate the spread of COVID-19 by limiting non-essential services and gatherings. The order expands the list of businesses and venues that perform close-contact personal services that are required to close to the public. The Order also amends the effective date in Executive Order No ...
It seems the DOL has stopped sleeping these days, but that means more guidance for employers. In itsQs&As 38-59interpreting the Families First Coronavirus Relief Act (FFCRA), the DOL shed light on the small business exemption, employees who can be exempted for the FFCRA leave provisions, and the interplay of the FFCRA and the Family and Medical Leave Act (FMLA). The FFCRA takes effect on April 1, 2020, so this guidance is, in a word, timely. Here are some highlights ...
The Illinois Department of Commerce and Economic Opportunity (the Department) and the City of Chicago (the City) are providing emergency assistance for Illinois small businesses. These grants and loans are separate from incentives and programs being offered by the U.S. Small Business Administration. Information about the programs and how to apply is set forth below ...
On Friday, March 27, 2020, Michigan Governor Gretchen Whitmer issued Executive Order 2020-26 (the “Order”), postponing tax filing and payment deadlines for Michigan taxpayers in order to grant some amount of relief to individuals and businesses amid the Coronavirus/COVID-19 crisis ...
