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Paul Zimmerman

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Congress Is Poised to Pass a Historic Stimulus Package in Response to the Coronavirus

The Senate has agreed to a massive stimulus bill to counter the devastating economic consequences of the coronavirus pandemic. Nearly $2T will be earmarked to provide direct financial aid to help individuals, hospitals, businesses, and state and local governments—all in an effort to flood money into the U.S. economy that has been rocked by the outbreak of COVID-19.

The relief package is, by far, the largest in U.S. history. Michelman & Robinson breaks it down. (Read More)

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Navigating the Coronavirus Pandemic: A Critical Business Review Checklist

Given the continuing spread of the coronavirus (COVID-19) and resulting market and marketplace reaction, you are no doubt feeling the effects of a turbulent economy. More directly, you may well be dealing with your share of business upheaval.

If so, you should be aware of your rights and remedies in the event of coronavirus-related losses, as well as any other obligations you may have as a result of the pandemic. Toward that end, the following questions, answers, and checklist of items that should be top-of-mind will be helpful. (Read More)

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SBA Loans for Companies Impacted by Coronavirus

Mindful of the challenges being faced by small businesses nationwide as they lose revenue due to the coronavirus pandemic, the U.S. Small Business Administration is doing its part to provide support in the form of low-interest federal disaster loans available to eligible borrowers in designated states and territories. (Read More)

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SEC Relaxes Federal Proxy Rules for Annual Meetings

The Securities and Exchange Commission recently issued an order granting certain companies relief from complying with some federal proxy rules for annual meetings in light of health, transportation and other logistical issues raised by the spread of COVID-19.

Under Section 12 of the Exchange Act of 1934, as amended, when issuers solicit proxies from their shareholders, they are required to follow the proxy rules, including delivery of proxy materials (e.g., proxy statements and proxy cards). The SEC’s order allows all issuers to change the date, time and location of their annual meetings without having to strictly comply with applicable delivery requirements. (Read More)

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Federal Reserve Responds Boldly to Coronavirus-Related Economic Downturn

Given the downward spiral of U.S. markets and disruptions faced by the economy in the wake of the coronavirus outbreak, the Federal Reserve, in several unprecedented moves, has accelerated its rescue plan today and announced unlimited bond buying, three new credit facilities, and an upcoming Main Street lending program. Together, these historic programs inject an extraordinary amount of new financing into the economy, all in an attempt to support the flow of credit to American families and businesses, promote stability in the financial system, and to push back on an all-out financial crisis. (Read More)

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Michelman & Robinson’s Guide to Coronavirus-Related Paid Sick Leave and Unemployment Insurance Laws in the Tri-State Area

As one of the many unfortunate results of the coronavirus pandemic, employees nationwide will be laid off or otherwise furloughed. Consequently, the governors of New York, New Jersey and Connecticut have signed into law measures to help ease the disruption to employees and their employers. Michelman & Robinson provides an overview. (Read More)

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The Number of Jurisdictions Implementing Stay-at-Home Orders Is Increasing Exponentially

Several new cities and states have ordered their residents to stay at home in the wake of the coronavirus pandemic. Michelman & Robinson has already reported on such directives in California, Illinois, New Jersey and New York, and now several other jurisdictions are among those that have announced that they already have or soon will be following suit to some degree. They include: Connecticut, Dallas (TX), Delaware, Indiana, Kansas City (MO), Louisiana, Massachusetts, Michigan, Nevada, Ohio, Oregon, Pennsylvania, Philadelphia (PA), St. Louis (MO) and West Virginia. (Read More)

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UPDATE: The IRS and States Provide Tax Relief in the Wake of the Coronavirus Pandemic

UPDATE – This alert has been updated to reflect the IRS’s issuance of an advance copy of IRS Notice 2020-18 (issued on March 20, 2020) and IRS Information Release IR-2020-58 (issued on March 21, 2020)****
President Donald Trump issued an emergency declaration on March 13, 2020 instructing the Secretary of Treasury, Steven Mnuchin, “to provide relief from [federal] tax deadlines to Americans who have been adversely affected by the COVID-19 emergency, as appropriate . . ..” Secretary Mnuchin followed those instructions earlier this week by announcing that the IRS would relax certain U.S. federal income tax payment obligations that are traditionally imposed each year on April 15. The Internal Revenue Service memorialized those U.S. federal income tax payment extension rules in IRS Notice 2020-17 (issued on March 18 and found here). (Read More)
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Force Majeure Clauses in Commercial Real Estate Contracts

You may be hearing the phrase “force majeure” being thrown around quite a bit in response to the upheaval caused by the coronavirus. But what does this archaic phrase mean for you and your real estate contracts? In short, a force majeure clause operates to excuse performance obligations in an agreement or to extend time of performance when an unforeseeable event, or one that is "beyond the contractor's control," causes one or more parties to be unable to meet their contractual obligations. Given that the coronavirus may well qualify as a triggering event for purposes of a force majeure clause in one of your contracts, we offer the following information, which is geared toward commercial real estate. (Read More)

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An Important Message From Michelman & Robinson About California Governor's Statewide Stay-At-Home Order

The entire state of California has essentially been placed on lockdown as Governor Gavin Newsom has called for a statewide stay-at-home order to combat the spread of the coronavirus, which causes COVID-19. Governor Newsom’s move, which impacts nearly 40M people, comes on the heels of various “shelter in place” and similar orders that have already been issued throughout the state, including the “Safer at Home” emergency order declared in Los Angeles earlier today by Mayor Eric Garcetti. (Read More