COVID-19 and Economic Stabilization Act, Foreclosures, Disaster Assistance Loans, and Consumer Class Actions
March 29, 2020
Authored by: Robert Klingler
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, which is the second of many, we have highlighted some of the client alerts that we believe may be of specific importance to our community bank clients.
The Coronavirus Economic Stabilization Act of 2020, Title IV of the CARES Act provides, among other things, $500 billion to the U.S. Treasury’s Exchange Stabilization Fund to provide loans, loan guarantees, and other investments in support of eligible businesses, States and municipalities and subsidies necessary for such loans, loan guarantees and other investments. This alert summarizes what impact the Stabilization Act may have on businesses and whether those businesses may be eligible for assistance.
This alert provides an overview of the responses of courts and local and state governments of certain jurisdictions, as well as of the federal government, to the COVID-19 outbreak. The analysis has a particular focus on mortgage foreclosures and evictions, particularly in the commercial context, although information and guidance remains limited. Effects on residential foreclosures and evictions have been included as governments have tended to provide protection to residential properties first. Eventually, more state and local governments may provide guidance as to commercial foreclosures and evictions