Helping Clients Navigate COVID-19 (Updating)

Kleinberg Kaplan is working closely with our clients to provide counsel and guidance during these unprecedented times. A selection of our recent thought leadership pieces related to the implications of COVID-19 includes:

Corporate Considerations 

• The PPP Just Got Better (June 10, 2020): Chris Davis, Dov Kleiner, Uri Rosenwasser and Benjamin Goldman discuss the key highlights of the Paycheck Protection Program Flexibility Act of 2020.
• Treasury Releases PPP Loan Forgiveness Application (May 18, 2020): The Treasury has rolled out a loan forgiveness application for the SBA’s Paycheck Protection Program. Our attorneys highlight some of the form’s important instructions in a helpful client alert.
• Fed Adds New Facility and Changes Terms of Main Street Lending Program (May 4, 2020): Chris Davis, Dov Kleiner, Alex Shiekman and Benjamin Goldman walk you through the latest updates to the Main Street Lending Program.
• Treasury Provides Material PPP Update for Hedge Funds and PE Firms (April 24, 2020): Chris Davis, Dov Kleiner, Alex Shiekman and Benjamin Goldman discuss the Treasury’s Interim Final Rule updates, including a number of material changes governing which businesses may be eligible for PPP loans.
• Fed Authorizes $600 Billion Main Street Lending Programs for Small and Mid-Sized Businesses (April 10, 2020): The Federal Reserve announced the terms of its Main Street lending programs designed to help qualifying businesses that may be struggling during the COVID-19 pandemic. Chris Davis, Alex Shiekman and Benjamin Goldman discuss the details of the terms for both borrowers and lenders.
• Please Mute Your Line: Delaware Streamlines Procedures for Virtual Stockholder Meetings (April 9, 2020): An amendment to Delaware’s State of Emergency Order grants Delaware corporations new flexibility to hold annual and special meetings during the COVID-19 pandemic, as explained by Chris Davis and Rebecca Van Derlaske.
• Material Corporate Provisions of the CARES Act (March 30, 2020): Our Corporate, Transactional & Finance lawyers focus on the corporate components of the CARES Act that we believe are most relevant and useful to our clients.
• Summary of SBA 7(A) Loans under the Coronavirus Aid, Relief, and Economic Security Act (March 28, 2020): The CARES Act allows select small businesses to to receive Small Business Administration (“SBA”) loans in the form of 7(a) loans. Our Corporate, Transactional & Finance lawyers provide you with the parameters.
• Considerations for Lenders and Credit Managers (March 20, 2020): Dov Kleiner, Christopher Davis and Matthew Gold discuss what factors lenders should monitor as COVID-19 continues to impact businesses.
• Positioning Your Business to Survive this Season (March 19, 2020): Dov Kleiner, Christopher Davis and Matthew Gold offer practical steps businesses can take to proactively manage the impact of COVID-19.

Regulatory Updates 

• NY Fed Announces First Subscription and Closing Dates for TALF 2.0 and Provides Expanded FAQ Responses (May 21, 2020): Our Investment Funds and Corporate, Transactional and Finance lawyers share important updates and takeaways from the New York Fed on the TALF 2.0 program, including next steps for fund managers to consider as the first subscription date of June 17, 2020 nears.
• Fed Announces More Updates to TALF 2.0 and New List of FAQs (May 13, 2020): The Fed’s second round of updates to its TALF 2.0 term sheet included the introduction of a list of FAQs providing more detail on the program. Our Investment Funds and Corporate Transactional and Finance lawyers give you the update.
• Fed Updates Terms of TALF 2.0 (April 10, 2020): Our Investment Funds and Corporate, Transactional and Finance lawyers provide the latest updates from the Fed on the TALF 2.0 program.
• COVID-19: Temporary Form ADV and Form PF Relief Period Extended to June 30, 2020 (April 2, 2020): An explanation of the Fed’s expansion of the temporary regulatory relief from certain Form ADV and Form PF requirements previously granted under its March 13, 2020 exemptive order by Richard Guidice, Jamie Nash and Eric Wagner.
• TALF 2.0: Fed Revives Term Asset-Backed Loan Facility (April 1, 2020): The Fed authorized the revival of its Term Asset-Backed Loan Facility (“TALF 2.0”) previously established following the 2008 financial crisis. Our Investment Funds and Corporate, Transactional and Finance lawyers give you the update.
• CFTC and NFA Extend CPO/CTA Filing Deadlines for Certain Filing and Reporting Requirements (March 24, 2020): Jared Gianatasio, Eric Wagner and Benjamin Goldman update you on the latest changes to filing deadlines.
• SEC Grants Temporary Relief to Investment Advisers Impacted by COVID-19 (March 23, 2020): Certain investment advisers impacted by COVID-19 may be able to delay certain of their Form ADV and Form PF filing and delivery requirements (as applicable). Richard Guidice, Jamie Nash and Eric Wagner take you through the SEC’s recent action.
• CFTC Extends Initial Margin Compliance Timeline for Many Buy-Side Firms (March 20, 2020): The CFTC announced a one-year extension of the initial margin compliance deadline for firms with the smallest uncleared swaps portfolios. Jared Gianatasio, Mary Kuan, Eric Wagner and Benjamin Goldman give you the latest.
• Navigating the Temporary Rules for Hart-Scott-Rodino Notifications (March 19, 2020): Christopher Davis explains the temporary rules for Hart-Scott-Rodino notifications enacted by the FTC and DOJ.
• Buy-Side Checklist for Potential Impacts on Counterparty Trading Arrangements (March 18, 2020): Jared Gianatasio, Mary Kuan and Eric Wagner discuss potential considerations for counterparty trading arrangements.

