COVID-19 Federal Legislative and Regulatory Economic Stabilization Programs – What Your Business Needs to Know

By Carl A. Fornaris, Lee Ann Anderson and Jennifer D. Newton on Posted in Banking & Finance, Banking & Financial Services

As the Coronavirus Disease 2019 (COVID-19) pandemic continues in the United States, the U.S. Congress and the U.S. federal financial regulatory agencies – the Federal Reserve, U.S. Department of the Treasury, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, National Credit Union Administration, and the Consumer Financial Protection Bureau (collectively, the Financial Agencies) – have introduced a number of financial stimulus programs or provided guidance designed to stabilize the U.S. economy and provide relief to U.S. debtors, both corporate and individual.

Read the full GT Alert, “COVID-19 Federal Legislative and Regulatory Economic Stabilization Programs – What Your Business Needs to Know“

 

Congress Passes CARES Act: Overview of the Relief Available to Small and Other Business Concerns

By Jennifer S. Zucker, Shomari B. Wade, Barbara A. Jones, Peter H. Lieberman, Michael J. Schaengold, Brittany E. Allison, Scott A. Schipma and Danielle K. Muenzfeld on Posted in Tax

In the midst of a global pandemic and the highest unemployment rates the United States has seen since 1933, President Trump signed into law the $2 trillion dollar Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), providing economic relief to businesses, States and municipalities, and individuals affected by COVID-19. While the scope of the CARES Act is wide-ranging, this alert is limited to providing a high-level overview of the relief available for qualifying business concerns (generally small businesses with certain limited exceptions).  We will publish additional alerts as the Small Business Administration (SBA) issues implementing regulations over the next 15 days.

Which businesses will be eligible for relief under the CARES Act? 

Read the full GT Alert, “Congress Passes CARES Act: Overview of the Relief Available to Small and Other Business Concerns “

SEC Provides Updates in Response to Coronavirus Disease 2019

By Aaron R. Katz on Posted in Corporate & Securities, Global, SEC, Securities

The U.S. Securities and Exchange Commission (the SEC) is continuing to provide updates regarding its response to COVID-19 and the related effects on the securities markets. On Jan. 30, Chairman Jon Clayton first recommended that his staff monitor and provide guidance and other assistance to issuers and other market participants regarding disclosures related to the current and potential effects of COVID-19, and further statements followed in February and throughout March (for example, regarding virtual shareholder meetings,). An additional important statement that was issued earlier this month was an order that, subject to certain conditions (including the need for an 8-K or 6-K, as applicable, filing describing the delay and the reasons behind it) provides publicly traded companies with an additional 45 days to file certain disclosure reports that would otherwise have been due between March 1 and April 30, 2020. As recently as March 22, the SEC issued an order providing certain relief to transfer agents.

For more information and updates on the developing COVID-19 situation, visit GT’s Health Emergency Preparedness Task Force: Coronavirus Disease 2019.

Risk Allocation for Economic Losses from Coronavirus Disease 2019

By Bryan X. Grimaldi, Michelle D. Gambino, Thomas G. Allen‡ and Alan N. Sutin on Posted in Corporate, Environmental, Global, Government Law and Policy, Health Care & FDA, Israel, Labor & Employment

Coronavirus Disease 2019 (COVID-19) is causing unprecedented disruptions to the U.S. economy. Government officials and health professionals are predicting that these disruptions could continue through September. Businesses are having to face the challenges of operating remotely; many are cancelling non-essential travel – hampering long-planned meetings and conventions. Global supply chains are impeded as countries work to contain COVID-19’s spread.

While economic considerations are secondary to the protection of human health, they should not be ignored. Companies often allocate the risk for unanticipated business interruptions through their contracts and insurance policies. Whether you are considering recovery options or are defending against breach of contract claims, there are some important legal concepts to consider.

Read the full GT Alert, “Risk Allocation for Economic Losses from Coronavirus Disease 2019“

Coronavirus Disease 2019 and Force Majeure Contract Clauses

By Bryan X. Grimaldi, Michelle D. Gambino, Thomas G. Allen‡ and Andrew J. Enschedé ‡ on Posted in Crisis Management, Environmental, Global, Health Care & FDA

While it is too early to predict how long the Coronavirus Disease 2019 (COVID-19) will disrupt everyday life, it isn’t too soon to proactively consider your potential risk and understand both potential consequences and benefits of the legal landscape when planning for or dealing with the COVID-19 outbreak.

