Insights on Corporate & Securities

The COVID-19 pandemic has led to widespread reports of price gouging on hand sanitizer, protective masks, gloves, and other essential supplies.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides $2 trillion in stimulus in response to the COVID-19 pandemic.

Under the CARES Act, a $500 billion pool of money was created to make loans, loan guarantees, and other investments for distressed businesses that do not qualify for the small business relief, including airlines, large nonprofit companies, states, and municipalities.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act appropriates $150 billion toward COVID-19 relief for fiscal year 2020. The vast majority of this amount will go to the states, although $3 billion is reserved for distribution to the District of Columbia and U.S. territories, and $8 billion will go to Tribal governments.

Since last week when we wrote about the “shelter in place” and “stay at home” orders issued in California, New York, and Illinois, many more states have issued similar orders. The general discussion from our prior alert still applies, but below is an up-to-date list of the states that have adopted the stay-at-home approach to fighting the spread of COVID-19.

The SEC extended its previously granted public company regulatory relief and issued staff guidance yesterday regarding disclosure obligations in light of the continued complications associated with the COVID-19 pandemic.

Earlier this week, the IRS released updates on the status of its operations as the COVID-19 outbreak continues and also on the IRS’s new People First Initiative. In addition, Illinois extended its tax filing and payment deadline (but not the deadline to make estimated tax payments) to match the IRS July 15 deadline.

On March 13, 2020, the Division of Corporate Finance of the Securities and Exchange Commission published guidance (Staff Guidance for Conducting Annual Meetings in Light of COVID-19 Concerns) to assist issuers of securities in navigating their legal requirements to hold annual meetings.

On Monday, March 23, 2020, Massachusetts Gov. Charlie Baker issued an emergency order (the “Order”) that as of noon, Tuesday, March 24, 2020, “all businesses and organizations that do not provide ‘COVID-19 Essential Services’ [must] close their physical workplaces and facilities to workers, customer

Michigan Governor Gretchen Whitmer today issued Executive Order 2020-21, imposing a mandatory stay-at-home regime throughout Michigan, taking effect at midnight on Monday, March 23, and lasting through April 13 at 11:59 p.m.

Late on Friday, the IRS formalized U.S. Treasury Secretary Steven Mnuchin’s announcement earlier in the day regarding the extension of the tax filing deadline to July 15 by issuing Notice 2020-18, which contains several important clarifications.

As of this alert, governors from California, New York, and Illinois have issued “shelter in place” or “stay at home” orders requiring all residents to stay at home, subject to certain exceptions, in response to the COVID-19 pandemic.

In a tweet this morning, U.S. Treasury Secretary Steven Mnuchin announced that the IRS is extending the tax filing deadline from April 15 to July 15.

On March 19, 2020, as part of the State of Illinois’ efforts to combat disruptions caused by the coronavirus pandemic, the Illinois Department of Revenue announced that it is waiving for two months all penalties and interest that would be imposed on late payments by registered Illinois retailers operating small eating and drinking establishments for sales tax liabilities that are due for the February, March, and April 2020 reporting periods.

The IRS released Notice 2020-17 on March 18, 2020, formalizing the relief announced the previous day by U.S. Treasury Secretary Steven Mnuchin, which extended the time to pay certain taxes by 90 days.

U.S. Treasury Secretary Steven Mnuchin announced today that individual taxpayers can defer federal tax payments of up to $1 million for 90 days.

U.S. Securities and Exchange Commission (SEC) staff announced guidance to assist public companies with facilitating their upcoming annual shareholder meetings during the ongoing COVID-19 pandemic.

The U.S. Securities and Exchange Commission (SEC) issued an order that grants conditional regulatory relief for certain publicly traded company filing obligations in light of the rapidly spreading coronavirus pandemic.

Arent Fox LLP is pleased to announce that it represented José Andrés’ ThinkFoodGroup in negotiations to operate two signature restaurants – and other dining services – in The Ritz-Carlton New York, NoMad, a $500-million skyscraper in Manhattan slated to open in 2021.

The SEC has announced efforts to assist and guide market participants that may be impacted by the coronavirus. Public reporting companies should confer with their legal advisers regarding disclosure issues that may arise as a result of the global virus.

Schiff Hardin LLP is pleased to announce that 88 attorneys have been named to the 2020 Leading Lawyers list.

The Federal Trade Commission (FTC) announced upward revisions to the jurisdictional thresholds for premerger notification filings under the Hart-Scott-Rodino (HSR) Act last week.

In January, the Supreme Court issued its highly anticipated opinion in Retirement Plans Committee of IBM v. Jander, No. 18-1165, a case that promised to clarify the pleading standard applicable to ERISA stock-drop cases. But the Court’s decision raised more questions than it answered. 

On December 19, 2019, the U.S. Treasury Department (Treasury) and the Internal Revenue Service (IRS) released the final regulations relating to investment in Qualified Opportunity Zones (QOZ).

Schiff Elects Three Attorneys to Partnership