9 June 2020 | Important changes in federal and state legislation, filing deadlines and availability of services. This update provides the baseline changes at the federal level and state levels (with focus on New York State and California) due to COVID-19.
The federal government maintains a website of ongoing measures and responses, as do the White House and CDC – with respect to businesses. The central federal piece of legislation in response to COVID-19 is the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which the U.S. Department of Treasury offers further resources in relation to. The Federal Reserve has created the Main Street Lending Program for small and medium businesses as a result of the CARES Act.
Updates and guidance from the U.S. Department of Commerce and U.S. Small Business Administration are other significant sources of federal action in relation to COVID-19. Updates to U.S. government acquisition requirements and procedures are also available. Michelman & Robinson LLP and Baker Botts LLP, have prepared detailed information on federal measures.
New York State has engaged measures in successive omnibus Executive Orders (202.0, 202.1, 202.2, 202.3, 202.4, 202.5, 202.6, 202.7, 202.8, 202.9, 202.10, 202.11, 202.12, 202.13, 202.14, 202.15, 202.16, 202.17, 202.18, 202.19, 202.20, 202.21, 202.22, 202.23, 202.24, 202.25, 202.26, 202.27, 202.28, 202.29, 202.30, 202.31, 202.32, 202.33). New York State has prepared a single website for guidance for employers. In addition, Baker Botts LLP has prepared detailed information on measures in New York State. New York State has expressed specific interest in opposing federal measures for corporate bailouts.
California has prepared a single website for support for employers, including tax information. Again, Baker Botts LLP has prepared detailed information on measures in California.
Michelman & Robinson LLP has prepared a list of state loan assistance programs that apply to New York, California, New Jersey and Illinois.
The California Department of Insurance has prepared notices and orders in relation to COVID-19.
The State of Delaware has extended the due dates for tax and fee filing.
The federal Internal Revenue Service maintains a website of updates in relation to COVID-19. Two central elements are Tax Relief for Businesses and Tax-Exempt Entities and Economic Impact Payments (resources and information). The IRS has extended filing due dates, and made several operational changes due to COVID-19. In particular, the IRS has published Notice 2020-18 regarding taxpayer relief and Revenue Procedure 20-19 regarding cash distributed to publicly offered REIT or RIC shareholders.
The New York Tax Department has prepared a website with updates in relation to COVID-19, as has the California Department of Tax and Fee Administration.
Baker Botts has also prepared a tax resource guide, covering federal and state tax law changes.
The U.S Federal Reserve, Federal Deposit Insurance Corporation, National Credit Union Administration and Financial Industry Regulatory Authority have all prepared a website with updates in relation to COVID-19.
The Securities and Exchange Commission has prepared a website with updates in relation to COVID-19. The New York Stock Exchange in particular has prepared a notice of temporary waivers. Resource websites are also available from Institutional Shareholder Services and Glass Lewis.
Labor and Employment
The U.S. Department of Labor, as well as the U.S. Equal Employment Opportunity Commission and U.S. Social Security Administration have all prepared websites with updates in relation to COVID-19.
New York State has prepared guidance for employees generally, as well as specific guidance in relation to unemployment assistance.
Up to date federal measures in relation to COVID-19 are accessible from:
- U.S. Citizenship and Immigration Services,
- the U.S. Department of State,
- U.S. Customs and Border Control,
- the U.S. Transportation and Security Administration,
- U.S. Immigration and Customs Enforcement, and
- the U.S. Department of Homeland Security
The U.S. Department of Transportation has prepared guidance in relation to COVID-19, and updates specifically with respect to the Federal Aviation Administration, Maritime Administration, Federal Transit Administration and U.S. Export-Import Bank are also available.
The Federal Communications Commission has prepared updates in relation to COVID-19.
The U.S. Patent and Trademark Office and U.S. Copyright Office have prepared notices in relation to COVID-19.
The Federal Trade Commission has prepared guidance in relation to COVID-19.
The U.S. Department of Health and Human Services has prepared a guidance in relation to HIPPA and COVID-19.
The Courts have provided the following information in relation to how their procedures have changed as a result of COVID-19, for example:
- Supreme Court of the United States announcements
- Federal Courts (operations, and updates)
- New York Courts updates
- California Courts updates