CARES Act – Page 5 – Coronavirus (COVID-19)

April 3, 2020August 31, 2020 by Duane Morris

Loans for Businesses Not Otherwise Receiving Relief Under the CARES Act

Businesses have principally focused on relief available under the Paycheck Protection Program and Economic Injury Disaster Loan provisions of the CARES Act. To the extent businesses qualify, these programs provide the most immediate and beneficial relief available under the Act. Further, the federal government has initially paid the most attention to these programs and how to bring them quickly online. For businesses that do not qualify for these programs, alternative relief may be available under other provisions of the Act.

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

April 3, 2020September 1, 2020 by Duane Morris

Fair Credit Reporting Act Amended by CARES Act for Accommodations Extended to Consumers During COVID-19

Right now, many creditors may be considering making accommodations to consumers affected by COVID-19 by offering different ways to help ease the burden of existing debt obligations. In doing so, creditors should take care to follow the special credit reporting rules for such accommodations set forth in the recently passed Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”).

To read the full text of this post by Duane Morris attorney Lynne Evans, please visit the Duane Morris Banking and Finance Law Blog.

April 3, 2020August 31, 2020 by Duane Morris

Paycheck Protection Program Opens with Updated Guidelines

On April 3, 2020, the Paycheck Protection Program (PPP) application opens to borrowers. 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 full text of this Duane Morris Alert, please visit the firm website.

April 1, 2020August 31, 2020 by Duane Morris

Relief to Higher Education Institutions and Students from CARES Act

The CARES Act appropriates $30.75 billion for an Education Stabilization Fund available through September 30, 2021, to assist governors and postsecondary institutions with preventing, preparing for and responding to COVID-19. The Act also includes important student relief and temporary regulatory flexibilities.

For more information, please visit the Duane Morris website.

April 1, 2020August 31, 2020 by Duane Morris

CARES Act Webinar: Latest Developments and Insights

Duane Morris Institute will present a webinar, “Coronavirus Aid, Relief, and Economic Security Act Webinar: Latest Developments and Insights,” to be presented on Friday, April 3, 2020, from 1:00 p.m. to 2:40 p.m. Eastern.

For more information, please visit the Duane Morris website.

April 1, 2020September 3, 2020 by Duane Morris

Transportation Industry Gets $100 Billion in Aid from CARES Act

The CARES Act provides more than $100 billion in much-needed assistance to the transportation sector, one of the most distressed industries as a direct result of the COVID-19 pandemic. The aid comes in the form of grants, loans and loan guarantees, with some stipulations.

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

April 1, 2020September 3, 2020 by Duane Morris

COVID-19 Responses in the Telecommunications Industry

In response to the COVID-19 pandemic, legislators and telecommunications regulators have focused primarily on promoting telemedicine, remote learning and better availability of broadband service in general, as well as ensuring that low-income customers will be able to keep their telephone and broadband service during the crisis.

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

March 31, 2020September 2, 2020 by Duane Morris

The CARES Act Amends Federal Law Governing the Confidentiality of Substance Use Disorder Patient Records

The CARES Act, enacted on March 27, 2020, makes notable changes to federal law governing the disclosure of substance use disorder records. The Act amends 42 U.S.C. 290dd-2, the governing statute of the regulations at 42 C.F.R. Part 2 to better align certain of its confidentiality requirements with HIPAA.

To read the full text of this post by Duane Morris attorney Melissa Sobel Snyder, please visit the Duane Morris Health Law Blog.

March 31, 2020September 18, 2020 by Duane Morris

Maryland Provides Economic Relief from COVID-19 for Businesses and Tax Payers

In response to the COVID-19 pandemic, federal, state and local governments are ushering in an array of programs and tax relief measures to help mitigate the adverse economic impact of COVID-19 on business and nonprofit entities.

In addition to the economic incentive provisions and programs that are available through the new federal CARES Act, including the $350 billion Paycheck Protection Program (PPP) and the U.S. Small Business Administration’s (SBA) Emergency Injury Disaster Loan (EIDL) program, Maryland has offered a number of new economic assistance programs, tax relief measures and deadline extensions to help businesses and individuals impacted by the COVID-19 pandemic.

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

March 30, 2020August 31, 2020 by Duane Morris

CARES Act Impacts Banking and Finance Industry

The Coronavirus Aid, Relief and Economic Security (CARES) Act includes wide-ranging provisions that will have direct and indirect impacts on the banking and finance industry.

The unprecedented $2 trillion stimulus package includes, among other things, provisions for the removal of the cap on the FDIC’s guarantee of insured deposits; waiver by the OCC of single-borrower lending limits for national banks; reduction of the minimum leverage ratio for community banks; favorable accounting treatment for loan modifications; and authority for a guarantee program for the U.S. money market mutual fund industry.

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