The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) expanded the existing Economic Injury Disaster Loan program (“EIDL”) by streamlining the application process and providing lower interest rates and longer repayment terms. The EIDL provides working capital directly from the U.S. Continue Reading
New Jersey Offers Grace Period for Insurance Premium Payments
On April 9, 2020, New Jersey Governor Phil Murphy issued Executive Order 123, providing immediate relief to policyholders of property and casualty, life, health, and dental insurance for nonpayment of premiums due to the COVID-19 pandemic. The Executive Order and the ensuing directives from the Continue Reading
U.S. Immigration and Employment Interruption Guidelines
COVID-19 has erased a decade of job growth in less than one month. The pandemic has halted most economic endeavors not only in the United States but throughout most of the world. On a macro level, there is an extraordinary impact on both supply (barriers to production caused by shelter-in-place Continue Reading
Mid-sized Businesses May Be Eligible to Participate in the Main Street New Loan Facility and the Main Street Expanded Loan Facility
In addition to the programs established and the powers granted as part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the Treasury Department and Federal Reserve Board of Governors are leveraging the existing powers of the Federal Reserve under Section 13(3) of the Continue Reading
MA, NJ, NY, PA, LA and OH, Consider Legislation Clarifying that Business Interruption Coverage Applies to COVID-19 Claims
Lawmakers in New Jersey, New York, Massachusetts, Ohio, Pennsylvania, and Louisiana have proposed legislation clarifying that property policies’ business interruption coverage extends to losses attributable to the coronavirus pandemic and social distancing. These bills allow Continue Reading
FEMA Opens a Door and Closes a Window: A Primer on FEMA’s Broad Efforts to Obtain and Retain Medical Supplies to Combat COVID-19
Implications of COVID-19 Pandemic for Municipal Bond Transactions
The COVID-19 pandemic is affecting municipal borrowers, including state and local governmental entities and conduit borrowers, as unexpected expenses grow and expected revenue declines as a result of stay-at-home and other similar mandates. Issuers and conduit borrowers likely will encounter in the Continue Reading
Investors Beware: Avoid Knee-Jerk Response to Eliminate Investor Protective Provisions Without First Determining If They Negatively Impact PPP Eligibility
As small businesses backed by venture capital or private equity analyze whether they may qualify for the benefits of the SBA Paycheck Protection Program (PPP), we are starting to see “knee-jerk” reactions by many of these small businesses asking or demanding that their investors eliminate key (and Continue Reading
Delaware Offers Relief To Corporations With Already Noticed Annual Stockholder Meetings By Authorizing A Change to Remote Means
On Tuesday, April 6, 2020, in response to the COVID-19 pandemic, Delaware Governor John C. Carney issued a Tenth Modification of his Declaration of State of Emergency (the “Tenth Modification”) that temporarily modified the requirements under the Delaware General Corporation Law (“DGCL”) obligating Continue Reading
NJEDA Program Offering $100,000 Working Capital Loans to Qualified New Jersey Small Businesses
The New Jersey Economic Development Authority (“NJEDA”) has recently announced a series of economic relief packages to help small businesses in the state. Earlier last week, NJEDA launched its Small Business Emergency Assistance Grant Program, which was oversubscribed in a few days. On Continue Reading