April 10, 2020
Authored by: Matt Macia
The devastating impact of the Coronavirus (COVID-19) needs no introduction. BCLP has consolidated all of its client alerts regarding Coronavirus (COVID-19) as one page of resources. On that page, you can also limit by topic area, jurisdiction and areas of practice.
In this post, we have highlighted some of the client alerts that we believe may be of specific importance to our community bank clients.
In addition to the paid sick leave and family leave U.S. employers must provide under the Families First Coronavirus Response Act, some employers are seeking additional ways to support employees affected by COVID-19. This alert reviews IRS guidance and details how employers can implement an emergency leave-sharing plan in response to the crisis.
With the economy in a free-fall and the U.S. government scrambling to create a financial safety net for citizens, giving access to tax-qualified retirement savings was a natural piece of Congress’ plan to loosen the grip on needed funds. Implementing a thoughtful, needs-based, COVID-19 withdrawal/loan policy could protect employees’ financial security for decades to come. This alert covers the options available to plan sponsors to combat the economic impact of COVID-19.
Last week, the Co-Directors of the SEC’s Division of Enforcement issued a rare Public Statement warning public companies and their directors, officers and other “insiders” to be especially mindful of their obligations under the U.S. securities laws during the COVID-19 pandemic. Acknowledging the “unprecedented ways” in which the pandemic has already affected the markets, the Co-Directors cautioned public companies to be “mindful” of their established insider trading policies, codes of ethics, and communication policies. This alert provides guidance for publicly traded companies to ensure SEC compliance.
Much more to follow…