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On September 25, the U.S. Department of Labor (DOL) proposed regulations which, if adopted, would establish factors for determining whether an individual is an employee or independent contractor under the Fair Labor Standards Act (FLSA). The FLSA requires employers maintain certain records regarding employees and provide a federal minimum wage and overtime to nonexempt employees. (Please see here for a discussion about joint employer obligations under the FLSA).  Currently, the FLSA defines (i) “employee” as…
Earlier this year, New York State enacted a new  sick leave law, which becomes effective Wednesday, September 30. This law requires all New York State employers to allow employees to accrue sick leave. Although accrual of sick leave begins on the 30th, employees may not take the leave until January 1, 2021. This law is separate and distinct from the New York State emergency paid sick leave law, which went into effect March 18, 2020…
As you are aware, LIBOR (London Interbank Offered Rate) is due to phase out by the end of 2021. Currently, many companies in the United States use LIBOR as a benchmark for various commercial and financial contracts, including corporate and municipal bonds and loans, floating rate mortgages, asset backed securities, consumer loans, and interest rate swaps and other derivatives. In transitioning away from LIBOR, the Alternative Reference Rates Committee (ARRC), a committee comprised of a…
Businesses have been hard hit by the COVID-19 pandemic and resulting “shelter in place” orders issued by state officials. Bankruptcy courts have been flooded with large retailer bankruptcy filings.  Since January 2020, approximately 27 retailers have filed for bankruptcy, including Century 21, Stein Mart, Tailored Brands, Inc., Lord & Taylor, Ascena Retail Group, Inc., Modell’s Sporting Goods, Pier 1 Imports, Inc., J. Crew, Neiman Marcus, JCPenney, Tuesday Morning, GNC, Sur La Table and Brooks Brothers,…
On September 18, 2020, Governor Cuomo issued an Executive Order extending the toll “that prohibited the initiation of a proceeding or enforcement of an eviction of any commercial tenant for nonpayment of rent . . . through October 20, 2020” (Commercial Evictions Due to Non-Payment). As a result of this Order, commercial evictions have now been, once again, stayed until at least October 20, 2020.  Despite the language of the Order, commercial summary…
The COVID-19 crisis has placed significant pressure on landlords throughout the State.   Governor Cuomo and the Courts have issued various stays of enforcing warrants of eviction preventing landlords from evicting both residential and commercial tenants, although there is no stay on commencing a proceeding to seek a warrant of eviction. For example, on June 30, 2020, the Governor signed the “Tenant Safe Harbor Act” which, among other things, prohibits evictions of residential tenants but allows…