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The EU-U.S. Privacy Shield Invalidated: What it Means for U.S. Companies
Lowenstein Sandler LLP, July 2020

What You Need To Know and Do Now: Europe’s top court has invalidated the EU-U.S. Privacy Shield, effective immediately. For now, other EU-U.S. data transfer mechanisms, such as the Standard Contractual Clauses, remain intact BUT subject to additional, intense scrutiny by EU regulators. The U.S...

Main Street Lending Program–Launch Update
Lowenstein Sandler LLP, July 2020

Five Things to Know About the Pre-Launch Update to the Main Street Lending Program (June 8, 2020) Major Updates to Main Street Lending Program (May 1, 2020) The Issues With the Main Street Lending Program (April 24, 2020) Federal Reserve–Initial Launch, Main Street Loan Facilities (April 10, 2020) SBA Paycheck Protection Program (March 30, 2020) Emergency Relief Legislation for Businesses and Individuals: CARES Act-Loan Programs (March 27, 2

IRS Issues CARES Act Guidance for Coronavirus-Related Distributions and Loans From Tax-Qualified Plans; Also Allows Cancellation of Deferred Compensation Elections
Lowenstein Sandler LLP, July 2020

What You Need to Know The IRS issued Notice 2020-50 which provides guidance on provisions of the CARES Act that temporarily allows “coronavirus-related distributions” and doubles the limitations on plan loans. The guidance provides insight on how to report “coronavirus-related distributions” and recontributions to qualified retirement plans, including examples...

The Supreme Court Upholds the SEC’s Ability to Obtain Disgorgement
Lowenstein Sandler LLP, June 2020

In a long-anticipated decision, the U.S. Supreme Court this week upheld the Securities and Exchange Commission’s (SEC) ability to obtain disgorgement, provided the award does not exceed the wrongdoer’s ill-gotten gains and is returned to the victims. The Supreme Court’s decision came inLiu et al. v...

Latest Update on the Paycheck Protection Program Flexibility Act of 2020
Lowenstein Sandler LLP, June 2020

View our other alerts and articles on the SBA Paycheck Protection Program on our Coronavirus/COVID-19 resource page. This alert was originally published on June 4, 2020, and is being updated as new information becomes available...

Some Going Concerns: A Primer on Intellectual Property Issues in Bankruptcy for Licensors and Licensees
Lowenstein Sandler LLP, June 2020

Westlaw Journal Bankruptcy Much has been written on the myriad of legal issues emanating from the global COVID-19 pandemic: the constitutionality of the lockdowns, liability for stores that open, the process of obtaining PPP loans, and the applicability of force majeure clauses, to name a few. As intellectual property and bankruptcy practitioners, we are fielding more questions regarding the impact of bankruptcies (both actual and potential) on the rights of licensors and licensees...

Privacy Concerns Multiply as Digital Contact Tracing Spreads: U.S. Tech Industry Takes the Lead as Congress Fails to Act
Lowenstein Sandler LLP, June 2020

What You Need To Know: Digital contact tracing (DCT) is a potential game changer in the COVID-19 pandemic. However, the sensitive personal information collected by DCT applications (“DCT apps”) largely falls through the cracks of existing U.S. data protection laws. The California Consumer Privacy Act (CCPA) may be the only current legal model that encompasses the data privacy aspects of digital contact tracing...

Long Overdue: U.S. Supreme Court Holds Title VII Protects Gay and Transgender Employees
Lowenstein Sandler LLP, June 2020

What You Need To Know: It is now unlawful under federal law to discriminate against an employee because of that person’s sexual orientation or transgender status. Previously, more than 25 states did not have laws protecting gay employees from discrimination. Yesterday's Supreme Court decision confirms that discrimination based upon one’s sexual orientation or gender identity is discrimination based upon sex and therefore unlawful...

Five Things to Know About the Pre-Launch Update to the Main Street Lending Program
Lowenstein Sandler LLP, June 2020

Certain provisions of the coronavirus economic stimulus legislation are subject to the ongoing issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified, revised, or added...

