Shulman Rogers’ attorneys are working closely with clients to help chart the course forward and mitigate the significant negative effects the COVID-19 outbreak is having on their companies, employees and personal lives. To help you navigate the quickly changing legal and regulatory landscape, please find our most recently published updates below.
A comprehensive library of our COVID-19 related resources is available under the RESOURCES and NEWS & EVENTS tabs above.
The content on this page may not reflect the most current developments as the COVID-19 subject matter is extremely fluid and subject to change. Do not act or refrain from acting upon this information without seeking professional advice.
Please visit regularly for new and updated information, and contact your Shulman Rogers attorney with any questions you may have. For general inquiries and assistance, please send an email to info@ShulmanRogers.com.
NOTE: As of 5 p.m. on April 6, the Maryland Department of Commerce is no longer accepting new applications for its Small Business COVID-19 Relief Grant and Loan Programs. All applications that have been submitted are currently being reviewed in the order received.
In this second alert in our series discussing M&A in the COVID-19 era, we will address potential acquirers in the marketplace. As we posited in our last release, the COVID-19 pandemic will most certainly create opportunities for buyers poised to act fast to seize good deals when they arise.
We are now more than a month into the U.S. COVID-19 shutdown and several months into the broader global crisis. The impact on U.S. and global M&A activity has been both sudden and severe. Global M&A for Q1 2020 is down 33% as compared to Q1 2019; and the value of announced mergers in the U.S. is down more than 50%.
As part of the American Rescue Plan Act signed into law on March 11, 2021, the U.S. Small Business Administration launched a new round of Economic Injury Disaster Loan (EIDL) assistance called the Supplemental Targeted Advance.
On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (“ARPA”). This new law extends the period for which tax credits are available to employers who continue to voluntarily provide the same kind of paid sick and/or family leave first provided for by the Families First Coronavirus Response Act (“FFCRA”).
Due to reports of lenders delaying funding of purchase money loans, Maryland’s Commissioner of Financial Regulation has recently issued guidance reminding consumer mortgage lenders that Section §7-109(b) of the Real Property Article of the Maryland Code requires lenders to disburse the proceeds of purchase money loans to the settlement agent on or before the date of closing. Lenders who fail to comply with the Wet Settlement Act are prohibited from charging interest on the loan for the first 30 days following the date of closing.
Last week the Center for Disease Control (CDC) revised its definition of “close contact” with someone with COVID-19 to include shorter, repeated contacts. Previously, the CDC defined “close contact” as 15 consecutive minutes within 6 feet of someone who had tested positive for COVID-19. The revised guidance now considers a total of 15 minutes of exposure within a 24-hour period to constitute “close contact” as well.
Maryland Governor Larry Hogan has just announced new grants are available. He announced he is doubling the relief funding and providing another $250M. This will be through the Maryland Strong Economic Recovery initiative.
The SBA released a one-page forgiveness application for Paycheck Protection Program (PPP) borrowers with loans of $50,000 or less. The new application removes calculations required on the forgiveness application generated in June 2020 and seeks to streamline the documentation requirements.
The widespread use of teleworking and working from home appears to be here to stay. Since the onset of the COVID-19 pandemic, many employees have been unexpectedly working from home, prompting them to purchase office equipment and supplies that they otherwise would not have purchased.
There is an abundance of information on the internet and elsewhere about the Families First Coronavirus Response Act (FFCRA). This can be difficult for employers to navigate, especially when interpretations of FFCRA provisions keep evolving.
Earlier this month, the U.S. Department of Labor’s (DOL) Wage and Hour Division (WHD) announced revised regulations further clarifying the implementation of the Family First Coronavirus Response Act (FFCRA) in response to a recent ruling in the Southern District of New York invalidating prior interpretations of the FFCRA as summarized in a previous alert.
On August 13, 2020, the Mayor of D.C. enacted an emergency law that mandates workplace safety protections for all D.C. workplaces. The Protecting Businesses and Workers from COVID-19 Emergency Amendment Act of 2020 (the “Emergency Law”) will be in effect until November 10, 2020, but could be extended due to the current pandemic.
A deadline requiring notice to employees furloughed longer than six months under the federal Worker Adjustment and Retraining Notification Act (the “WARN Act”) may be quickly approaching for employers who laid off or furloughed employees around mid-March 2020 due to the coronavirus pandemic.
Last week, the U.S. Department of Labor (DOL) published answers to three new Frequently Asked Questions (#98-100) addressing the availability of leave under the Families First Coronavirus Response Act (FFCRA) when an employee’s child is attending school remotely or on a hybrid schedule.
