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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.

Showing 14 posts in CARES Act.

Tax Decoupling During COVID-19

New York State Decouples from certain provisions of the Coronavirus Aid, Relief, and Economic Security Act (P.L. 116-136) (CARES Act) for both corporate and personal income taxes.  This Client Alert discusses the impact of certain changes that taxpayers may encounter. Read More ›

COVID 19 Health and Welfare Benefit Plans Update

The Internal Revenue Service and the U.S. Department of Labor have issued guidance related to COVID-19 disaster relief that provides flexibility to health and welfare benefit plans. This client alert discusses temporary relief for time-sensitive events; changes to cafeteria plans; changes to high-deductible health plans; and miscellaneous health and welfare benefit plan changes.  Read More ›

Main Street Loan Facilities (June 8th Update)

On June 8, 2020, the Federal Reserve released additional guidance on the Main Street Lending Program, completely replacing earlier set of FAQs (April 30, 2020 and May 27, 2020) with new FAQs and revised term sheets.  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 ›

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 ›

Update – COVID-19 Hardship Distributions from Qualified Retirement Plans

As temporary furloughs and layoffs become more prevalent during the COVID‑19 pandemic, employees and employers are looking at the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) economic relief provisions to help with financial struggles. One such relief provision that was discussed in an earlier client alert is the COVID‑19 hardship distribution, which allows employees to withdraw up to $100,000 on a tax-favored basis from an eligible retirement account for expenses and losses resulting from COVID‑19. Read More ›

NY Executive Order 202.8 Should Not Stop Commercial Lease Enforcement

Governor Cuomo’s Executive Order 202.8 freezes evictions of any residential or commercial tenant through June 18, 2020, but does not expressly restrict taking enforcement actions against tenants short of an actual eviction. Read More ›

"Main Street” Loan Facilities under the CARES Act

On April 9, 2020, the Federal Reserve announced the details of a new program established under the  CARES Act, the Main Street Lending Program, intended to assist small and medium-sized businesses impacted by the COVID-19 pandemic by making up to $600 billion in loans available for eligible borrowers. The program is designed for businesses with up to 10,000 employees or up to $2.5 billion in 2019 revenues. This client alert summarizes the terms of the loans available under this new program. Read More ›

The CARES Act – Opening Day Update on Paycheck Protection Program Loans

On Friday, April 3, the Small Business Administration (“SBA”) opened the window for loan applications under the Paycheck Protection Program (“PPP”) established under the CARES Act. During the overnight hours just before starting the intake process, the SBA also released a revised PPP loan application form and additional regulatory guidance with important new information Read More ›

SBA Loans Available under the CARES Act (Updated April 4, 2020)

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is a $2.2 trillion economic relief package enacted to provide financial assistance to U.S. individuals and businesses in response to the impact of the COVID-19 pandemic. Among the key features of the relief package are the creation of the Paycheck Protection Program (PPP), a $349 billion Small Business Administration (SBA) loan guarantee program, designed to help small businesses keep employees on the payroll and meet other necessary expenses, and the expansion of the types of borrowers eligible to apply for Emergency Injury Disaster Loans (EIDLs). This client alert discusses the loans available under the CARES including the Paycheck Protection Program, loan forgiveness available under the PPP, and the expansion of the EIDL program. Read More ›

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