Paycheck Protection Program Flexibility Act of 2020
Lowenstein Sandler LLP, June 2020

Certain provisions of the coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations, government guidance and other government action; thus, certain details regarding the legislation may be clarified or added. View our other alerts and articles on the SBA Paycheck Protection Program on our Coronavirus/COVID-19 resource page. On June 3, 2020, the U.S...

California Attorney General Submits Final Regulations for the California Consumer Privacy Act
Lowenstein Sandler LLP, June 2020

What You Need To Know: The final California Consumer Privacy Act regulations are now under review by the California Office of Administrative Law, and there will be no additional opportunities for public comment. The California Attorney General has requested expedited review of the CCPA regulations, bypassing an executive order issued by the Governor of California extending administrative review periods due to the COVID-19 pandemic...

Contradictory Responses by Privacy Regulators Post-COVID-19: Balancing the Economy With Cybersecurity in a Changed World
Lowenstein Sandler LLP, June 2020

What You Need To Know: The CCPA is currently set to become enforceable on July 1. If your business is regulated by the CCPA, you have 30 days from publication of this alert to comply. Government authorities have pursued different, frequently contradictory, approaches to enforcing data privacy and cybersecurity regulations during the COVID-19 pandemic...

Antitrust Does Not Shelter in Place During a Pandemic, Part 2: Don’t Claim the Failing Firm Defense Unless You’re Really Failing
Lowenstein Sandler LLP, May 2020

The Federal Trade Commission (FTC) has reminded us that the “failing firm defense” is much harder to pull off than might be imagined, and that the antitrust agencies will closely analyze all “failing company” claims even during the coronavirus pandemic. In its May 27 blog post, "On “Failing” Firms — and Miraculous Recoveries,"the FTC emphasized that the defense is difficult to make and, even more to the point, often not true...

Emerging From COVID-19: Data Privacy and Security in a Changed World
Lowenstein Sandler LLP, May 2020

As millions have moved their professional and personal lives online, in-person contact during the COVID-19 pandemic has become a memory except for “essential” public services. To receive medical care or an education, be entertained, conduct business, shop for essentials, and engage in online gaming, Americans have few options but to fill in the blanks with their personal information. Individuals, consumers, and business contacts are becoming acutely aware of the risks...

COVID-19: Focus on Executive Compensation
Lowenstein Sandler LLP, May 2020

The impact of the COVID-19 pandemic on the business community is unprecedented. Every company and executive is questioning the effects the disease will have on their business, employees, customers, and local and global economies. While it is still too early to know the long-term ramifications of the disease, the more immediate implications for businesses are already evident, including a lockdown of large swaths of the U.S...

Deferred Compensation Considerations in the Wake of the COVID-19 Pandemic
Lowenstein Sandler LLP, May 2020

As the COVID-19 pandemic continues to unfold, both employers and employees are faced with liquidity issues, furloughs, layoffs, and the reduction of hours. In order to conserve cash, employers may be looking for ways to delay payments of deferred compensation and employees may be looking for ways to accelerate the payments of deferred compensation...

COVID-19: Considerations in Stock Option Repricing
Lowenstein Sandler LLP, May 2020

In the past weeks, many companies, both public and private, have seen their stock prices and values decline because of the economic disruption caused by COVID-19. As a result, outstanding stock options may no longer provide adequate incentives, as their exercise prices may be well above the current fair market value for the company’s common stock (i.e., the options are “underwater”)...

SBA Announces: “SBA may begin a review of any PPP loan of any size at any time in SBA’s discretion” & DOJ Announces Multiple Enforcement Actions
Lowenstein Sandler LLP, May 2020

Between May 20 and May 22, SBA announced three new Interim Final Rules and the U.S. Department of Justice (DOJ) announced three new fraud prosecutions stemming from PPP loans...

