Last night, April 2, the SBA issued an Interim Final Rule for the Paycheck Protection Program. You can find the Interim Rule here. These rules are not final but do contain multiple changes and interpretations of the Act that will affect the loan amount, potential repayments, among other items. In particular, the SBA is now […]
Paycheck Protection Program Under The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”)
As has been well publicized, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is a $2 trillion economic relief package enacted to help individuals and businesses in the United States weather the severe financial impact of the COVID-19 pandemic. A key feature of the CARES Act is the creation of the Paycheck Protection […]
NEW DOD GUIDANCE ENCOURAGING FOR DEFENSE CONTRACTORS
On the heels of the Office of Management and Budget’s (OMB) memorandum encouraging agencies to consider requests for equitable adjustment (REAs) for increased costs related to COVID-19, the U.S. Department of Defense (DOD) issued a similar memorandum for defense agencies on March 30, 2020. (Our summary of the OMB memo can be found here.) The […]
US Department of Labor – Paid Sick Leave Provisions
The US Department of Labor (“DOL”) issued notice that covered employers are required to share regarding the recently passed paid sick leave provisions. That notice can be found here: https://www.dol.gov/sites/dolgov/files/WHD/posters/FFCRA_Poster_WH1422_Non-Federal.pdf If you are an employer with fewer than 500 employees, you are covered by these new provisions subject to possible exemptions. These leave benefits become […]
Covid-19 Helpful Links & Resources
For Businesses in the Commonwealth of Virginia: EXECUTIVE ORDER 53 – TEMPORARY STAY AT HOME ORDER DUE TO NOVEL CORONAVIRUS (COVID-19) All individuals in Virginia shall remain at their place of residence, except as provided below by this Order and Executive Order 53. To the extent individuals use shared or outdoor spaces, whether on land […]
Covid-19 Article Resources
NEW UPDATE – SBA Issues Interim Final Rule for the Paycheck Protection Program Last night, April 2, the SBA issued an Interim Final Rule for the Paycheck Protection Program. You can find the Interim Rule here. These rules are not final but do contain multiple changes and interpretations of the Act that will affect the […]
COVID-19 – Credit Facilities and Economic Uncertainty
As COVID-19 continues to stir economic uncertainty, businesses are concerned about possible defaults under their credit facilities and some businesses may want to consider how they are using credit vehicles to support ongoing operations. OFP Shareholder Michelle DiCintio discusses some factors businesses may want to weigh in the coming weeks. OFP COVID-19 Response Team: Clearly, […]
NEW OMB GUIDANCE ENCOURAGING FOR GOVERNMENT CONTRACTORS
In an attempt to mitigate the unfolding COVID-19 public health emergency, state and local governments have started issuing “lockdown” or “stay-at-home” orders. Generally, the state lockdown orders have directed that all businesses utilize telecommuting or work-from-home procedures to the maximum extent practicable. Where telework is impractical, some states are only permitting essential businesses to remain […]
Is your work or business considered “essential”?
U.S. Department of Homeland Security Cybersecurity & Infrastructure Security Agency (CISA), the U.S. Department of Defense, and other agencies have issued guidance on industries and workers “essential” to critical infrastructure. They recommend these businesses remain open and prioritized for continuous operations. Industries include: medical and healthcare, telecommunications, information technology systems, defense, food and agriculture, transportation […]