Read the full GT Alert, “Coronavirus and Force Majeure Contract Clauses“

CFIUS Issues Final Regulations on National Security Review of Foreign Investments in the United States under FIRRMA: Broader Reach, Mandatory Filings, and Limited Exceptions

By Kara M. Bombach, Renee A. Latour, Cyril T. Brennan and Sonali Dohale on Posted in Data protection, Investments, Technology

On Jan. 13, 2020, the Committee on Foreign Investment in the United States (CFIUS) released two long-awaited sets of final regulations that implement nearly all of the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) and go into effect on Feb. 13, 2020. As reported in our GT Alert of Aug. 14, 2018, the adoption of FIRRMA in 2018 had broad bipartisan support and updated the statutory authority for national security review of foreign investments in the United States.

Read the full GT Alert, “CFIUS Issues Final Regulations on National Security Review of Foreign Investments in the United States under FIRRMA: Broader Reach, Mandatory Filings, and Limited Exceptions.“

Federal Court Denies Request of Foreign Companies to Conduct Discovery in the United States in Aid of a Foreign-Seated Arbitration

By Tomás Leonard, Nicole Y. Silver and Andrew Van Duzer on Posted in Life Sciences, Medical Technology

U.S. life sciences companies with ties overseas can be encouraged by a recent federal ruling that denied the request of foreign companies to conduct discovery in the United States in aid of a foreign-seated arbitration. On Jan. 14, 2020, Judge Maryellen Noreika for the District Court of Delaware denied an ex parte application for discovery in aid of arbitration that was based on section 1782 of the U.S. Code. This provision of the U.S. Code allows courts to order discovery “for use in a proceeding in a foreign or international tribunal.”

Read the full GT Alert, “Federal Court Denies Request of Foreign Companies to Conduct Discovery in the United States in Aid of a Foreign-Seated Arbitration.”

GT Tel Aviv Takes Part in LegalWeek 2020

By Greenberg Traurig on Posted in Corporate, Event, Technology

Earlier this month, Joey Shabot, Managing Shareholder of Greenberg Traurig’s Tel Aviv office was invited to speak at the LegalWeek 2020 event in New York.

Legalweek is one week each year where thousands of legal professionals gather to network with their peers, dive deeper into their professional development, and explore a variety of topics and strategies related to the future of the legal profession. The Legaltech track in which Joey participated is among the largest and most important legal technology events of the year, providing an in-depth look at what the technological world has in store for lawyers, law firms and legal practice. In addition, Legaltech offered an exhibit floor with an extensive gathering of innovative products and services for the legal profession’s current and future technology needs.

Joey took part in a panel discussion focused on LegalTech where they examined the state of automation in contract drafting and reviewed the reliability and accuracy of different tools available. Also participating in the panel were: Kevin Fumai (Senior Managing Counsel, Oracle), Kim Maney (Assistant General Counsel, Head Global Contracting Organization, GSK), Oliver Round (Managing Counsel & Director, BNY Mellon), and Charles Dimov (VP Marketing, ContractPodAI). The panel focused on the current limitations of machine learning and whether it can really interpret and understand contractual provisions like a trained lawyer.

Joey ended the week over a spectacular cocktail party at the Rainbow Room in Rockefeller Center hosted by EY, where he was joined by other GT shareholders including Paul Ferak, Kyle Freeney and Dan Filor.

Pictured from left to right: Paul Ferak, Joey Shabot and Shane Arett (EY).

Preparing for the FY2021 H-1B Cap Season

By Anna H. Morzy and Katherine M. Rozmus on Posted in compliance, Global, Immigration

Recruiters and managers should be prepared to answer questions about the new H-1B cap registration process. With this seemingly easier process, which initially requires only a $10 registration fee and minimal information, companies should consider the important elements covered in this GT Alert.

Read the full GT Alert.

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