IRS Temporarily Flexes Rules for Flex Benefit/Section 125 Plans
Lowenstein Sandler LLP, May 2020

IRS Notice 2020-29 gives employers new opportunities to help employees who participate in Section 125 plans deal with COVID-19...

Application for PPP Loan Forgiveness... Now What?
Lowenstein Sandler LLP, May 2020

Certain provisions of the coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified or added. On Friday, May 15, 2020, the SBA released its Paycheck Protection Program (“PPP”) Loan Forgiveness Application (the “Forgiveness Application”)...

Dear Tech Company Founders & VCs: Eligible on Main Street
Lowenstein Sandler LLP, May 2020

Certain provisions of the coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations and other government action, thus certain details regarding the legislation may be clarified or added...

TALF 2020 Update
Lowenstein Sandler LLP, May 2020

On May 12, 2020, the Federal Reserve Bank of New York (the Federal Reserve) announced further updates to the 2020 Term Asset-Backed Securities Loan Facility (TALF 2020), including an updated term sheet and its release of the first TALF 2020 FAQs (FAQs). The FAQs clarify key terms of TALF 2020 and detail the operational mechanics of obtaining a TALF loan...

U.S. Government Issues Updated Sanctions Warning to Maritime Shipping Community; Recommends Best Practices to Mitigate Risk
Lowenstein Sandler LLP, May 2020

On May 14, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), the Department of State, and the U.S. Coast Guard issued a Sanctions Advisory for the Maritime Industry, Energy and Metals Sectors, and Related Communities, reflecting increased scrutiny and enforcement attention by U.S. government agencies on curbing illicit shipping practices...

Romag Fasteners: SCOTUS Holds That Plaintiffs in Trademark Suits Need Not Show "Willful Intent" of Infringement to Recover Damages for Lost Profits
Lowenstein Sandler LLP, May 2020

In a recent unanimous decision in Romag Fasteners, Inc. v. Fossil, Inc., the U.S. Supreme Court brought some welcome clarity to the question of whether willfulness is required in order to recover an infringer’s profits under Section 35 of the Lanham Act, 15 USC § 1117(a),in infringement litigation. Section 1117(a) sets out the statutory requirements for recovery of acts of trademark infringement, unfair competition, and false advertising...

Minimizing Director Liability: Best Practices for PPP Recipients
Lowenstein Sandler LLP, May 2020

Congratulations–you have successfully received an SBA PPP loan! While you are likely thinking that the hard work is over, you are, unfortunately, wrong. The responsibilities of a PPP loan recipient extend beyond the four corners of the application, do not end upon receipt of the funds, and, likely, only lapse upon repayment of the loan in full...

FAQ 46 & 47: Crime & Punishment (or the Lack of Either) for PPP Loans Large and Small
Lowenstein Sandler LLP, May 2020

With one day to spare before the May 14 “Limited Safe Harbor” expires, the SBA released FAQ #46 (May 13)to explain the process of how the SBA will review Paycheck Protection Program (PPP) loans. The new FAQ, unfortunately, prompts more questions than answers regarding risks around certifications required under the PPP...

Section 301 Tariff Update: USTR Now Accepting List 3 Exclusion Extension Comments
Lowenstein Sandler LLP, May 2020

The Office of the United States Trade Representative (USTR) is now accepting comments regarding the possible extension of List 3 product exclusions that are set to expire on August 7. Companies are invited to submit comments on whether particular List 3 product exclusions granted between August 2019 and March should be extended. (USTR is not currently considering the extension of List 3 product exclusions granted after March...

Current State of Loan Forgiveness Under the Paycheck Protection Program
Lowenstein Sandler LLP, May 2020

Certain provisions of the coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified or added. Now that many clients have received (or are about to receive) the proceeds of Paycheck Protection Program (PPP) loans, we have been fielding many questions about how loan forgiveness is calculated...

What to Expect When You’re Expecting to Reopen
Lowenstein Sandler LLP, April 2020

As businesses begin to plan the reopening of their workplaces, there are many factors to consider. Before bringing employees back to work, employers are best advised to follow the guidelines and recommendations that the Centers for Disease Control and Prevention (CDC), the Occupational Safety and Health Administration (OSHA), and the Equal Employment Opportunity Commission (EEOC) have issued...