The District of Columbia recently enacted the Coronavirus Support Emergency Amendment Act of 2020 and the Coronavirus Support Clarification Emergency Amendment Act of 2020 (collectively, “CSEA”) providing leave for employees affected by COVID-19.
On June 26, 2020, the United States Department of Labor, Wage and Hour Division (“DOJ WHD”) issued a Field Assistance Bulletin providing guidance with respect to the use of leave afforded by the Family First Coronavirus Response Act (“FFCRA”) to care for children due to the closure, for COVID-19 related reasons, of summer camps, summer enrichment programs, and other summer programs (collectively, “summer programs”).
The U.S. Congress recently passed the Paycheck Protection Flexibility Act (the “Amendment”), which was enacted on June 5, 2020. The Amendment modifies portions of the CARES Act related to forgiveness of Paycheck Protection Program loans (“PPP Loans”). NOTE: Shulman Rogers issued prior Alerts describing the PPP Loans generally and the general rules of forgiveness of PPP Loans.
In these difficult economic times, many small business owners will face what they might view as insurmountable challenges. One option to be considered is filing a petition under subchapter V of Chapter 11
In the best of cases, divorce is a complicated situation laced with difficult decisions, wide-ranging emotions, and the weight of uncertainty as you worry whether or not you can get a suitable result. Add a worldwide pandemic and a closed court system into the mix and you only compound an already stressful condition.
Montgomery County will begin accepting applications to its Microenterprise Stabilization Program (MSP) beginning at 10 a.m. on Wednesday, June 10. Applications will be accepted through 5 p.m. on Tuesday, June 16.
Attorneys across Shulman Rogers’ full range of practice areas have been working to support and counsel businesses and families impacted by the COVID-19 pandemic. Our collective foundation has been rocked – and we appreciate the opportunity to provide clients with stability during these trying times.
May 26, 2020The SBA recently released its loan forgiveness application for the Paycheck Protection Program (“PPP”) under the The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). Along with the application, the SBA has included instructions that provide additional guidance and resolve several questions related to the calculation of forgiveness of PPP loans.
In response to the financial burdens experienced by individuals and businesses because of COVID-19, DC has passed emergency legislation providing various relief for DC residents and businesses, including a moratorium on evictions and foreclosures.
As businesses look toward reopening their doors to staff and customers in the wake of COVID-19, we thought it would be helpful to provide an overview of considerations you should take into account moving forward.
UPDATE: The SBA provided the following updated guidance regarding the Safe Harbor deadline for borrowers. We expect revised interim final rules on this subject by early next week (given that Thursday is the deadline) and we will provide further updates as soon as possible.
COVID-19. It goes without saying that its impact has been unprecedented and many are scrambling to navigate the new normal. For employers who are looking to support employees, even amidst cost-cutting, there is a little-known provision of the tax law, enacted in the wake of the September 11th attacks, that was switched on when the President officially declared the coronavirus pandemic to be a national disaster.
Last month, D.C. Mayor Bowser enacted the COVID-19 Response Emergency Amendment Act of 2020 (the “Act”). The Act created a new category of eligibility under the D.C. Family and Medical Leave Act (“DCFMLA”), permitting employees to take unpaid “declaration of emergency” leave if they are unable to work as a result of the circumstances giving rise to the COVID-19 public health emergency.
A central part of The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), enacted on March 27, 2020, has been the Paycheck Protection Program. Initially funded with $349 billion, an amendment to the CARES Act that would add another $310 billion in funding to this program was passed by the U.S. Senate on April 21, 2020, and the U.S. House of Representatives on April 23, 2020. Earlier today President Trump signed the amendment into law.
Shulman Rogers Tax attorneys, Robert Canter and TJ Wilkinson, recently joined Kyle Wade and Amy Miller of Payroll Network to present a webinar: Tax Credits & Savings Opportunities Triggered by COVID-19.
The Small Business Reorganization Act of 2019 went into effect on February 20, 2020. The Act was designed to streamline the restructuring process for small businesses facing financial woes: entities whose total non-contingent liquidated secured and unsecured debts do not exceed $2,725,625.
Shulman Rogers is pleased to serve as a co-sponsor of Atigro’s upcoming Virtual Coffee with Roderick Johnson, in Lender Relations at the U.S. Small Business Administration. Roderick will answer business owners’ questions about COVID-19 loans.
