On March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act benefits nonprofit organizations. The below summary contains highlights of several applicable provisions. Paycheck Protection Program: The Act provides $349 billion for paycheck protection loans, a new category of Section 7(a) SBA loans. Under the...
Many people in the construction industry believe the force majeure clause waives the requirement for making a claim for an extension of time. This belief, however, is incorrect at least under the A201. If your project is delayed by the coronavirus, you should review your contract to determine your obligations for perfecting force majeure claims....
501(c)(3) Nonprofit Organizations Update: CARES Act and Importance of Developing Comprehensive Charitable Giving Opportunities During COVID-19 Pandemic On March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act included provisions enhancing the opportunities for individuals and corporations to make charitable contributions. Under Section 2204 of...
We are fielding a lot of inquiries from business owners, large and small, asking if their business interruption coverage will respond to losses caused by COVID-19 shutdowns. This advisory will not provide an in-depth analysis of coverage terms and conditions. Rather, it will provide some unvarnished and practical advice for businesses in need of guidance...
The Families First Coronavirus Response Act [FFCRA – House 6201] was signed into law the night of March 18, 2020 and goes into effect no later than April 2, 2020. The FFCRA is designed to provide paid leave, free testing, protect public health workers and various benefits to children and families under existing nutrition, food...
In our previously published client alerts regarding the coronavirus, we highlighted the importance of reviewing the terms of existing agreements in light of the threats posed by novel coronavirus COVID-19 (“coronavirus”). While businesses may not be able to easily change existing agreements, they should take steps to ensure that they are protected going forward. This...
As businesses contend with the uncertainty caused by the novel coronavirus (COVID-19), evidenced by warnings of an imminent recession and empty grocery store shelves, one potential source of relief is the force majeure clause found in many contracts. Force majeure provisions are included in contracts to excuse a party’s failure to perform due to unforeseeable...
The remedial measures enacted to combat the coronavirus could cause projects to be shutdown. It is vitally important to know your rights in the event of a project shutdown. This client advisory addresses suspension, termination, and extension of time issues and the contract provisions triggered by their use. These topics are addressed below by referencing...
The coronavirus, also known as COVID-19, will impact how nonprofit organizations deliver mission-based services for the foreseeable future. Below are some action steps nonprofit executives, leaders and board members can take to minimize risk and mitigate the impact of the pandemic. Review obligations in any grant award contracts, whether you are a funder or a...
The current COVID-19 pandemic has forced many businesses online in order to survive. In many cases, businesses had no plans to be online. Others were forced to move online more quickly than planned. In order to assist these businesses, we are preparing a series of articles discussing some of the more important legal issues to...
