Recent Publications - Banking

U.S. DOL Issues New Guidance on the Families First Coronavirus Response Act
March 31, 2020 | Employment & Labor
The Families First Coronavirus Response Act (FFCRA) will take effect on April 1, 2020, and will require all private employers with 499 or fewer employees to provide paid sick leave and emergency family leave to qualified employees. The FFCRA will apply to a broader set of individuals than New York’s paid sick leave law passed …
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U.S. Dept. of Labor Provides Additional Guidance For Employers
March 27, 2020 | Employment & Labor
As we have previously reported, on March 18, 2020 President Donald J. Trump signed the Families First Coronavirus Response Act (FFCRA). The FFCRA provides for two leave requirements arising in different portions of the Act: The right to Public Health Emergency Leave, which amends the existing statutory text of the Family and Medical Leave Act …
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Remote Participation in Shareholder Meetings in the Age of Coronavirus
March 27, 2020 | Corporate
UPDATE After this article was published, New York Governor Andrew Cuomo issued an executive order clarifying this issue. According to the order, due to the coronavirus pandemic, until April 19, 2020, companies incorporated in New York are permitted to hold virtual-only shareholder meetings. The executive order temporarily provides relief from the portions of subsection (a) …
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NYS Offers Forbearance to Borrowers, NYC Allows Penalty Waivers
March 25, 2020 | Banking
On March 21, 2020, Governor Cuomo issued Executive Order 202.9, which is in effect through April 20, 2020. The order provides financial relief to consumers and businesses with outstanding bank loans. The order modifies subdivision two of Section 29 of the Banking Law to provide that it is an “unsafe and unsound” business practice if …
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SBA Makes Disaster Loans Available to Small Businesses
March 20, 2020 | Banking | Corporate
As the coronavirus pandemic continues to cause disruptions to businesses, the U.S. Small Business Administration (SBA) has announced its Coronavirus (COVID-19) Disaster Relief Lending program, which will offer certain small businesses and nonprofits affected by COVID-19 access to the SBA’s Economic Injury Disaster Loans. As of today, small business owners in New York State are …
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COVID-19 Update: New York State on Pause
March 20, 2020 | Employment & Labor
Governor Cuomo issued Executive Order 202.8 directing all non-essential businesses statewide to reduce in-office staff by 100% until further notice.  This includes bars and restaurants that have been directed to close its’ doors and operate on a limited take-out only basis. The closures and 100% reduction of in-office staff is part of Governor Cuomo’s 10-point …
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COVID-19 Update: Federal Relief Bill
March 19, 2020 | Employment & Labor
President Trump on March 18, 2020, signed the Families First Coronavirus Response Act (COVID-19 Bill) to provide emergency relief to businesses and employees in response to the coronavirus pandemic. The COVID-19 Bill will become effective no later than 15 days from March 18, 2020 (or on April 2, 2020). Businesses with fewer than 500 employees …
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Coronavirus Update: New York State Passes COVID-19 Laws
March 19, 2020 | Employment & Labor
In response to the growing concerns over the coronavirus, (COVID-19) Governor Cuomo issued a temporary mandatory work-force reduction plan (Executive Order) and signed a COVID-19 relief bill (COVID-19 Bill). COVID-19 Executive Order The Executive Order mandates that all non-essential businesses implement work from home policies and reduce in-office staff by 50%. In fact, as we …
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Is Coronavirus Covered by Your Contract’s Force Majeure Provisions?
March 18, 2020 | Corporate | Commercial Litigation
Part of the commitment to entering into a contract includes an agreement between parties to perform contractual obligations on a timely basis, with limited exceptions. Contracts frequently include a provision titled “force majeure,” which translates literally from French to mean “superior force.” Force majeure provisions, generally part of the boilerplate section of a contract and …
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Heller Published in Pratt’s Banking Law Journal
January 14, 2019 | Banking
Michael Heller’s article, “New York’s Mortgage Tax Rules Burden Banks and Borrowers. But There’s a Solution” was published in Pratt’s Banking Law Journal. Click here to read the article. …
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