To assist our clients and the public as they navigate the COVID-19 pandemic, S&C has prepared an ongoing series of Memos, Podcasts and Webinars. Topics include key employer takeaways for managing new paycheck and healthcare responsibilities, paid leave and tax provisions under the emergency federal legislation, as well as guidance for businesses looking to remain compliant under the Anti-Money Laundering (AML) and Bank Secrecy Acts (BSA).
Partner Contacts: Nicolas Bourtin, Catherine M. Clarkin, Jared M. Fishman, Julia M. Jordan, Marc Treviño and Benjamin H. Weiner
RECENT CLIENT GUIDANCE
COVID-19 “Phase IV” Stimulus
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The Paycheck Protection Program Flexibility Act of 2020June 6, 2020 – On Friday, June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020. The Act makes a number of significant changes to the Paycheck Protection Program established by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).
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S&C Critical Insights – The Impact of COVID-19 on the the Aviation IndustryApril 28, 2020 – Amanda Flug Davidoff, Deputy Managing Partner of S&C’s Litigation Group, Annie Ostrager, co-head of the Labor and Employment Law Group, and George Sampas, leader of the Firm’s aviation and North American energy and natural resources practices, discuss issues the aviation industry is facing due to the COVID-19 pandemic. First, they address the CARES Act and the CESA loan program as they relate to the aviation industry. They also explore certain legal considerations airlines should be mindful of during the ongoing crisis.
Listen to Our Podcast
Coronavirus Aid, Relief, and Economic Security Act—Key Employer TakeawaysApril 24, 2020 – UPDATE: The Paycheck Protection Program and Health Care Enhancement Act (the “Act”) was passed by the U.S. Senate via unanimous consent on April 21, 2020 and by the U.S. House by a vote of 388 to 5 on April 23, 2020, and was signed by President Trump on April 24, 2020. In addition to certain supplemental appropriations related to health care, the Act amends the Coronavirus Aid, Relief, and Economic Security Act by increasing the appropriations to the Paycheck Protection Program from $349 billion to $659 billion, an increase of $310 billion.
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Paycheck Protection Program: Stimulus Legislation To Replenish the Paycheck Protection Program by Providing an Additional $310 BillionApril 23, 2020 – Earlier today, the U.S. House of Representatives passed the “Paycheck Protection Program and Health Care Enhancement Act” (the “Act”). The Act amends the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) to increase by $310 billion the amount authorized for the Small Business Administration (the “SBA”) to commit for loans under the Paycheck Protection Program (the “PPP”). This increase brings the total authorized level to $659 billion. The initial $349 billion in funding authorized by the CARES Act was depleted within two weeks of the program's launch, and many small businesses were reportedly unable to obtain funds.
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Families First Coronavirus Response Act—Employer TakeawaysApril 22, 2020 – UPDATE: On March 27, 2020, nine days after its enactment, the Families First Coronavirus Response Act (the “FFCRA”) was amended in part by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the third emergency federal legislation adopted in response to COVID-19. Our memorandum to clients covering how the CARES Act amended the leave and tax provisions of the FFCRA is available here.
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U.S. Department of Labor's Wage and Hour Division Issues Initial Guidance and Model Employee Notice Regarding the Leave Provisions of the Families First Coronavirus Response Act: Part IApril 22, 2020 – UPDATE: On March 27, 2020, nine days after its enactment, the Families First Coronavirus Response Act (the “FFCRA”) was amended in part by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the third emergency federal legislation adopted in response to COVID-19. Our memorandum to clients covering how the CARES Act amended the leave and tax provisions of the FFCRA is available here.
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U.S. Department of Treasury, IRS, and U.S. Department of Labor Announce Plan to Implement Paid Leave and Tax Credit Provisions of the Families First Coronavirus Response ActApril 22, 2020 – On March 27, 2020, nine days after its enactment, the Families First Coronavirus Response Act (the “FFCRA”) was amended in part by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the third emergency federal legislation adopted in response to COVID-19. Our memorandum to clients covering how the CARES Act amended the leave and tax provisions of the FFCRA is available here.
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Week of April 13, 2020
April 16, 2020 – BSA and AML Compliance Guidance and the Paycheck Protection Program (Memo)
April 14, 2020 – Coronavirus Aid, Relief, and Economic Security Act—U.S. Department of Labor Issues Guidance on Unemployment Provisions (Memo)
April 13, 2020 – Court Endorses Establishment of Eligibility Criteria for Paycheck Protection Program Loans (Memo)
Week of April 6, 2020
April 9, 2020 – Update – U.S. Department of Labor’s Wage and Hour Division April 3, 2020 Guidance on Leave Provisions of the Families First Coronavirus Response Act: Part III (Blog Post)
Week of March 30, 2020
March 31, 2020 – Update - U.S. Department of Labor’s Wage and Hour Division Issues Additional Guidance on Leave Provisions of the Families First Coronavirus Response Act: Part II (Blog Post)
March 31, 2020 – S&C Critical Insights – Key Employer Takeaways Under New CARES Act (Podcast)
March 30, 2020 – CARES Act Provides Relief for Aviation Industry; Significant Conditions Apply (Memo)
March 30, 2020 – Coronavirus Aid, Relief, and Economic Security (CARES) Act—Business Tax Provisions: CARES Act Provides Tax Relief to Businesses (Memo)
Week of March 23, 2020
March 29, 2020 – CARES Act Limits Share Repurchases: Coronavirus Aid, Relief, and Economic Security Act Contains Limitation on Share Repurchases for Companies Receiving Assistance (Memo)
March 29, 2020 – Coronavirus Aid, Relief, and Economic Security Act: Sweeping Stimulus Legislation Authorizes $500 Billion to Support Distressed Sectors of the Economy (Memo)
March 25, 2020 – U.S. Department of Labor’s Wage and Hour Division Issues Initial Guidance and Model Employee Notice Regarding the Leave Provisions of the Families First Coronavirus Response Act: Part I (Blog Post)