U.S. Supreme Court Allows Landowners’ State-Law Challenge to Ongoing CERCLA Remediation
Lowenstein Sandler LLP, April 2020

On April 20, the United States Supreme Court decided in Atlantic Richfield Co. v. Christian et al.1 that landowners can sue under state common law for restoration of their properties located within the boundaries of a Superfund site subject to a USEPA-approved remedy. The Court also held, however, that because the landowners are, themselves, PRPs under CERCLA, USEPA must approve any remedial action that goes beyond the USEPA-approved remedy...

SCOTUS Requires Clean Water Act Permits for Some Groundwater Discharges, Pronounces “Functional Equivalency” Test
Lowenstein Sandler LLP, April 2020

On April 23, the Supreme Court of the United States issued a landmark decision interpreting the reach of the federal Clean Water Act (CWA). That case isCounty of Maui, Hawaii v. Hawaii Wildlife Fund, No. 18-260, 590 U.S. ___ (2020). The Supreme Court’s opinion can be viewed here. The CWA requires regulated entities to obtain a permit for any discharge of pollutants from a point source to navigable waters of the United States. 33 U.S.C. 1311(a)...

DOD Seeks to Match Investors With Technology Companies
Lowenstein Sandler LLP, April 2020

The U.S. Department of Defense (DOD) is presenting an opportunity for U.S. companies and investors alike: the recently established Trusted Capital Program...

Consider Reconvening Your Board Before May 7 if You Received or Are In Process on SBA Loans Under PPP
Lowenstein Sandler LLP, April 2020

Today SBA provided an Interim Final Rule (IFR) and yesterday (Thursday), Treasury again updated its Paycheck Protection Program (PPP) FAQ sheet adding FAQ #31. The new FAQ #31 is an after-the-fact reset of the certification of need every borrower must make when applying for a PPP loan. In FAQ #31, Treasury seeks to retroactively apply a new interpretation of the certification of need and calls upon borrowers to reassess whether they meet the standard...

Heightened Scrutiny for Public Companies and Portfolio Companies of Funds for PPP Loans and No PPP Loans for Funds Themselves
Lowenstein Sandler LLP, April 2020

Certain provisions of the Coronavirus/Covid-19 economic stimulus legislation are subject to the issuance of government regulations and other government action, thus certain details regarding the legislation may be clarified or added. Due to increased political pressure, the pendulum has now clearly swung in favor of heightened scrutiny and enforcement in respect of PPP loans taken by public companies and portfolio companies of funds...

The Issues With the Main Street Lending Program
Lowenstein Sandler LLP, April 2020

Certain provisions of the coronavirus economic stimulus legislation are subject to the ongoing issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified, revised, or added...

Money? What Money? Is It Time to Give Your Money Back? Updates to the PPP and the FAQ’s
Lowenstein Sandler LLP, April 2020

Certain provisions of the coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations and other government action, thus certain details regarding the legislation may be clarified or added. On Tuesday, April 21, 2020, the U.S. Senate passed the Paycheck Protection Program and Health Care Enhancement Act[1](the “Enhancement Act”). The Enhancement Act amends the CARES Act...

Updates on Tax Deadlines and Key Tax Provisions of the CARES Act
Lowenstein Sandler LLP, April 2020

Over recent days, the Internal Revenue Service has extended certain tax filing and payment deadlines and issued guidance on some provisions of the recently-enacted Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). This alert summarizes key parts of this guidance. Extension of Deadlines The IRS announced that certain additional tax deadlines would automatically be extended...

New 90-Day CBP Duty Deferral Option
Lowenstein Sandler LLP, April 2020

The administration and U.S. Customs and Border Protection (CBP) recently announced a narrow 90-day duty deferral option to help companies cope with the economic effects of COVID-19...

