General – Page 57 – Coronavirus (COVID-19)

On March 23, 2020, the Securities and Exchange Commission issued a stern warning against trading on nonpublic information related to the COVID-19 pandemic. In a joint statement from the SEC’s co-directors of enforcement, the SEC emphasized that “a greater number of people may have access to material nonpublic information than in less challenging times.” The message makes clear that corporate controls and procedures remain paramount in these challenging times. But, with this announcement, the SEC is also putting the investing public on notice that it recognizes “these dynamic circumstances” present a greater risk of violating the federal securities laws.

Continue reading “SEC and FINRA Warn Against COVID-19 Insider Trading and Market Fraud”

March 30, 2020 by Duane Morris

USCIS Announces I-9 and E-Verify Timing Waivers and Modifications in the wake of COVID-19

COVID-19 social distancing directives, State and Federal agency closures and remote work requirements have made it impossible for employers to comply with the normal I-9 and E-Verify regulations on timing and review of employee documents. To address these concerns, USCIS has announced several measures to extend time frames and loosen its normally strict requirements.

To read the full text of this post by Duane Morris partner Valentine Brown, please visit the Duane Morris Immigration Blog.

March 30, 2020September 1, 2020 by Duane Morris

COVID-19 Immigration Agency Suspensions and Cancellations (Updated 3/29/2020)

The Duane Morris Immigration Team is dedicated to providing the most up to date information and zealous advocacy on behalf of our clients during the COVID-19 emergency. We have compiled information from various U.S. agencies on all aspects of travel, USCIS appointments, ICE activities and Removal Proceedings.

To read the full text of this post by Duane Morris partner Valentine Brown, which will be updated as changes develop, please visit the Duane Morris Immigration Blog.

March 30, 2020March 30, 2020 by Duane Morris

Travel Bans and Restrictions in South Africa, Switzerland, Luxembourg, Costa Rica, Australia and Ireland

New travel bans and restrictions have been announced in South Africa, Switzerland, Luxembourg, Costa Rica, Australia and Ireland. Please use the links below to read the details from partner Jet Stigter on the Duane Morris Immigration Blog.

South Africa Bans Tourists and Implements Immigration Procedures for those Unable to Leave the Country in wake of COVID-19

Switzerland Responds to COVID-19; Travel Restrictions and Immigration Processing Limitations

Luxembourg COVID-19 Travel Ban and Entry Restrictions

Costa Rica Closed to Visitors until April 12; More Immigration Delays in wake of COVID-19

Australia Announces Unprecedented Travel Ban for Citizens and Permanent Residents in the wake of Covid-19

Ireland: Immigration Authorities Respond to COVID-19

March 28, 2020August 31, 2020 by Duane Morris

REAL ID Compliance Deadline Postponed Due to COVID-19

By Jose Aquino

On March 23, 2020, President Trump announced that he would extend the October 1, 2020 deadline for compliance with the REAL ID Act of 2005. Under the REAL ID Act, federal agencies cannot accept state driver’s licenses or identification cards for “official purposes.” Implementation of the REAL ID Act would prohibit the use of a state ID to enter federal buildings or pass through TSA security checkpoints to board domestic flights, unless the propounded ID meets certain minimum requirements. The stated goal for extending the compliance date is to avoid potential disruption of air travel.

On March 26, 2020, the acting Secretary U.S. Department of Homeland Security (DHS) Chad Wolf announced the extension of the compliance deadline by one year, until October 1, 2021. The directive to DHS to delay the Real ID rollout until at least Sept. 30, 2021, was part of the $2 trillion stimulus package passed by Congress. A Real ID is obtainable only in-person at a state DMV office. DHS had to avoid applicants rushing to obtain compliant identification at a time of social distancing and government closure due to the nationwide outbreak of COVID-19.

Congress first enacted the Real ID Act in 2005 in response to the September 11, 2001, terrorist attacks. The goal was to have secure and consistent identification documents across the nation. The original deadline, however, had to be extended for years because non-compliance by most states.

March 28, 2020September 4, 2020 by Duane Morris

Considerations for Small and Mid-Sized Businesses in Responding to COVID-19 Pandemic

Many small and mid-sized businesses are facing unprecedented challenges in dealing the COVID-19 pandemic. In many states, “non-essential” businesses have faced complete shutdowns. In the face of COVID-19, small and mid-sized businesses face myriad challenges and it can be overwhelming to try to tackle them with limited human and capital resources. The below is a list of key risk-mitigation items that should be priorities for small and mid-sized businesses as they face remote working challenges and capital crunches. Continue reading “Considerations for Small and Mid-Sized Businesses in Responding to COVID-19 Pandemic”

March 27, 2020August 31, 2020 by Duane Morris

Historic CARES Act Puts $2 Trillion Toward COVID-19 Response Efforts

Enacted on March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) is the largest economic stimulus package in American history, providing $2 trillion in essential financial, medical and economic assistance to industries, businesses and individuals affected by this global health and financial crisis. Since the early stages, the Duane Morris COVID-19 Strategy Team has been closely monitoring developments and advising clients on the complex legal issues and far-reaching implications of the pandemic. Our attorneys have reviewed the key provisions of the CARES Act and have summarized the significant benefits, resources and opportunities that may be available to you.

To read the full text of this Duane Morris Alert, please visit the firm website.

March 27, 2020August 31, 2020 by Duane Morris

CARES Act Changes to Retirement Plans and Executive Compensation

On March 27, 2020, the House of Representatives passed the Coronavirus Aid, Relief and Economic Security Act (CARES Act). The Senate passed the Act on March 25, 2020, and the president is expected to sign the Act into law shortly. The Act is the largest stimulus bill in American history and contains a number of provisions that affect an employer’s retirement plans and executive compensation arrangements.

To read the full text of this Duane Morris Alert summarizing these provisions, please visit the firm website.

March 27, 2020September 1, 2020 by Duane Morris

Construction Activity in the Covid-19 Era: Essential Activity or Non-Essential Activity?

As more and more states and localities shut down entire industries and order workers and citizens to stay home and shelter in place, many companies are asking “How does this affect my operations?” In this’ post, we focus on the Construction Industry and how it fits into the Federal, state and municipal mosaic of what is being defined as “essential”.

To read the full text of this post by Duane Morris partner Brad Molotsky, please visit the Duane Morris Project Development/Infrastructure/P3 Blog.

March 27, 2020August 31, 2020 by Duane Morris

COVID-19 CARES Act and Notice 2020-18: Tax Effects on Private Equity Firms and Portfolio Companies

As the outbreak of the coronavirus (COVID-19) continues to plague the United States, on March 27, 2020, the U.S. House of Representatives passed the previously approved U.S. Senate version of the much anticipated Coronavirus Aid, Relief and Economic Security Act (CARES Act), providing a needed $2 trillion in relief to the U.S. economy that is teetering on the border of a recession. The CARES Act is the largest of its kind in U.S. history and will provide $500 billion to distressed companies, $350 billion in small business loans and $250 billion in direct payments to individuals and families.

This Alert serves as a brief overview of a few of the important provisions of the CARES Act and IRS Notice 2020-18 that will have a significant impact on private equity funds and their portfolio companies moving forward.

To read the full text of this Duane Morris Alert, please visit the firm website.