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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 18 posts in shelter in place.

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 ›

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 ›

COVID 19 Estate Planning Strategies

COVID‑19, and the immediate and prolonged response to it, has disrupted the economy in countless ways, many of them negative. However, here are some personal financial planning opportunities which may be attractive under the COVID‑19 cloud. This client alert describes four strategies that may be advantageous considering factors discussed within the alert. Read More ›

Paycheck Protection Program Loans Capped at $20 Million per Single Corporate Group

In new guidance issued on April 30, 2020, the Small Business Administration (“SBA”) stated that businesses that are part of a “single corporate group” may not receive Paycheck Protection Program (”PPP”) loans exceeding $20 million in the aggregate for the “single corporate group.”  This cap is effective immediately with respect to any PPP loan that has not been fully disbursed by April 30, 2020. This client alert explains the new guidelines and related considerations. Read More ›

Paycheck Protection Program Update – SBA Adds New Restrictions on Access

On April 23, 2020, the Small Business Administration issued new guidance apparently intended to severely restrict access to Paycheck Protection Program (PPP) loans. Although apparently issued in response to large PPP loans made to several publicly traded companies, the new guidance is not limited to public companies and applies to all PPP loan applicants. This client alert explains the new guidelines and related considerations. Read More ›

COVID 19: Quarantine-Caused Vacancy Could Jeopardize Your Property Insurance Coverage

Every landlord carries property insurance protecting against damage sustained by real property.  But current stay-at-home orders may permit insurers to disclaim coverage by relying on typical exclusions for vacant property.  This client alert authored by Jeremy King identifies a potential pitfall in coverage contained in almost all property insurance forms and suggests that landlords act now to make sure that stay-at-home orders do not result in limitations on coverage available for future losses.  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 ›

"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 ›

Delaware Governor Issues Emergency Order Intended to Facilitate Corporations’ Pivot From In-Person Stockholder Meetings to Remote Communication Meetings in Light of COVID-19 Precautions

In a client alert issued by Olshan's Shareholder Activism Group last week, we reported that certain factions within the Delaware State Bar Association were attempting to fast track an amendment to Section 110 of the Delaware General Corporation Law that would allow Delaware corporations to postpone their annual meetings of stockholders in light of the COVID-19 pandemic.  We expressed serious concerns that the proposed amendment could be abused by corporations looking to postpone their annual meetings and disenfranchise stockholders under the pretense that such a delay is required due to COVID-19. Shortly after the release of our client alert, Governor John Carney issued on April 6 the tenth modification to his State of Emergency Declaration relating to COVID-19 intended to reduce the number of in-person stockholder meetings held by Delaware corporations in order to protect the health and safety of the civilian population in light of the pandemic. As discussed in this client alert, we believe the Governor's order is sufficient to allow corporations to address COVID-19 related logistical challenges they may be facing with respect to their meetings and there is no need for state legislators to rush to adopt a statutory amendment that could threaten stockholder rights.    Read More ›

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