Before You Cut Your Employees’ Wages–Antitrust for Employers in the Age of COVID-19
Lowenstein Sandler LLP, April 2020

As employers struggle with the poor economic conditions associated with the COVID-19 crisis, many are considering pay cuts. Naturally, in making this decision, many companies will consider what their peers are doing in order to determine how their actions will be received in the marketplace...

Ginnie Mae Pass-Through Assistance Program All Participants Memorandum
Lowenstein Sandler LLP, April 2020

On April 10, Ginnie Mae issued a new All Participants Memorandum (APM) officially implementing its Pass-Through Assistance Program (PTAP/C19) for issuers under Ginnie Mae’s Single-Family program for which the COVID-19 national emergency has caused liquidity concerns. The PTAP/C19 is not available to issuers under Ginnie Mae’s multifamily or reverse mortgage programs...

CARES Act: Direct Grants to Institutions of Higher Education Under the Emergency Relief Fund
Lowenstein Sandler LLP, April 2020

While much of the CARES Act media focus is on the Small Business Administration’s Paycheck Protection Program and the distribution of stimulus payments, the act also provides for tens of billions of dollars in other relief. For example, the CARES Act establishes a $30...

New Jersey Amends Law To Permit Remote Member Meetings For Nonprofit Corporations
Lowenstein Sandler LLP, April 2020

What You Need To Know: New Jersey nonprofit corporations are permitted to hold member meetings by remote participation (solely by remote communication during a state of emergency declared by the Governor). A board of trustees must approve remote participation and the guidelines and procedures to govern a meeting. Governance document requirements and New Jersey Nonprofit Corporation Act provisions still apply...

Cares Act Guidance: Overview of IRS Guidance Regarding Deferral of Employment Tax Deposits and Payments
Lowenstein Sandler LLP, April 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allows employers to defer the employer’s portion of the Social Security payroll tax (6.2 percent) (and certain railroad retirement taxes) on wages paid from March 27, 2020, through December 31, 2020. The amounts deferred must be 50 percent repaid by no later than December 31, 2021, and the remainder by no later than December 31, 2022. The deferral is interest free...

COVID-19 Era Remote Work Environments Increase Cybersecurity Risks: What You Need to Know and Do
Lowenstein Sandler LLP, April 2020

In response to the COVID-19 pandemic, significant sectors of the global workforce abruptly shifted to working remotely. Private and public businesses, government operations, and educational institutions moved en masse to home-based work environments. This unprecedented disruption stressed not only the millions of individuals involved, but also the complex technology infrastructures that were suddenly required to accommodate massive traffic volumes...

SBA Paycheck Protection Program Update: Sole Proprietorships and Independent Contractors
Lowenstein Sandler LLP, April 2020

Certain provisions of the Coronavirus/Covid-19 economic stimulus legislation are subject to the issuance of government regulations and other government action, thus certain details regarding the legislation may be clarified or added. On April 14, 2020, the Small Business Administration (SBA) issued its third Interim Final Rule (the Third Interim Final Rule) on the Paycheck Protection Program (PPP) created by the CARES Act...

The Paycheck Protection Program: FOIA and Potential Implications for Applicants and Investors
Lowenstein Sandler LLP, April 2020

The Paycheck Protection Program (PPP) has now seen days of frenzy over application uncertainties, eligibility questions, and employee count/loan amount calculations. One item not mentioned, but worth discussing, is the public nature of the application and potential implications that it has to applicants and investors...

Did We Just Join OPEC? Part 2
Lowenstein Sandler LLP, April 2020

The Organization of Petroleum Exporting Companies (OPEC) is one of the longest-running and most successful price-fixing cartels in history. It proved its power in the 1970s by drumming up a “shortage” of oil that resulted in gasoline rationing in the U.S. Here in Washington, D.C. and the surrounding region, you could buy gas for your car only on alternate days, according to whether your license plate ended with an even or odd number...

