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How Insurance Companies Failure to Exclude Business Interruption Losses Caused by COVID-19 Impacts your Coverage
Waller, March 2020

Commentators and lawyers continue to make blanket statements regarding lack of business interruption coverage for losses caused by the novel coronavirus (COVID-19). They contend that coronavirus-related losses cannot satisfy the “direct physical loss of or damage to [covered] property” language contained in many policies to trigger coverage in the first place...

Federal Reserve Policies in Response to COVID-19
Waller, March 2020

The Board of Governors of the Federal Reserve System (the “Fed”) has implemented monetary policy and federal programs in response to COVID-19. The policies and programs primarily affect financial institutions in the business of lending, but an understanding of the policies will aid all borrowers in knowing the constraints of their lenders and the process by which they will receive funds...

CMS Adopts Greater Regulatory Flexibility Amid COVID-19 Outbreak
Waller, March 2020

On March 30th, the Centers for Medicare and Medicaid Services (CMS) announced a number of regulatory reforms aimed at giving healthcare providers more tools to combat COVID-19...

Section 4003 of the CARES Act Emergency Relief and Taxpayer Protections
Waller, March 2020

Pursuant to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), $500 billion of emergency relief has been allocated to be used at the discretion of the Secretary of the Treasury (the “Secretary”) to make loans, loan guarantees, and other investments in support of eligible businesses, states and municipalities...

Delayed Effective Date for Revised Control Framework Under BHC Act
Waller, March 2020

On March 31, the Federal Reserve Board announced that it will delay for six months the effective date (from April 1, 2020 to September 30, 2020) for its revised control framework for determining when a company controls a bank, and vice versa, for purposes of the Bank Holding Company Act (referred to as the “BHC Act”)...

CMS Adopts Geater Regulatory Flexibility Amid COVID-19 Outbreak
Waller, March 2020

On March 30th, the Centers for Medicare and Medicaid Services (CMS) announced a number of regulatory reforms aimed at giving healthcare providers more tools to combat COVID-19...

PODCAST Congress Responds A Closer Look at the Families First and CARES Acts
Waller, March 2020

Welcome to PointByPoint. Conversations, interviews and legal commentary for today's business professionals. In this episode, Waller’s Mark Peters talks with employment attorney Kierstin Jodway about two of the major federal stimulus packages related to the coronavirus and what it means for businesses. Here is a transcript of the conversation: Mark Kierstin, thanks for being with us today...

Banking Regulatory Agencies Offer Flexibility with New CECL Accounting Standard
Waller, March 2020

The Federal banking agencies recently issued an interim final rule (Regulatory Capital Rule: Revised Transition of the Current Expected Credit Losses Methodology for Allowances) permitting banks to mitigate the effects of the current expected credit loss, or CECL, accounting standard. Introduced in 2016 by the Financial Accounting Standards Board, CECL replaces the incurred loss methodology for financial assets and requires banks to recognize lifetime expected credit losses...

How to Apply for a SBA Paycheck Protection Program loan
Waller, March 2020

Now that the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) has been signed into, law, small businesses may be wondering what they can do to get a Paycheck Protection Program (“PPP”) loan into their bank accounts as soon as possible so they can pay employees. In case you missed it, check out our bulletin here for a detailed description of the terms and conditions of and eligibility for these very favorable loans...

Tennessee Governor Bill Lee Issues Safer-at-Home Executive Orders
Waller, March 2020

On March 30, 2020, Tennessee Governor Bill Lee issued Executive Order No. 21, an order amending Executive Order No. 17 to further mitigate the spread of COVID-19 by limiting non-essential services and gatherings. The order expands the list of businesses and venues that perform close-contact personal services that are required to close to the public. The Order also amends the effective date in Executive Order No...

How to keep Zoom Bombers from Ruining your Next Meeting
Waller, March 2020

Zoom, the social platform which has become nearly ubiquitous in the past few weeks, has unintentionally introduced the world to a new term: “Zoom Bombing." Millions of people are struggling to maintain some semblance of normalcy as they continue to engage in personal and business interactions while simultaneously practicing social distancing during the COVID-19 pandemic...

Department of Labor Issues Extensive Guidance on the Families First Coronavirus Response Act FAQ
Waller, March 2020

Beginning on March 24, the Department of Labor (DOL) has been steadily releasing information and guidance on the Families First Coronavirus Response Act (FFCRA). We have been reviewing those releases to find the important information employers need to comply with the FFCRA and have summarized our analysis below...