Real Estate Implications  

• Unexpected Tax Consequences of Commercial Lease Modifications (April 30, 2020): Tax partners Phil Gross and Neil Dubnoff and Real Estate partners Ross Yustein and Euchung Ung cover issues that may arise when modifying commercial leases.
• Landlords and Tenants Restructure Rent Obligations in Response to COVID-19 (April 22, 2020): COVID-19 has left commercial tenants seeking relief from lease obligations and landlords juggling competing tenant requests while they try to preserve their assets. Ross Yustein, Euchung Ung and Andrew Chonoles discuss strategies that may be useful for either party in considering their options.

Litigation Issues

• For Whom the Rent Tolls: Decision Suggests Tenants May Be Relieved of Rent Obligations (August 18, 2020): A recent New York bankruptcy court decision hints that commercial tenants who were forced to close their doors during “New York State on PAUSE” may be able to escape their rent obligations related to that period. Our attorneys discuss the decision, and the many questions it raises.
• NY District Court Expands the Reach of the FFCRA (August 17, 2020): On August 3, the SDNY vacated parts of a rule adopted by the DOL, potentially broadening the scope of employer obligations under the FFCRA. David Levy, Marc Rosen and Pamela Frederick discuss the impact of these changes.
• Private Investment Funds & Capital Commitments: Force Majeure as Investors’ Defense Du Jour? (April 8, 2020): Our Litigation lawyers provide a comprehensive explanation of the possibility of investment funds using force majeure-related defenses.
• Is Your Business in Compliance with the SHIELD Act? (April 7, 2020): Remote work environments in the time of COVID-19 have raised important cybersecurity compliance issues under New York’s SHIELD Act. David Levy, Marc Rosen and Pamela Frederick provide key takeaways for businesses and employers.
• The Force May Be With You: COVID-19 and Force Majeure Provisions (March 31, 2020): How and if businesses should consider exploring the invocation of any force majeure provisions in light of disruptions caused by COVID-19. Our Litigation and Corporate Transactional & Finance lawyers explain.
• Slo-Mo: Bankruptcy Court Suspends Modell’s Case (March 31, 2020): Matthew Gold and Dov Kleiner examine the Modell’s case to discuss ways that parties to a bankruptcy case may react and issues distressed companies, their creditors and stakeholders should consider in the current climate before a bankruptcy petition is filed.
• Important Changes to Employment Laws (March 23, 2020): David Levy and Pamela Frederick cover the latest updates to employment laws in response to COVID-19.

Estate Planning and Tax-Exempt Organizations 

• Current Estate and Gift Tax Planning Opportunities (July 8, 2020): Now may be an appropriate time to consider potential estate planning opportunities. Our Trusts & Estates lawyers explore possibilities.
• SECURE, CARES and Retirement Account Distributions in 2020 (June 26, 2020): Our Trust & Estates attorneys discuss the changes regarding distributions from retirement plans and IRAs following the enactment of the SECURE Act and the CARES Act.
• More Global High-Wealth Audits Expected Soon (June 22, 2020): The Global High-Wealth Industry Group of the IRS and its plan to begin audits of high-wealth individuals, as explained by our Trusts & Estates attorneys.
• Tax-Exempt Organizations in the Age of COVID-19 (April 29, 2020): Josh Kaplan, Jeff Kolodny and Jodi Krieger discuss the impact of COVID-19 on tax-exempt organizations.
• Estate Planning Considerations and COVID-19 (March 25, 2020): In light of the continuing impact of COVID-19, Kleinberg Kaplan’s Trusts & Estates attorneys offer insight into certain estate planning items clients may wish to review.

Tax Considerations  

• A Tax Planning “Hat Trick” for Funds Acquiring Portfolio Company Debt: (July 9, 2020): Many companies have struggled to keep up with payment obligations during the pandemic. But our tax attorneys note that this may be a silver lining for private equity funds (and other funds) to purchase portfolio company debt at a substantial discount using a unique strategy.
• Summary of Key Tax Provisions for Individuals and Businesses under the CARES Act (March 30, 2020): Our Tax team examines the CARES Act to provide clients with the most important tax-related takeaways.

If you would like to learn more, please reach out to your Kleinberg Kaplan attorney or any of the attorneys listed above.

We understand that these are challenging times for our clients and friends. Kleinberg Kaplan has been diligently monitoring the updates and developments pertaining to COVID-19 and the potential impact for our clients. We will continue to provide updates as the situation develops.