Did We Just Join OPEC? Part 1
Lowenstein Sandler LLP, April 2020

Sunday’s CNBC headline reads, “OPEC and allies finalize record oil production cut after days of discussion.” One normally would interpret that headline to mean that OPEC agreed with non-OPEC members Russia, Venezuela, and Mexico on the production cut. One would not assume that the word “allies” refers to the United States...

EPA Issues Interim Guidance for Remedial Field Work During the COVID-19 Pandemic
Lowenstein Sandler LLP, April 2020

On April 10, the U.S. Environmental Protection Agency (EPA) issued interim guidance to determine when, and how, to suspend field work under certain EPA programs during the ongoing COVID-19 crisis. The guidance covers response actions under the Comprehensive Environmental Response, Compensation, and Liability Act (or Superfund), and field work under the Resource Conservation and Recovery Act and the Underground Storage Tank program, among other EPA programs...

First Employee Lawsuit Filed Seeking to Avoid the Workers' Compensation Exclusivity Bar for COVID-19-Related Injuries
Lowenstein Sandler LLP, April 2020

Among the many issues employers are struggling with in the midst of the current COVID-19 crisis is the risk of harm to an essential employee who is compelled to report to work. While, of course, most employers are proactively taking measures to minimize an employee’s risk of contracting the virus, there is a risk of exposure and illness inherent in coming to work...

TALF 2020 Update
Lowenstein Sandler LLP, April 2020

On April 9, 2020, the Federal Reserve Bank of New York (the Federal Reserve) announced updates to the 2020 Term Asset-Backed Securities Loan Facility (TALF). The updates include expanding the eligible underlying asset classes to include both newly originated collateralized loan obligations issued on or after March 23, 2020, and legacy commercial mortgage-backed securities (CMBS) issued prior to March 23, 2020...

Federal Reserve–Initial Launch, Main Street Loan Facilities
Lowenstein Sandler LLP, April 2020

Certain provisions of the coronavirus economic stimulus legislation are subject to the ongoing issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified, revised, or added...

Vigilance Now Can Help Avoid Scrutiny Later: Fiduciary Duties in the Midst of a Global Pandemic
Lowenstein Sandler LLP, April 2020

Faced with constantly evolving circumstances in these challenging times, officers and directors should not lose sight of what is arguably their most important corporate role–that is, as a fiduciary...

Amid COVID-19 Pandemic, NJDEP Publishes Key Remediation Standard Proposal
Lowenstein Sandler LLP, April 2020

UPDATE: In an apparent response to the numerous requests submitted by industry groups and the regulated community, the NJDEP has now extended the public comment period for this rule proposal by sixty (60) days to August 5, 2020, and it has postponed the May 11, 2020 public hearing indefinitely. The NJDEP anticipates holding a public hearing for this proposal at some point in the future. The precise date and time, however, will depend on the circumstances surrounding the COVID-19 pandemic...

The Certainty of Antitrust Review in Uncertain Times
Lowenstein Sandler LLP, April 2020

The Federal Trade Commission (FTC) Bureau of Competition issued a reminder yesterday, April 6, that it “must continue to analyze carefully the potential effects of proposed transactions and business conduct” and that it “will not suspend our usual rigorous approach to ferreting out anticompetitive harm and seeking relief, even in the face of uncertainty...

D&O Insurance Renewals: What Corporate Policyholders Need to Know in the “New Normal”
Lowenstein Sandler LLP, April 2020

Many companies are focused on their business interruption coverage in the face of coronavirus disease 2019 (COVID-19). But they must not let management liability insurance be a blind spot. Companies that are renewing their management liability insurance program (directors’ and officers’ (D&O), employment practices, and fiduciary liability) must be prepared for a hard look by underwriters as they react to COVID-19 and consider its effects going forward...

SBA Paycheck Protection Program Update: Frequently Asked Questions
Lowenstein Sandler LLP, April 2020

Certain provisions of the Coronavirus/Covid-19 economic stimulus legislation are subject to the issuance of government regulations and other government action, thus certain details regarding the legislation may be clarified or added...

