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Showing 27 posts from April 2020.

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Planning for Your Employees' Return to the Workplace

Though cases of COVID-19 within the United States have surpassed 1M, and fatalities from the illness now exceed the number of soldiers this country lost during the entirety of the Vietnam War, the news is beginning to improve. There is no denying that the curve of COVID-19 cases has flattened nationwide, and in response, cautiously optimistic state governors are currently planning for businesses to gradually reopen relatively soon. In fact, businesses in some states have already done so—to the chagrin of many. (Read More)

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Los Angeles Hospitality Workers Among Those Thrown a Potential Lifeline

The Los Angeles City Council passed an ordinance today (April 29, 2020) designed to protect hospitality, tourism, and janitorial workers in the City of Los Angeles who lost their jobs as a result of the COVID-19 outbreak. It is anticipated that Mayor Eric Garcetti will sign the ordinance into law shortly. 

The ordinance as passed requires certain businesses to provide recall notices to workers let go because of the coronavirus pandemic when their positions become available once again. The notices must offer these laid-off individuals the opportunity to come back to work and, in turn, those workers have five days to accept or decline their offers. (Read More)

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SEC Approves Amendments to Nasdaq and NYSE Continued Listing Requirements Due to the COVID-19 Pandemic

To be listed on Nasdaq or the New York Stock Exchange, publicly traded companies are required to meet certain minimum listing criteria. For example, both exchanges compel listed companies to maintain “Continued Listing Standards,” such as minimum bid and market capitalization requirements. (Read More)

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California Department of Insurance Issues Notice Granting Tax-Filing Extension in Response to COVID-19

In response to the COVID-19 pandemic, the California Department of Insurance has issued a notice granting a tax-filing extension to insurers and surplus lines brokers meeting certain requirements. Michelman & Robinson explains the extent of the relief and how carriers should go about obtaining it. (Read More)

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Attention Cannabis Businesses: Hope May Be on the Horizon for Federal COVID-19-Related Relief

As Michelman & Robinson previously reported, the lending programs authorized under the CARES Act cannot be accessed by legal cannabis businesses and certain companies indirectly related to the industry. Consequently, players in the legal cannabis space have been beholden to the states for any and all assistance in the wake of the coronavirus pandemic, including the ability to remain open for business in some jurisdictions despite the issuance of stay-at-home and similar orders. (Read More)

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PPP Loan Certification: the Need for Caution Continues!

As expected, the House of Representatives has passed the $480B coronavirus relief package that will serve to provide financial help to small businesses and hospitals feeling the sting of the coronavirus pandemic and expand COVID-19 testing. Most significantly, the legislation, which will now go to the President for signature, injects another $310B into the Paycheck Protection Program. (Read More)

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Additional Funding Is on the Way to Resurrect the PPP

As previously reported by Michelman & Robinson, the Small Business Administration’s $349B Paycheck Protection Program (PPP) has officially run out of funds, meaning the money provided under the CARES Act primarily for small business relief has been fully allocated. In response, congressional leaders have been working to hammer out a plan to inject more money into the PPP, and it looks like they have successfully done so. (Read More)

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Certifying Your PPP Loan: Proceed With Caution

Demand for loans under the Payroll Protection Program has been through the roof because of the number of businesses suffering through the economic consequences of COVID-19. As Michelman & Robinson has previously reported, the original $349B in funding for the PPP has been exhausted, and the Senate today passed a bill earmarking another $310B for these loans administered by the Small Business Administration. (Read More)

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Coronavirus Buzzkill: CARES Act Overlooks Cannabis

The CARES Act was enacted with much fanfare as a $2T boost to the U.S. economy devastated by the COVID-19 pandemic. In fact, the federal stimulus package—which includes individual recovery rebates, targeted lending to businesses, and tax credits aimed at the preservation of employment—has been a welcome lifeline for many, though there is at least one industry that the CARES Act leaves out in the cold: legal cannabis. (Read More)

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New Yorkers Ordered to Stay at Home Even Longer Amid the COVID-19 Crisis

The pause continues. Today, Governor Andrew Cuomo said that his executive order, "New York State on PAUSE," will be extended until at least May 15, 2020. By prolonging the state’s stay-at-home directive, Governor Cuomo joins his cohorts in Washington, D.C., Wisconsin, and Los Angeles, who have also extended their stay-at-home orders. Others still are sure to follow suit. (Read More)