In a proposed class prohibited transaction exemption published on June 29, 2020 (the “proposed exemption”), the Department of Labor (DOL) stated that advising employee benefit plan (“plan”) participants to roll over plan...more
Two key provisions included in the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”)—the Paycheck Protection Program (PPP) and the Employee Retention Tax Credit (ERTC)—are raising surprising new issues in...more
We provide a deeper dive into the key stimulus programs under the CARES Act, as summarized in our client note “Congress Passes Largest Ever Economic Stimulus Package: Key Provisions of CARES Act.” The following table...more
Those responsible for overseeing their company’s 401(k) plan may be pleased to learn that recent DOL guidance provides that private equity investments may be offered to plan participants if included as part of a multi-asset...more
Pursuant to the recently-amended Washington Business Corporation Act (WBCA), effective June 11, 2020, corporations subject to the WBCA that are public companies will be required to either have a “gender-diverse board” by...more
Although it is too early to know when America’s workforce will return to offices and other places of work, it is prudent for companies to start preparing for the return of employees to the physical workplace. This is...more
We provide a deeper dive into the key stimulus programs under the CARES Act, as summarized in our client note “Congress Passes Largest Ever Economic Stimulus Package: Key Provisions of CARES Act.” The following table...more
KEY CONSIDERATIONS IN EMPLOYEE TERMINATIONS -
The rapid global spread of the novel coronavirus (COVID-19) has forced many businesses to operate with reduced staff, with some concluding that employee layoffs are necessary....more
In the wake of the market disruption caused by the COVID-19 outbreak, many employers are considering employee furloughs as an alternative to layoffs. Furloughs generally refer to a mandatory, but temporary, cessation from...more
Many employers have been forced to consider employee layoffs, furloughs or salary reductions as a way to manage some of the financial hardship created by COVID-19. Companies should keep in mind existing federal, state and...more
The Families First Coronavirus Response Act (the “Families First Act” or the “Act”) requires covered employers to provide employees two weeks of paid sick leave and additional benefits for family leave due to the COVID-19...more
In the wake of the market disruption caused by the COVID-19 outbreak, a number of employers have announced temporary salary reductions as a means of conserving cash, and thus demonstrating sound stewardship. This memorandum...more
Planning for an unexpected absence or loss of a key person is an important component of enterprise risk management. In the present environment, boards are meeting regularly in real time to address absences of key persons–both...more
We provide a deeper dive into the key stimulus programs under the CARES Act, as summarized in our client note Congress Passes Largest Ever Economic Stimulus Package: Key Provisions of CARES Act. The following table summarizes...more
If you are a decision-maker or part of a COVID-19 response team at a U.S. business, you are making urgent, daily decisions that affect the health and wellbeing of your workers, customers and suppliers, as well as the...more
4/1/2020
/ Affiliated-Business Arrangements ,
Board of Directors ,
Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Employee Retention ,
Executive Compensation ,
Federal Loans ,
Financial Stimulus ,
Health Insurance ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Shareholders ,
Small Business ,
Stocks ,
Tax Relief
The rapid global spread of the novel coronavirus (COVID-19) has forced many businesses to operate with reduced staff, with some concluding that employee layoffs are necessary. This memorandum discusses key considerations for...more
Equity-based incentives are intended to motivate high levels of performance and align the interests of employees with those of shareholders. When markets decline steeply, however, many companies find that a significant...more
COVID-19: DISCLOSURE AND CAPITAL MARKETS CONSIDERATIONS FOR US LISTED PUBLIC COMPANIES -
The outbreak and continuing spread of the novel coronavirus (“COVID-19”) and the related disruption to the worldwide economy are...more
The COVID-19 outbreak has had a swift and volatile impact on business operations and the financial markets. Because this is occurring simultaneously with the annual incentive award cycle of many companies, immediately at...more
On December 30, 2019, New York State enacted the “Women on Corporate Boards Study Act” (the “Act”), which requires the New York Department of State and the Department of Taxation and Finance to conduct a study on the number...more
On December 16, 2019, the IRS issued proposed regulations under Section 162(m) of the Internal Revenue Code (the “Proposed Regulations”). The Proposed Regulations respond to comments made on Notice 2018-68 (the “Notice”),...more
12/23/2019
/ Comment Period ,
Compensation & Benefits ,
Covered Employees ,
Grandfathering Rules ,
Internal Revenue Code (IRC) ,
IRS ,
Proposed Regulation ,
Public Hearing ,
Publicly-Traded Companies ,
Regulatory Burden ,
Safe Harbors ,
Section 162(m) ,
Tax Cuts and Jobs Act
On September 10, 2019, the California State Senate passed Assembly Bill 5 (AB 5) effectively requiring certain workers previously operating as independent contractors to be considered employees. Governor Gavin Newsom is...more
9/18/2019
/ CA Supreme Court ,
Dynamex ,
Employee Definition ,
Employer Liability Issues ,
Gig Economy ,
Governor Newsom ,
Hiring & Firing ,
Independent Contractors ,
Misclassification ,
New Legislation ,
State Labor Laws
Although final rules were published in December of 2018, July 1st marked the date that issuers (other than smaller reporting companies and emerging growth companies) must begin complying with the Dodd-Frank Act’s hedging...more
On June 19, 2019, the New York State Assembly and Senate passed an omnibus bill (A08421/S06577) proposing sweeping amendments to existing state sexual harassment and discrimination laws. The pending law, which has the...more
On December 18, 2018, the Securities and Exchange Commission (SEC) approved long-awaited final rules implementing Section 955 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Consistent with the proposed...more
12/28/2018
/ Clawbacks ,
Dodd-Frank ,
Hedging ,
Incentive Compensation ,
Pay-for-Performance ,
Proposed Regulation ,
Proxy Statements ,
Public Disclosure ,
Publicly-Traded Companies ,
Regulation S-K ,
Securities and Exchange Commission (SEC)