Shulman Rogers NEXT Chair, Anthony Millin, was featured last week on NASDAQ’s Trade Talks show. He shared information with host, Jill Malandrino, about NEXT and about NEXT’s new fixed-price COVID-19 Crisis Mitigation Legal Packages.
The IRS published some much anticipated (and much needed) concrete guidance for employers, providing detail on how to be reimbursed for the costs of Families First Coronavirus Response Act (“FFCRA”) paid leave through payroll tax credits.
1. How has Shulman Rogers been assisting its clients with the loan process? Most companies have never applied for SBA loans before and need to figure that out as the world changes around them. At NEXT powered by Shulman Rogers, we made it easier for companies in two ways.
The new FFCRA leave law is coming a little more into focus (despite being already in effect). Late last week, the Internal Revenue Service (IRS) clarified that only one caregiver may take advantage of the emergency paid sick or FMLA leave available under the recently enacted Families First Coronavirus Response Act (FFCRA) to care for a child whose school or childcare is closed
Join us for: FFCRA New Emergency Paid Leave- Who Qualifies and What Documentation Do They Need to Provide — A Zoom Call with Merry Campbell. Many of you have reached out to discuss difficult decisions forced by COVID-19. On this call, Merry will share answers to your most commonly asked questions on the new emergency paid leave
Due to the state of emergency proclaimed by the Governor of Maryland, and the labor conditions across the state of Maryland, the Secretary of the Maryland Department of Labor (MDDOL) has ordered, effective March 20, 2020, a temporary exemption from the work search requirements for individuals receiving unemployment insurance benefits.
Many of you have reached out to discuss difficult decisions forced by COVID-19. On this call, Merry shared answers to your most commonly asked questions on the new paid sick and paid family leave – including: who qualifies, what it costs and how does other paid leave play into this.
As you may know, the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) issued guidance on operations and services that should continue during the COVID-19 response to ensure the continuity of functions critical to public health and safety, as well as economic and national security. In response to the efforts of the real estate industry, on March 28, 2020, CISA released updated guidance (Version 2.0) that now includes “Residential and commercial real estate services, including settlement services” within the list of essential services.
In an effort to help businesses and individuals weather the economic storm created by the coronavirus shutdowns, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which Congress passed and the President signed on March 27, included many provisions easing restrictions imposed by the Internal Revenue Code. Key changes relating to Individual taxpayers are highlighted below. Changes oriented toward businesses have been covered in a separate Alert.
A Call with Merry Campbell
Many of you have reached out to discuss difficult decisions forced by COVID-19. On this call, Merry will share answers to your most commonly asked questions on the new paid sick and paid family leave.
Please note that this alert was updated on March 31, 2020, and reflects additional information provided by the Department of Labor on or about March 26, 2020.BackgroundOn March 18, 2020, the Families First Coronavirus Response Act (the “Act”) was signed into law, providing paid sick leave and family and medical leave for employees affected by COVID-19.
In an effort to help businesses and individuals weather the economic storm created by the coronavirus shutdowns, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which Congress passed and the President signed on March 27, included many provisions easing restrictions imposed by the Internal Revenue Code. Key Changes relating to businesses are highlighted below.
The COVID-19 outbreak has caused immediate interruption in normal business operations in every state and across the world. It would be prudent to review all of your insurance policies to determine if there is coverage for your losses.
As you may know, the outbreak of COVID-19 has resulted in the issuance of several Executive Orders by Governor Hogan. Today, Governor Hogan issued a stay-at-home order (Executive Order 20-03-30-01) that requires, among other things, Non-Essential Businesses to remain closed to the general public and Maryland residents to stay in their homes or places of residence except to conduct or participate in Essential Activities, which includes obtaining necessary supplies or services for one’s self or household.
In support of its ongoing effort to facilitate understanding of and compliance with the recently enacted Families First Coronavirus Response Act (FFCRA), the U.S. Department of Labor (DOL) has recently issued an exhaustive set of Questions and Answers to provide compliance assistance to employers and employees with respect to their responsibilities and rights under the FFCRA.
Last Friday, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) became law and the latest—and by far the biggest—legislative response to the novel coronavirus (“COVID-19”) outbreak. The CARES Act will infuse more than $2 trillion into the U.S. economy.
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was passed by the U.S Senate on March 25, 2020, and by the U.S. House of Representatives on March 27, 2020. President Trump has signed the bill into law and Steve Mnuchin, the U.S. Secretary of the Treasury, has indicated that the administration will move quickly to formulate rules implementing the legislation as early as April 3, 2020.
