Coronavirus

2020 Legislative Changes Affecting Virginia Community Associations

07/06/2020Panagis, Kathleen W.

The 2020 legislative session was notable for a few reasons.  First, the Democrats held the majority of seats in both houses of the General Assembly for the first time in recent history.  Second, the legislature also took action to address the impacts of COVID-19, which has affected virtually every aspect of our society, including community… Read more »

COVID-19 and the CARES Act – New IRS Guidance and Relief for Retirement Plan Distributions and Loans

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07/06/2020Saffelle, Robert N.

On June 19 and 23, 2020, the IRS issued additional guidance (IRS Notices 2020-50 and 2020-51) clarifying and expanding relief for retirement plan participants under the Coronavirus Aid, Relief and Economic Security Act (CARES Act).  A previous article summarizing the CARES Act retirement plan provisions can be found here. The new guidance makes the following… Read more »

When to Apply for Forgiveness of a PPP Loan

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06/24/2020King, Ray W.

This Article is based on information available as of June 22, 2020.  The information is subject to change as additional guidance is provided. NOTE—This article updates the information in the following Articles previously published: Paycheck Protection Program Under the Coronavirus Aid, Relief and Economic Security Act, March 31, 2020 SBA Issues Interim Final Rule for… Read more »

Lease Issues in the COVID-19 Environment [Part 2]

06/19/2020Crouch, Richard J.

The COVID-19 crisis has significantly impacted the ability of parties to satisfy their respective obligations under their commercial leases.  As mentioned in Part 1 of this series, many parties are discovering that the language of force majeure clauses often lacks the specificity to adequately address this unique situation.  Part 2 of this series explores the… Read more »

Lease Issues in the COVID-19 Environment [Part 1]

06/19/2020Crouch, Richard J.

In the current COVID-19 crisis, attorneys are receiving numerous questions from landlords and tenants, as to their respective contractual obligations under their commercial leases.  Tenants are carefully analyzing the provisions of the lease to determine if any provisions therein could excuse or delay performance, particularly as it relates to the obligation to pay rent.  This… Read more »

Amendments to CARES Act – Paycheck Protection Program Flexibility Act

06/08/2020King, Ray W.

This Article is based on information available as of June 11, 2020.  The information is subject to change as additional guidance is provided. NOTE—The Paycheck Protection Program Flexibility Act of 2020 amends the CARES Act, and this Article updates the information in the following Articles previously published: Paycheck Protection Program Under the Coronavirus Aid, Relief… Read more »

Loan Issues In the COVID-19 Environment

06/04/2020Crouch, Richard J.

In the current COVID-19 environment, many borrowers are asking whether the government will grant borrowers any relief from payment obligations under their commercial loans. There is a general reluctance of governmental authorities to interfere with private contracts, which would include most loan documents. Accordingly, loan payments are contractual obligations for which borrowers will generally remain… Read more »

Completing Commercial Real Estate Transactions in the COVID-19 Environment

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06/04/2020Crouch, Richard J.

How do I get my commercial real estate transaction closed in the COVID-19 environment?  Many transactions are at a standstill, particularly if lenders are overwhelmed or are having difficulty underwriting loans with economic conditions in a state of flux.  However, for those deals past the due diligence period and near closing, it may be possible… Read more »

Construction Administration and Site Visits in a Brave New World

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06/04/2020Nicholos, George M.

Construction Administration and Construction Site Visits are difficult things of themselves and with inherent risks imposed by COVID-19 demand additional care and prior planning, particularly for such things as site observations and payment application confirmation that require in-person observation and interaction. To address these additional concerns, the American Institute of Architects (AIA) recently published on… Read more »