On May 13, 2020, the Small Business Administration (“SBA”), in consultation with the Department of Treasury, updated its Frequently Asked Questions (“FAQs”) regarding implementation of the Paycheck Protection Program (“PPP”), to specifically address the required good-faith certification with respect to
Corporate Law
The Cole Schotz P.C. blog covers a range of corporate law topics including corporate transactions, bankruptcy and corporate restructuring, securities regulation, and digital assets such as cryptocurrencies and NFTs. It discusses regulatory compliance issues involving the SEC, CFTC, and IRS, as well as legal considerations for digital asset investments, initial coin offerings, and cryptocurrency payments. The blog also addresses real estate finance, litigation, employment, and intellectual property matters within the corporate context. It provides updates on legal developments affecting various industries and offers insights into the intersection of corporate law with emerging technologies and financial instruments.
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New Jersey Requires Insurance Companies to Refund Premiums in Wake of Coronavirus
On May 12, 2020, the New Jersey Department of Banking and Insurance (“DOBI”) issued Bulletin No.20-22, which requires certain insurance carriers to assess whether the Statewide lockdown due to Coronavirus warrants reduced premiums and refunds for policyholders. DOBI’s Commissioner notes…
Recent Developments in Florida in Response to COVID-19
Today, Palm Beach County joined the rest of the state, with the exception of Broward and Miami-Dade Counties, in Phase I of the plan to re-open the state. That Phase I is set forth in Governor DeSantis’ Executive Order 20-112…
Pennsylvania Senate Attempts to Help Business Interruption Policyholders
Over the past two months, numerous state legislatures introduced bills targeted toward voiding the virus exclusion included in most business interruption insurance provisions in commercial property policies. None of the bills have made significant advances, likely due to a combination…
COVID-19 Alert – Extension of Safe Harbor to May 14, 2020
On May 5, 2020, the Small Business Administration (“SBA”) updated its Frequently Asked Questions (“FAQs”) regarding implementation of the Paycheck Protection Program (“PPP”), to specifically address a one-week extension of the repayment date for purposes of the safe harbor set…
Updates on Florida Executive Orders in Response to COVID-19
On April 29, 2020, Florida Governor Ron DeSantis issued two new executive orders with respect to COVID-19. Executive Order 20-111 extends until May 4, 2020 Executive Order 20-91 which was Florida’s statewide, stay-at-home order. That order was thereafter amended by…
Additional Guidance re: Paycheck Protection Program
The Small Business Administration (“SBA”) has issued a supplemental Interim Final Rule (the “Rule”), along with additional Frequently Asked Questions issued in consultation with the Department of Treasury (released on Friday, April 24, 2020 (as further modified on Sunday, April…
SBA Releases Paycheck Protection Program FAQs
On April 23, 2020, the Small Business Administration (“SBA”), in consultation with the Department of Treasury, released supplemental guidance in the form of Frequently Asked Questions (“FAQs”) with respect to the implementation of the Paycheck Protection Program (“PPP”). These FAQs…
Statistics and Developments in Florida with Respect to COVID-19
As the Florida statewide stay at-home order is approaching the end of its first month, some sobering statistics have emerged demonstrating the far-ranging and devastating impact the coronavirus has had on the state’s residents. Those statistics include the following:
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Federal Class Action Suits Filed Against Six Insurance Companies Over Business Income Coverage
On Friday, April 17, 2020, six federal class action complaints were filed against six insurance companies in six different states seeking coverage under Business Income coverage parts of insurance policies to obtain relief for losses occasioned by the COVID-19 pandemic.…