For taxpayers who are delinquent in their tax payments, the IRS is a feared institution. Through levies on bank accounts, payroll earnings and receivables, the IRS has powerful forced collection tools.
The Senate passed a $2.2 trillion stimulus package to help states, businesses and individuals counter the negative economic impacts of the coronavirus, with the House expected to pass the bill today. The plan will provide, among other things, direct payments to individual taxpayers, loans and grants to assist distressed businesses and benefits for the unemployed. It is the largest stimulus package in modern U.S. history. The President is expected to sign the bill immediately.
As you may know, any funds required for a real estate transaction must be “good funds,” meaning that the funds must be deposited in the settlement company’s escrow account at the time of closing and immediately available for disbursement after settlement is complete.
On March 25, 2020, U.S. Department of Labor (DOL) released the model notice covered employers are required to post pursuant to the Families First Coronavirus Response Act (FFCRA), along with answers to Frequently Asked Questions about these notice requirements.
In response to the impact of COVID-19, the Small Business Administration (SBA) announced the availability of Economic Injury Disaster Loans. While some business owners may be tempted to complete the SBA loan application on their own, a single misstep during this part of the process can cause serious problems down the road.
On March 25, 2020, the Securities and Exchange Commission (“SEC”) superseded the original relief of March 13, 2020 it had provided to certain registered investment advisers and exempt reporting advisers that met the conditions of the relief regarding their obligations with respect to Form ADV and Form PF.
On March 24, 2020, in response to the Coronavirus pandemic, the Montgomery County Council announced that it will hold public hearings and vote on a $20 million grant fund for small businesses and non-profits located in Montgomery County, Maryland.
Yesterday the District of Columbia published information about its Microgrants program. Grants up to $25,000 will be available to provide financial support for expenses such as employee wages and benefits, rent, and other operating costs.
As you may have seen, the Governor issued an order on Monday ordering all non-essential businesses and other establishments to close. The Maryland Office of Legal Counsel issued Interpretive Guidance issued guidance, as well, making it clear that the Order is not a shelter-in-place order, but noted that all Marylanders are urged to remain home and even businesses that are permitted to remain open are urged to promote work-from-home arrangements to the greatest extent possible.
Earlier today, Governor Hogan issued Executive Order 20-03-23-01, Maryland’s most restrictive coronavirus Executive Order to date. Today’s Order has the effect of shutting down any Maryland business deemed non-essential.
Last week, the Equal Employment Opportunity Commission (“EEOC”) released updated guidance entitled “What You Should Know About the ADA, the Rehabilitation Act, and COVID-19.” The updated guidance provides answers to employers’ frequently asked questions regarding compliance with the Americans with Disabilities Act and the Rehabilitation Act during the COVID-19 outbreak.
In IRS Notice 2020-17, the IRS released a measure of positive news for all taxpayers whose tax payment would normally be due on April 15, 2020: the deadline to pay taxes is extended by 3 months to July 15, 2020. While details are still forthcoming, a few days later Treasury Secretary Steven Mnuchin announced that the filing deadline would be moved to July 15th as well.
On March 23, 2020, in response to the Coronavirus pandemic, Governor Hogan issued an order requiring all non-essential businesses and other establishments to close. This mandatory order will cause severe pain to Maryland businesses that are already suffering due to the pandemic.
There are dire health and economic consequences resulting from the COVID-19 virus. Exacerbated by state wide mandated closures, many small businesses are suffering and being forced to close or furlough employees.
LISTEN TO THE CALL: Many of you have reached out to discuss difficult decisions forced by COVID-19. On this call, Merry will share answers to your most commonly asked questions about the difference between layoffs and furloughs.
Technology customers and their vendors are under enormous stress to ensure contract performance with limited staff and systems. Your management and legal personnel, however, should be very busy and focused on managing deliverables and reducing risks. This can and should be done remotely, while protecting your people with social distancing.
The Government is hiring businesses to help respond to the COVID-19 virus. To maximize your impact, keep your bid/win teams working so that they can quickly identify and submit proposal to the Government.
Employers must prepare to act soon, to assure their compliance with the historic emergency paid family and sick leave obligations passed into law this week. The Families First Coronavirus Response Act is effective on April 2, 2020 and is currently scheduled to last through December 31, 2020.
Coronavirus (COVID-19) has us all scrambling with work, with family, and with our sanity. We all know the news changes daily (as do the closures and emergency legislation), but we have put together guidance on some common questions we’ve been hearing from clients.