COVID-19’s Impact on Contractual Relationships and Obligations
In follow up to a previous discussion on force majeure provisions, we reviewed how Coronavirus will affect contractual relationships and obligations. The unique nature of the COVID-19 pandemic has thrust all of America into uncertainty. Relying on Act of God language to exempt you from your legal responsibilities might not be a sure bet, even if you believe you have a convincing case. Taking steps to connect with contract partners might be a better way to reach a resolution that recognizes the harm that was done and modifies certain rights and obligations. By working with a skilled business lawyer, you might be able to avoid a significant conflict over how force majeure is defined in your situation. If a compromise cannot be reached, your attorney can assist you in ascertaining whether you might succeed in a legal action.
The pandemic has underscored the necessity of having a plan in place in the event of untimely death, in an effort to minimize taxes and maximize the value of one’s estate. While the coronavirus’ impact is far reaching and ongoing, individuals should consider revising their estate tax planning based on the following:
Governor Cuomo Announces New Guidelines Allowing Out-of-State Travelers to “Test Out” of Mandatory 14-Day Quarantine. Travelers to NYS must show proof of a negative test taken within three (3) days of arriving in New York State, and must also quarantine for three (3) more days and get another COVID-19 test on the fourth day.
Pursuant to the New York Forward Guidelines relating to sports and recreation, effective July 6, 2020, as determined by the New York State Empire State Development Corporation (the “ESDC”), higher-risk non-professional and non-collegiate sports and recreation activities are the most unlikely to maintain physical distance during the coronavirus era.
On October 8, 2020, the Small Business Association (“SBA”) and United States Treasury Department took a smaller step toward simplification of the application process for Paycheck Protection Program (“PPP”) borrowers, and their lenders, on loans of $50,000 or less.
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