On Monday, the Federal Reserve Board announced significant expansions of the Municipal Liquidity Facility (“MLF”). The MLF was unveiled on April 9, 2020 as part of the federal initiative to provide trillions in loans to shore up those affected by the coronavirus pandemic. In a nutshell, the MLF is designed to provide a liquidity backstop
Intellectual property comprises some of the most valuable assets a business may hold – its brands, patents, know-how, and other intangible rights that make the business unique. The intellectual property assets (IP) throughout the energy sector—upstream, midstream, downstream and service providers along the way—will be affected as more energy companies seek bankruptcy relief in the
Last week, President Trump unveiled his Guidelines for Opening Up America Again. The Guidelines present a three-phase, criteria-based, framework to allow individuals and employers to return to normal activities. The return-to-work envisioned by the White House calls for the easing of current restrictions, not the wholesale abandonment of those restrictions. The guidelines are not statutes
The coronavirus continues to adversely impact so many, and the court systems across the country are adapting in kind. On April 2, 2020, Louisiana’s Governor in Proclamation JBE 2020-41 suspended all legal deadlines at least until April 30, 2020. Further, the Louisiana Supreme Court has issued orders over the last few weeks to help the
On April 20, 2020, the Louisiana Department of Health (“LDH”) Office of Public Health issued Healthcare Facility Notice/Order Notice #2020-COVID 19-ALL-10 (“Notice-10”) which supersedes prior notices and lifts some of the restrictions on medical, surgical and dental procedures as well as other healthcare services beginning on April 27, 2020. All licensed healthcare facilities and professionals
On April 16, 2020, the Offshore Marine Service Association (OMSA) issued a memorandum providing guidance for the protection of maritime personnel on vessels during the COVID-19 pandemic. The memorandum aims to support the uninterrupted flow of the nation’s marine transportation system while maintaining the safety of maritime personnel. The guidelines contained and referenced in the
Under Section 1031 of the Internal Revenue Code, a taxpayer may sell real property (the relinquished property) and replace it with real property of a like-kind (the replacement property) without recognizing tax on the sale if certain requirements are met. Two of those requirements involve deadlines: the taxpayer must identify replacement property within 45 days
On March 27, 2020, President Trump signed H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (Public Law No: 116-136, the “CARES Act” or the “Act”). Title I of the CARES Act creates the Paycheck Protection Program (discussed in more detail here). Generally speaking, the Paycheck Protection Program permits certain small businesses to
While the Louisiana Department of Revenue (the “Department”) has extended some filing and payment deadlines, it has not extended the April 15 and June 15 deadline for making 2020 first and second quarter individual and corporate estimated state income tax payments. Nor has the Department extended the April deadline for reporting and remitting March state
The IRS recently issued Notice 2020-23, which extends the deadline for certain time sensitive actions that are required to be taken between April 1 and July 15. July 15 is the new deadline. The covered time sensitive actions include those actions relating to tax exempt bonds set forth in Revenue Procedure 2018-58, such as