COVID-19 Resource Center

The health, safety, and well-being of our employees, clients, and the global community are our highest priority during this worldwide pandemic. We are following the advice of local, U.S. and international organizations to do our part to help stem the spread of COVID-19 (coronavirus). We have been on the forefront of dealing with COVID-19 alongside our clients. Whether providing training to Boards and employees, assisting with policies, procedures, and customer disclosures, interacting with regulators, addressing employee and other practical concerns, negotiating third-party agreements, or evaluating potential workout and other litigation issues, we can help your organization navigate through the complex legal challenges involved with pandemic-related issues.

We created this COVID-19 knowledge center to keep you informed and to help navigate business and legal issues presented by this global pandemic. Email bfekina@bfkn.com if you would like to be notified when new content is available. We are dedicated to helping our clients and the community get through this together. As always, do not hesitate to reach out with any questions. We are here to help you. - Howard J. Kirschbaum, Managing Partner

Banking & Financial Institutions

• CARES Act Paycheck Protection Program¹ FAQs (Updated: January 15, 2021)
  • Client Alert: New PPP Loan Program (January 15, 2021)
  • Client Alert: FAQs on the PPP (April 6, 2020)

• Labor & Employment Litigation Risks Lurk Within Pandemic Chaos (October 14, 2020)

  • In-Depth: COVID-19 Labor & Employment Litigation Risks
• Overdraft & PPP Class Action Litigation Against Banks Increases (September 8, 2020)
• FFIEC Highlights LIBOR Transition Risks (August 19, 2020)
• Regulators Encourage Banks To Continue To Work With Borrowers (August 4, 2020)
• Financial Institutions Group Offerings Update (July 8, 2020)
• Reconsidering Lessons From The Previous Crisis (May 11, 2020)
• D&O Insurance Issues In The COVID-19 Context (May 1, 2020)
• Interim Final Rule On PPP Loan Disbursements (April 30, 2020)
• Federal Reserve Establishes PPP Liquidity Facility (April 17, 2020)
• New SBA Guidance On PPP Loans To Bank Insiders (April 14, 2020)
• Mitigating Risk From PPP Loans (April 9, 2020)
• PPP Promissory Note Issues (April 8, 2020)
• COVID-19 & The Material Adverse Change Clause (April 3, 2020)
• Bank Regulatory COVID-19 Guidance – Takeaways On Working With Borrowers & TDRs (March 24, 2020)
  • In-Depth: Bank Regulatory COVID-19 Loan Guidance Takeaways
• Top 10 Considerations for Pandemic Responsiveness (March 19, 2020)
  • In-Depth: Top 10 Considerations For Pandemic Responsiveness
• 10 Steps For Following Regulators’ COVID-19 Guidance While Still Protecting Your Bank (March 17, 2020)
  • In-Depth: 10 Steps For Following Regulators’ COVID-19 Guidance
• Webinar: Is Your Bank's Pandemic Contingency Plan Ready for Implementation? (March 12, 2020)
  • Webinar Overview
• Financial Institutions Urged To Work With Borrowers Impacted By COVID-19 (March 10, 2020)

Bankruptcy & Creditor Rights

• Considerations for Supplier Bankruptcies (April 15, 2020)
• Could Filing For Bankruptcy Help A Business Slammed By COVID-19? (March 20, 2020)
  • In-Depth: COVID-19 – Bankruptcy Considerations

Compensation & Employment

• Should Your Business Require COVID-19 Vaccination? (December 22, 2020)

• Webinar: Compensation & Employment Update (November 19, 2020)
• Labor & Employment Litigation Risks Lurk Within Pandemic Chaos (October 22, 2020)
  • In-Depth: COVID-19 Labor & Employment Litigation Risks
• School Is Open... Or Is It? (September 9, 2020)
• Compensation Committee Agenda Update (July 13, 2020)
• IRS CARES Act Retirement Plan Guidance (July 7, 2020)
• CDC Employer Information For Banks (July 2, 2020)
• Summer 2020 Compensation Committee Agendas (June 12, 2020)
• Is Your Business Ready to Reopen? (June 3, 2020)
• COVID-19 Considerations For Emergency PSL & Emergency FMLA (April 10, 2020)
  • COVID-19 Employee Leave Requirements & Documentation
• Compensation Limits For CARES Act Economic Stabilization Fund Loans (April 9, 2020)
• COVID-19 Considerations For Your Company’s 401(k) & Other Tax-Qualified Retirement Plans (March 27, 2020)
  
