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COVID-19 Legal Resources

Olshan Frome Wolosky LLP is gathering information related to COVID-19 issues and concerns to assist clients in navigating the national and New York states of emergency.

We will continue to prepare updates during this fluid situation. Clients and friends are encouraged to contact us with specific legal or operational questions or issues.

SEC Brings Enforcement Actions Against Companies for Misleading COVID-19 Claims

The U.S. Securities and Exchange Commission (the “SEC”) filed enforcement actions on May 14, 2020, against two unrelated companies, Turbo Global Partners, Inc. (“Turbo”) and Applied BioSciences Corp. (“APPB”). The SEC charged both companies with securities fraud based on alleged materially misleading statements that the companies were offering and shipping products to combat the coronavirus (COVID-19). These actions taken by the SEC are consistent with approaches taken by other regulators, including the Federal Trade Commission and Food and Drug Administration (the “FDA”), with regard to misleading statements made in connection with coronavirus-related products. On the whole, regulators appear to be particularly cognizant of businesses and individuals seeking to take improper advantage of the circumstances created by the global pandemic, and as such are taking action against such companies and individuals. Read More ›

Congresswoman Proposes Federal Pandemic Insurance Plan

As the battle over insurance for COVID-19 losses rages in courts, one congresswoman has proposed a bill aimed at creating protections from the next pandemic. Read More ›

Living with a PPP Loan (Part II)

As the U.S. Small Business Administration and lenders deploy resources from the Paycheck Protection Program ("PPP") businesses owners need to know what they need to do to ensure the loan is forgiven so they are not saddled with unnecessary debt. Stay up to date on recently released guidance and the tools you will need to make sure you properly apply for PPP loan forgiveness.

This PowerPoint presentation will provide an overview of PPP loan forgiveness, documents you will need to prepare, and pitfalls to avoid to ensure your loan is forgiven.  Read More ›

Employee Benefits Update – DOL Guidance

One of the major challenges presented by COVID-19 is complying with time-sensitive deadlines. Following the lead of other agencies, the Department of Labor ("DOL") recently issued a notice (the "Notice") and FAQs providing deadline relief and guidance to employee benefit plans, sponsors, fiduciaries, participants and beneficiaries subject to the Employee Retirement Income Security Act ("ERISA"). This client alert explains the new guidelines and related considerations.  Read More ›

PPP LOAN UPDATE: Extension of Safe Harbor Repayment Date to May 18

Following up on the certification relief announced May 14 in Q&A-46, the SBA issued new Q&A-47, extending the safe harbor repayment date for a PPP loan from May 14 to May 18 for a borrower that determines that it can no longer certify that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations.”  While welcome, this extension does not add much on the certification issue, because a borrower can obtain the same protection afforded under the safe harbor (as announced in Q&A-31 and Q&A-43) by taking advantage of the certification relief announced in Q&A-46 (which allows a borrower to repay a PPP loan upon notification from the SBA in the event of a certification failure after SBA loan review). Read More ›

PPP Loan Update – SBA Allows LLCs and Partnerships to Seek PPP Loan Increase

Well after the Paycheck Protection Program (PPP) loan window opened, the Small Business Administration (SBA) unexpectedly changed the treatment of limited liability company members and partners, essentially recharacterizing them as employees (instead of self-employed individuals) for PPP loan purposes.  Because this regulatory change came so late in the game, many partnerships and LLCs did not take into account member/partner compensation on their PPP loan applications, causing these early birds to understate their requested loan amount. Read More ›

Important Update: SBA Eases Certification Requirements for PPP Loan

In a welcome move, the Small Business Administration ("SBA") issued a new FAQ protecting a borrower under a Paycheck Protection Program (“PPP”) loan from draconian government enforcement if the SBA finds the borrower’s “necessary” certification to be invalid after loan review. Read More ›

CMBS Loan Restructurings: COVID 19 Causing Immediate Need for Loan Workouts

COVID-19 has caused immediate and severe disruption in commercial real estate. Common sense deferrals and restructurings will be needed.  In this client alert, we discuss some of the unique dynamics of CMBS loan restructurings. Read More ›

State Statutory Pandemic-Related Insurance Relief Efforts

Recent proposed state legislation creates new possibilities of recovery for property insurance policyholders suffering business interruption losses arising out of COVID-19 and shelter-in-place orders.  The attached client alert highlights a new approach proposed in Pennsylvania to eliminate insurance coverage disputes and protect policyholders against losses resulting from the pandemic.  Read More ›

Update On PPP Loans - Major Change to Employee Counting Rules and Due Date Extension

The Small Business Administration (“SBA”) issued important new guidance, changing the rules for counting employee towards the 500-employee limit and extending the due date for the repayment of Paycheck Protection Program (“PPP”) loans. This client alert explains the new guidelines and related considerations. Read More ›

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