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.
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.
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.
(This is the third in a series on the impacts of the coronavirus on employment and the workplace. Read the first and second part.)
The federal stimulus, approved last Friday, includes unprecedented financial incentives for employers to retain employees or bring back employees laid off after March 1, 2020. Whether they succeed or not remains to be seen. However, these incentives go well beyond the layoff aversion strategies of previous Stimulus efforts dating back to World War II.
To read the full text of this article by Duane Morris attorney Michael Bernick, with comments from Nanette Heide and Meagan Garland, please visit the firm website.
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) is now law, having been enacted the same day Congress passed the bill. The Act is unprecedented in many ways, including the protections it affords various nonemployee segments of the workforce, such as gig-economy workers, sole proprietors, independent contractors and the self-employed, who have never had many of the protections afforded employees. Equally significant is the relief immediately available to employers to incentivize employee retention, but they must act quickly and decisively. For larger employers, the employee-retention incentives are welcomed relief, but they should be aware of the onerous obligations and stringent restrictions attached.
To read the full text of this Duane Morris Alert, please visit the firm website.
On March 27, 2020, President Trump signed the Coronavirus Aid, Relief and Economic Security Act (CARES Act) into law. The CARES Act will provide federal agencies with nearly $100 billion to address the supply chain breakdowns in medical products needed to combat the COVID-19 pandemic. The rapid influx of funding creates new opportunities for companies that can manufacture or supply essential personal protective equipment (PPE) and other key medical products.
To read the full text of this Duane Morris Alert, please visit the firm website.
By Jonathan L. Swichar, Bradley A. Wasser and Coleen W. Hill
Phase III of the Covid-19 stimulus package may affect pharmacies filling Medicare prescriptions in various ways. Continue reading “Phase III of COVID-19 Stimulus Package May Affect Pharmacies Filling Medicare Prescriptions”
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.
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.
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.