How Will Courts Interpret Force Majeure Clauses in the COVID-19 Crisis Response? Look to 2008 Recession Fallout for Clues
Lowenstein Sandler LLP, April 2020

As the COVID-19 crisis continues to unfold, businesses nationwide are struggling to meet their existing contractual obligations. While companies may attempt to rely on force majeure clauses to exempt performance, they are well advised to look to how courts interpreted these clauses following the 2008 financial recession...

A Tezos Settlement and a Telegram Injunction: Securities Laws Protections Extend to Digital Asset Investors
Lowenstein Sandler LLP, April 2020

Digital assets sit on the cutting edge of investable products, but two recent events can give investors comfort that the US securities laws will still protect them even in these sometimes uncharted waters. First, a securities class action against the Tezos Foundation alleging that the Tezos initial coin offering (ICO) violated the US securities laws as an unregistered offering recently settled for $25 million...

Focusing on Efficiency has made Antitrust Less Effective
Lowenstein Sandler LLP, April 2020

Over the past several decades, antitrust analysis has become tightly focused on the prices consumers pay as the sole, or at least the primary, measure of consumer welfare. The focus on prices to consumers has in turn led to too narrow a focus on efficiency as a proxy for consumer welfare because regulators assume that greater efficiency results in lower consumer prices...

Foreclosure Moratorium Policies in Response to the COVID-19 Pandemic
Lowenstein Sandler LLP, April 2020

In the face of the COVID-19 pandemic and the resulting economic downturn, housing advocates and lawmakers have called for a nationwide moratorium on foreclosures. On March 18, U.S. Department of Housing and Urban Development Secretary Ben Carson authorized the Federal Housing Administration (FHA) to impose an immediate foreclosure moratorium for the next 60 days for single-family homeowners whose mortgages are FHA insured...

SBA Paycheck Protection Program Update: SBA Interim Final Rule
Lowenstein Sandler LLP, April 2020

Certain provisions of the Coronavirus/Covid-19 economic stimulus legislation are subject to the issuance of government regulations and other government action, thus certain details regarding the legislation may be clarified or added. Desperately awaited regulations were issued yesterday in connection with up to $349 billion in Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act)...

The U.S. Patent and Trademark Office Response to COVID-19
Lowenstein Sandler LLP, April 2020

On March 27, President Donald Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act temporarily expands the authority of the Director of the United States Patent and Trademark Office (USPTO) to adjust statutory deadlines during the COVID-19 crisis...

The Revival of TALF–TALF 2020 (or TALF 2.0)
Lowenstein Sandler LLP, April 2020

In response to the current credit crisis triggered by the COVID-19 pandemic, on March 23, the Federal Reserve Bank of New York (the Federal Reserve) revived the Term Asset-Backed Securities Loan Facility (TALF) first established in 2008. TALF was created to increase consumer access to business and consumer loans by providing a source of liquidity for certain newly issued asset-backed securities (ABS) backed by such loans...

When Financial Stress Turns to Distress–Restructuring Tools to Avoid Disaster Parts 1 and 2: Chapter 11 Checklist and What Else Is in the Toolbox
Lowenstein Sandler LLP, April 2020

When Financial Stress Turns to Distress–Restructuring Tools to Avoid Disaster Parts 1 and 2: Chapter 11 Checklist and What Else Is in the Toolbox In this Client Alert series, Lowenstein’s Bankruptcy, Financial Reorganization & Creditors’ Rights Department will introduce the various restructuring tools available to help businesses avoid financial catastrophe in the current environment...

What Actions Should Companies Take to Secure Cyber Insurance Coverage for Losses Related to Cyber Incidents in the COVID-19 Landscape?
Lowenstein Sandler LLP, March 2020

As companies scramble to respond to the COVID-19 pandemic, one area that may not, but should, be on their radar is the terms and coverage provided by their cyber insurance policies. Certainly COVID-19 is not a computer virus, but it has drastically affected businesses’ reliance on technology to keep operating. With increased dependence, though, comes increased vulnerability...

