Where We Are
The legal and regulatory landscape has also changed dramatically over the last six weeks, and we expect more changes in the weeks and months to come. Not only has public health guidance evolved, but there have been major new laws and emergency orders implemented at every level of government to try to combat the coronavirus and subsequent economic problems. This firm has released newsletters and memoranda recently discussing many of the public health, employment, and economic issues raised by the coronavirus pandemic. At the moment, for example, the eligibility of co-ops and condos for PPP loans or other economic benefits under the Federal CARES Act – both categorically and with regard to the economics of specific buildings – is one major legal question our boards are addressing. Time is of the essence because we have already seen that the City of New York has stopped taking applications for small business loans and grants, and there is increasing concern that the PPP loan program will run out of funds to disburse in the near future. If you need advice on these issues, please let us know.