  • In-Depth: COVID-19 Retirement Q&A
• COVID-19 – New Employer Obligations & Considerations (March 20, 2020)
  
  • In-Depth: COVID-19 – New Employer Obligations & Considerations

Insurance Coverage

• COVID-19 Insurance Coverage Considerations (March 18, 2020)

Intellectual Property

• Trademark Modernization Act of 2020 (January 11, 2021)
• COVID-19 IP Deadline Extensions - June 1^st (April 29, 2020)
• "Willfulness” Not A Prerequisite In Trademark Remedies (April 24, 2020)
• IP Deadline Extensions During COVID-19 (April 14, 2020)
  • COVID-19 IP Takeaways, Deadlines & FAQs

Motor Vehicle

• Unique COVID-19 Challenges For Motor Vehicle Manufacturers & Distributors (March 27, 2020)

Small Business

• Main Street Lending Programs (Updated: June 8, 2020)
  
  • Updated Client Alert (May 5, 2020)
  • Original Client Alert (April 14, 2020)
• Webinar: A Step-By-Step Guide on How to Participate in the $2 Trillion Coronavirus Aid Package (April 3, 2020)
  • Webinar Overview
• COVID-19 CARES Act Key Source Of Relief For Small Businesses (March 31, 2020)
  
  • CARES Act Paycheck Protection Program¹  (UPDATED: April 7, 2020)
  • CARES Act EIDL & Paycheck Protection Programs^1,2 (UPDATED: April 8, 2020)
• Chicago Small Business Resiliency Fund (March 20, 2020)

Tax & Business Planning

• When Are Expenses Funded By A PPP Loan Eligible For Deduction? (November 23, 2020)
• COVID-19 Optional Payroll Tax Deferral (September 10, 2020)
• Updated IRS Guidance On The PPP & Employee Retention Credit (May 12, 2020)
• COVID-19 Tax Developments (March 29, 2020)
  • InDepth: CARES Act Tax Provisions

External Resources

• Alliance for Automotive Innovation: COVID-19 Industry Response
• California New Motor Vehicle Board (NMVB): Board of Operations in Light of the COVID-19 Pandemic
• Centers for Disease Control and Prevention (CDC): Coronavirus (COVID-19)
• Chicago Department of Public Health (CDPH): Coronavirus Response Center
• Conference of State Bank Supervisors (CSBS): Information on COVID-19 Coronavirus
• Federal Deposit Insurance Corporation (FDIC): Coronavirus (COVID-19) Information for Bankers and Consumers
• Federal Reserve System: Coronavirus Disease (COVID-19) Resources
• Federal Trade Commission (FTC): Protecting America's Consumers
• Illinois Department of Financial and Professional Regulation (IDFPR) – Resources for Illinois Residents Impacted by Coronavirus Disease 2019 (COVID-19)
• Internal Revenue Service (IRS): Coronavirus Tax Relief

• John Hopkins University: Coronavirus COVID-19 Global Cases by the Center for Systems Science and Engineering (CSSE) at JHU

• Minnesota Department of Health (MDH): Coronavirus Disease 2019 (COVID-19)
• Motorcycle Industry Council (MIC): COVID-19 Updates

• National Conference of State Legislatures (NCSL): COVID-19: Daily Announcements From Federal Agencies

• National Conference of State Legislatures (NCSL): State Action on Coronavirus (COVID-19)

• Office of the Comptroller of the Currency (OCC): COVID-19 (Coronavirus)
• State of Illinois Executive Department: Executive Order in Response to COVID-19 (COVID-19 Executive Order No. 8)
• U.S. Chamber of Commerce (COC): Combating the Coronavirus
• U.S. Department of Labor (DOL) – Occupational Safety and Health Administration (OSHA): COVID-19
• U.S. Department of Labor (DOL) – Wage and Hour Division: COVID-19 and the American Workplace
• U.S. Small Business Administration (SBA): SBA Franchise Directory
• U.S. Small Business Administration (SBA): SBA Information Notice
• World Health Organization (WHO): Rolling Updates on Coronavirus Disease (COVID-19)

We Can Help

Please contact us if you would like to discuss any of these issues or if we can otherwise be of assistance.