Potential Consequences to Mortgage Servicers of COVID-19 Delinquencies and Expanded Forbearance Programs–March 31 Update
Lowenstein Sandler LLP, March 2020

In response to the challenges posed to U.S. mortgage borrowers as a result of the COVID-19 pandemic, Freddie Mac, Fannie Mae, and the Department of Housing and Urban Development (HUD), including the Federal Housing Administration (FHA), have expanded their forbearance programs for those who have lost income due to the pandemic. Other private lenders followed suit and more are expected to do so...

U.S. and European Antitrust Authorities Provide Updated Guidance on Joint Activity During COVID-19
Lowenstein Sandler LLP, March 2020

On March 24, the U.S. Department of Justice Antitrust Division (the Antitrust Division) and the Federal Trade Commission (FTC) (collectively, the Agencies) issued a joint statement detailing a new expedited process for review of proposed collaborations aimed at protecting the health and safety of Americans during the COVID-19 pandemic, to ensure that such collaborations comply with federal antitrust law...

Key Structured Finance and Secondary Market Loan Trading Provisions of the CARES Act
Lowenstein Sandler LLP, March 2020

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the “Act”). This alert summarizes key structured finance and secondary market loan trading provisions of the Act...

Emergency Relief Legislation for Businesses and Individuals: CARES Act-Loan Programs
Lowenstein Sandler LLP, March 2020

Certain provisions of the Coronavirus/Covid-19 economic stimulus legislation are subject to the issuance of government regulations and other government action, thus certain details regarding the legislation may be clarified or added. On March 27, 2020, President Trump signed in to law an unprecedented economic relief package (the “CARES Act”) designed to help businesses and their employees ride out the economic turmoil caused by COVID-19...

Essential Business Order Violations
Lowenstein Sandler LLP, March 2020

As of today’s date, eight states and commonwealths–California, Illinois, Michigan, Nevada, New Jersey, New York, Ohio, and Pennsylvania–have issued orders mandating the close of all businesses and organizations except those deemed essential for critical infrastructure sectors1 and life-sustaining functions. This has left entities across the nation with little choice but to shutter their operations or face civil and, in some instances, criminal penalties...

Key Tax and Employee Benefits Provisions of the CARES Act
Lowenstein Sandler LLP, March 2020

On March 27, the United States House of Representatives passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the “Act”), and the President signed it into law. This alert summarizes key tax and employee benefits provisions of the Act.  Payments to Individuals The Act calls for the Department of the Treasury to make cash payments to eligible individuals as rapidly as possible...

U.S. Antitrust Agencies Resume Early Terminations
Lowenstein Sandler LLP, March 2020

The FTC announced today that both it and the Antitrust Division were “returning to processing requests for early terminations” but with qualifications which may significantly affect the availability of early terminations in practice. The most significant qualification was the agencies’ caution that early termination “will be available on a more limited basis than has historically been the case...

Two Weeks Into a Pandemic: A Fresh Look at Force Majeure
Lowenstein Sandler LLP, March 2020

While the new coronavirus disease (COVID-19) outbreak has already caused unprecedented and far-reaching negative consequences, foremost for many businesses is the difficulty or impossibility of carrying out contractual obligations. During a global crisis such as the COVID-19 pandemic,1 is a party excused from performance under a contract? The short answer: It depends...

IRS Allows High-Deductible Health Plans to Cover the Full Costs of Coronavirus Testing and Treatment
Lowenstein Sandler LLP, March 2020

  On March 11, 2020, the Internal Revenue Service (IRS) issued Notice 2020-15 to clear up concerns about whether high-deductible health plans (HDHP) could cover all costs for testing and treatment of 2019 Novel Coronavirus (COVID-19). In general, HDHPs are subject to strict requirements under Section 223(c)(2)(A) of the Internal Revenue Code (Code) that require covered individuals to be responsible for all medical expenses up to the applicable deductible...

 

 

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