The CARES Act of March 27, 2020, provides $2 trillion in direct financial assistance, including paid leave, unemployment insurance benefits, and rebates to eligible individuals. Immigrants and foreign nationals in the United States may be eligible for some or all of these benefit, depending on the circumstances.
To read the full text of this post by Duane Morris attorney Teodora Purcell, please visit the Duane Morris Immigration Law Blog.
On April 9, 2020, the Secretary of Education announced the availability of more than $6 billion for immediate distribution to colleges and universities to provide direct emergency cash grants to college students through the authority of the Higher Education Emergency Relief Fund authorized by the CARES Act.
To read the full text of this post by Duane Morris partner Katherine Brodie, please visit the Duane Morris UpdatED Blog.
On March 30, 2020, the U.S. Department of the Treasury issued guidance to air carriers for $32 billion in emergency relief grant aid for payroll outlined in the Coronavirus Aid, Relief and Economic Security Act (CARES Act), signed into law by the president on March 27, 2020. An additional $46 billion is authorized for loans from the Treasury under Section 4003(b) of the CARES Act. These grants and loans are dedicated to the airline industry.
To read the full text of this Duane Morris Alert, please visit the firm website.
On April 6, 2020, the Small Business Administration (SBA), in consultation with the U.S. Department of Treasury, provided brief answers to frequently asked questions (FAQs) on the Paycheck Protection Program (PPP) established under the Coronavirus Aid, Relief and Economic Security Act (CARES Act).
To read the full text of this Alert, which highlights the further clarifications provided by the FAQs for borrowers working their way through the PPP, please visit the firm website.
The Coronavirus Economic Stabilization Act (CESA, under Title IV of the CARES Act) puts in place a foreclosure moratorium for certain residential properties (including individual units of condominiums and cooperatives), and an eviction moratorium for tenants of certain “covered property” (predominantly multifamily housing units). The foreclosure moratorium applies to foreclosures of single family residential real property (designed for occupancy by one to four families) subject to federally backed mortgage loans (prohibiting loan servicers from initiating foreclosure actions). The eviction moratorium applies to lessor eviction actions based on nonpayment of rent or other fees and charges from single family and multifamily properties that (i) participate in certain federal housing voucher programs, (ii) have a loan that was made or guaranteed a federal program, or (iii) were purchased or securitized by Fannie Mae or Freddie Mac (collectively, “Covered Property”) (prohibiting lessors from intiating eviction actions). In addition to the imposition of the above noted moratoria, CESA has mandatory forbearance provisions that apply to loans on single and multifamily residential property with federally backed mortgages.
To read the full text of this Duane Morris Alert, please visit the firm website.
(This is the fourth in a series on the impacts of the coronavirus on employment and the workplace. Read part one, part two and part three.)
Government and private sector businesses are moving so rapidly during the first week of the $2 trillion CARES Act, that we can already draw some lessons going forward. This is so especially for the $349 billion Paycheck Protection Program (PPP), the main vehicle rushing funds to small businesses to stem additional layoffs and permanent business closures.
To read the full text of this article by Duane Morris attorney Michael Bernick, with comments from Nanette Heide and Sandra Stoneman, please visit the firm website.
Late on Friday, April 3, the Department posted updated guidance for institutions that recognizes the regulatory flexibilities authorized by Congress in the CARES Act, but also addresses other areas including Clery Act, Distance Education, Foreign Schools and FERPA, among other issues relevant to the COVID-19 interruption.
To read the full text of this post by Duane Morris partner Katherine Brodie, please visit the Duane Morris UpdatED Blog.
The New Jersey Economic Development Authority (NJEDA) will launch the application for its Small Business Emergency Assistance Loan Program on Monday, April 13, 2020 at 9:00 a.m. A link to the program application will be posted on the State’s COVID-19 Business Information Hub. To provide business owners the opportunity to prepare to apply for the loan, a .pdf version of the application will become available on Monday, April 6, 2020.
To read the full text of this blog post by Duane Morris partner Brad Molotsky, please visit the Duane Morris Project Development/Infrastructure/P3 Blog.
On April 3 2020, the SBA released an interim rule with additional guidance regarding the affiliate rules applicable to the SBA Paycheck Protection Program (PPP). The U.S. Department of Treasury also released interim guidance regarding the affiliation rules applicable to the PPP. As previously reported in our Alert, the program is intended to support small businesses, sole proprietors and independent contractors that have been disproportionately impacted by COVID-19.
To read the guidance and the four tests for affiliation, please review the interim rule from the SBA and the U.S. Treasury.
Duane Morris has created a COVID-19 Strategy Team to help organizations plan, respond to and address this fast-moving situation. Contact your Duane Morris attorney for more information. Prior Alerts on the topic are available on the team’s webpage.
If you have any questions about this Alert, please contact Nanette C. Heide, Sandra G. Stoneman, any member of the COVID-19 Strategy Team or the attorney in the firm with whom you are regularly in contact.
Much of the U.S. casino industry is currently ineligible to benefit from the Paycheck Protection Program portion of the newly enacted Coronavirus Aid, Relief and Economic Security Act (CARES Act). The American Gaming Association issued a statement regarding the interim guidelines and is taking action to have these guidelines amended.
To read the full text of this Duane Morris Alert, please visit the firm website.
