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 visit the COVID-19 Legal Resources Blog, read the Resource Guide and contact us with specific legal or operational questions or issues.
CARES Act – Legislative Update
On March 25, 2020, the Senate passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was subsequently passed by the House of Representatives and signed into law by the President on March 27, 2020. The CARES Act is a $2.2 trillion aid package designed to provide financial relief for the American people and American businesses in response to the impact of the COVID-19 pandemic. Among the key aspects of the CARES Act is the Payroll Protection Program a $350 billion loan guarantee program designed to help small businesses keep employees on the payroll and meet other necessary expenses. The CARES Act also expands the list of borrowers eligible to apply for an emergency Economic Injury Disaster Loan (EIDL) grant that were made available pursuant to the Coronavirus Preparedness and Response Supplemental Appropriations Act, enacted on March 6, 2020.
For information regarding the PPP emergency loan program, see our COVID-19 CARES Act.
For a discussion of other provisions of the CARES Act and other fiscal policy, see our COVID-19 Tax and Fiscal Stimulus and our COVID-19 Employment Practices and Employee Benefits pages.
On March 18, 2020, the President signed into law H.R. 6201 providing paid leave requirements to small businesses when their employees take leave due to COVID-19. H.R. 6201, the provisions of the CARES Act (other than PPP) and other new legislation are discussed further on our COVID-19 Tax and Fiscal Stimulus page.
We are monitoring the status of accessibility to federal and New York State courts. For up to date information on litigation matters, please visit our COVID-19 Court Accessibility page.
Employers throughout the country are dealing with the nearly unprecedented disruption that COVID-19 is causing to their businesses and their employees. Olshan’s employment practices and employee benefits groups have been working with companies to provide solutions to difficult issues that have arisen. We are also monitoring federal and state legislation affecting these areas. Visit our COVID-19 Employment Practices and Employee Benefits page for examples of the issues raised and relevant legislative changes.
Real Estate and Corporate/Securities
Commercial Lease Enforcement. Read our client alert entitled "NY Executive Order 202.8 Should Not Stop Commercial Lease Enforcement" authored by Lori Marks-Esterman, Thomas J. Fleming and Thomas D. Kearns.
The U.S. Securities and Exchange Commission (“SEC”) has acted to ameliorate certain of the burdens publicly traded companies and other reporting persons are currently facing. In addition, companies need to take into account the effects of COVID-19 on their businesses and regulatory disclosures. We have highlighted certain significant considerations and provide securities law updates on COVID-19 Securities page.
COVID-19 has posed immediate and material disruption and threats to many businesses, particularly those that are subject to recent governmental shut downs, quarantines, and similar measures. While these extraordinary measures are understandable and laudable from a public health perspective, the fallout to business owners and the economy will be severe. In the immediate time period, there will be an unfortunate surge in defaults. Olshan is assisting clients on all sides of defaults and potential defaults, arising from loan agreements, real estate leases, asset purchase agreements, franchise agreements and other agreements. Please visit our COVID-19 Bankruptcy page for important considerations and the most up to date information.
The impact of the COVID-19 pandemic has impacted businesses from every sector of the economy and has prompted a common question – will your business insurance help mitigate the impact of COVID-19? Visit our COVID-19 Insurance Coverage page client alerts that provide guidance on this topic.
Intellectual property matters are likely to be affected less by COVID-19 than other areas of business. Please visit our COVID-19 Intellectual Property page as we monitor the IP situation around the world.
The Advertising, Marketing & Promotions Practice Group addresses issues due to the COVID-19 pandemic in their blog posts. Please visit our COVID-19 Advertising, Marketing & Promotions page as our lawyers continue to monitor the regulatory landscape during this pandemic.