CMS to Make Cash Payments to Healthcare Providers Now
Waller, March 2020

Just 24 hours after the President signed the CARES Act into law, the Centers for Medicare & Medicaid Services (CMS) expanded the scope of its Accelerated and Advance Payment Program to include additional Part A providers and Part B suppliers. CMS outlined the program expansion in a fact sheet. The accelerated payments are intended to provide immediate cash flow relief to providers and suppliers focused on treating the flood of COVID patients...

Business Interrupted when Civil Authorities Declare a COVID-19 State of Emergency
Waller, March 2020

Many governmental authorities across the country have ordered “nonessential” businesses to shut down because of the COVID-19 crisis. Many business owners are asking what that means for the business income losses that they are forced to endure and whether insurance will cover those losses. Most property insurance policies that offer business interruption coverage provide some form of “civil authority” coverage...

A Role for Rural Hospitals in the Coronavirus COVID-19 Pandemic
Waller, March 2020

Rural and community hospitals could fill a major gap in a healthcare system that will likely be overloaded, in varying degrees, for at least the next 18 months due to the COVID-19 global pandemic. Congress is in the process of passing the Coronavirus Aid, Relief, and Economic Security Act (“the Cares Act”) that provides unprecedented relief designed to help business in general, but specific allocations for hospitals...

Will COVID-19 Change the Way Courts Enforce - Or Not - Non-Compete Agreements
Waller, March 2020

Is now a time to think a bit differently about an old topic? Let’s see. This short article does not make that decision for your business or client. It does provide the reasons to consider it. Until the aftermath of COVID-19 passes through the American workforce, businesses experiencing coronavirus-related economic hardships will face difficult decisions. These include whether to furlough or layoff employees—an already challenging question...

Navigating Real Estate Leases in the Coronavirus Epidemic
Waller, March 2020

In response to the COVID-19 outbreak, thousands of companies quickly reorganized to enable employees to work from home for the foreseeable future...

Updated FAQ on Families First Coronavirus Response Act
Waller, March 2020

Two days after issuing its initial FAQ about the Families First Coronavirus Response Act (FFCRA), the Department of Labor (DOL) has updated the list, including adding 23 new questions. We will have full coverage of the updated FAQ soon...

Stay-at-Home Orders What Companies Should Know about Justifying their Exempt sSatus
Waller, March 2020

More and more states, counties and municipalities are issuing “stay-at-home” orders or directives recommending, and sometimes requiring: non-essential travel be limited; non-essential businesses temporarily close; or people generally remain at home...

COVID-19 SEC Issues New Guidance
Waller, March 2020

Yesterday, the SEC issued updated guidance regarding public company reporting obligations in light of the coronavirus pandemic (COVID-19)...

Executive Order Waives Certain Tennessee CON Regulatory Requirements
Waller, March 2020

As of March 19, 2020, the requirement to receive a certificate of need (CON) prior to increasing bed capacity has been temporarily suspended byTennessee Executive Order No. 15(the “Order”)...

Department of Labor Issues Official FAQ on Families First Coronavirus Response Act
Waller, March 2020

Late Tuesday night, the Department of Labor issued an official Frequently Asked Questions in regards to the recently passed Families First Coronavirus Response Act. READ NOW: Our complete Families First coverage Here are a few key takeaways: The effective date of the Act is April 1, 2020...

Employee Benefits in the Age of COVID-19
Waller, March 2020

Employers are grappling with increasingly difficult decisions as COVID-19 changes our labor force and the ways we work in profound ways. Below are various benefits-related issues and solutions to consider, amidst a rapidly shifting legislative environment: 401(k) loans and hardship distributions:Most 401(k) plans allow in-service withdrawals in the event of financial hardship...

Observations on FinTech and COVID-19
Waller, March 2020

Waller’s Financial Technology practice has been providing advice to processors, banks, ISOs, financial technology providers, merchants and other participants in the payment processing ecosystem for over forty years...

CMS Announces New Survey Priorities and Enforcement Discretion
Waller, March 2020

On March 23, 2020, the Centers for Medicare & Medicaid Services (CMS) announced updates to its survey process in response to COVID-19 (press release,press release, andmemo). Specifically, as authorized pursuant to section 1135(b)(5) of the Social Security Act, CMS is prioritizing certain surveys and exercising enforcement discretion for all certified provider and supplier types for the next three weeks...

 

 

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