Category: Client Update

With the rapid pace within which the COVID-19 situation unfolded during the prior 6 weeks, employers were caught off guard and not afforded the luxury of careful planning typically associated with layoffs. Now that things have begun to normalize, employers should take care to evaluate which actions may have triggered obligations under the Federal Worker Adjustment…
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The Tax Cuts and Jobs Act, enacted in December 2017, created a national Opportunity Zone program to provide significant Federal tax incentives, including foregoing capital gains taxes, for investors who invest long term in 8,700 historically distressed neighborhoods throughout the United States that have been designated as Opportunity Zones by the Governor of each State…
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Many industries have been upended by the Coronavirus epidemic and the local, state and national government response. Because of the fundamental role real estate plays in our economy and the broad umbrella of activity that falls under the category of “real estate development”, developers, property owners and tenants have been particularly impacted. Landlords, tenants, contractors,…
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In the past month many employers have been forced to learn to manage the COVID-19 threat while continuing operations. Employers that shut down operations are going to be confronted with the same challenges, as they prepare to reopen once government ordered lockdowns are lifted. This alert addresses some recent guidance and regulations issued under federal law. While…
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Apart from the profound human toll COVID-19 has taken, many elements of the economy have, as a result of the pandemic and lockdown, been temporarily “closed for business”. Global supply chains have been disrupted, mergers and acquisitions activity chilled, financing commitments evaporated and investment valuations dropped. While many investors have been anticipating – and amassing…
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The retail industry was already hurting badly in 2019 (it was often referred to as a “retailpocalypse”), leading to bankruptcy filings by Model Sporting Goods, Pier 1 Imports, Barneys New York, and Payless ShoeSource, just to name a few… and that was before the COVID-19 pandemic. No industry is immune from the impact of the…
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Following the implementation of the Paycheck Protection Loan Program for certain small businesses by the Small Business Administration under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), on April 9, 2020 the Board of Governors of the Federal Reserve System announced the terms of two new Main Street Lending Program credit facilities…
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The federal government has taken several direct and indirect measures through legislation and regulation to assist those most vulnerable to the economic effects of the coronavirus pandemic, including small businesses, the workforce, health care providers, and patients. In particular, under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the $349 billion Paycheck…
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On March 30, 2020, DarrowEverett LLP issued a client alert on the new Payroll Protection Loan. On April 2, 2020, the U.S. Small Business Administration (SBA) issued in advance of publication an Interim Final Rule providing additional guidelines and requirements under the Paycheck Protection Loan Program. SBA Interim Final Rule The Interim Final Rule is immediately…
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Expanded Access for Businesses Seeking Streamlined Subchapter 5 Bankruptcy Protection As many are aware, Congress recently enacted the Small Business Reorganization Act (“SBRA”), effective on February 19, 2020, to add a new subchapter to the United States Bankruptcy Code, commonly referred to as Subchapter 5. The SBRA was designed to reduce the cost and expense for…
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