May 5, 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.
On April 20, 2020, Governor Brian Kemp signed an Executive Order which initiates the process of reopening businesses within the State of Georgia on April 24, 2020, and issued a subsequent Executive Order on April 23, 2020, providing further guidance on the process for reopening (collectively the “Orders”). These Orders, which are quite limited in scope, only grant a small subset of businesses permission to reopen. They do, however, pre-empt all local and city orders that are more or less restrictive than the state-wide Orders.
The Orders, while limited, nevertheless shed light on what the process of reopening will look like for additional business sectors going forward. All companies with locations in Georgia would be wise to invest time planning how they may implement screening, sanitation, and social distancing at their workplace to allow for a timely, safe and compliant reopening.
This alert examines what businesses are permitted to reopen, what restrictions exist for those businesses, and advice and guidance for companies that BCLP anticipates will be affected by similar reopening orders in the future.
Although the federal Department of Labor (“DOL”) declared April 1 – 17 to be a temporary period of non-enforcement of the Families First Coronavirus Response Act (“FFCRA”), the DOL was far from idle during that period. Importantly, the DOL provided key revised and new guidance for employers by: (1) issuing technical corrections to the temporary rule; and (2) posting additional informal questions and answers. The new guidance provides much-needed clarity on key issues, especially since the period of non-enforcement is now over. This post examines the new guidance and provides advice for employers to comply with the provisions of the FFCRA.
Toward the end of the first quarter of 2020, many public companies imposed a blackout period, during which directors and specific employees deemed insiders could not trade the company’s stock. The obvious purpose of these blackout periods is to prevent insiders from trading at a time when they are likely to have material nonpublic information about the soon to be completed quarter. This year, insiders were also likely to have material nonpublic information about the early impact of the coronavirus on their business, including demand, supply chain, cancelled orders and the costs of complying with stay-at-home orders. Typically, public companies plan to open the trading window to permit insiders to trade within a day or two of issuing their earnings release for the quarter. In light of the ongoing coronavirus pandemic, this post provides guidance on whether public companies should open their trading windows and when to do so.
Much more to follow…