In times of great uncertainty, there is power in knowledge and preparation. In response to the coronavirus (COVID-19) outbreak throughout the United States and beyond, we’ve assembled industry experts to give you guidance and solutions to combat the ramifications on your business.
RESTAURANTS
April 22, 2021 Restaurant Revitalization Fund Begins Roll Out
The Small Business Administration (“SBA”) has begun releasing information on the launch of the Restaurant Revitalization Fund (“RRF”). Similar to the Shuttered Venue Operators Grant (“SVOG”), the RRF will provide grants to food service businesses with up to 20 locations.
REAL ESTATE
February 26, 2021 Five Expert Ways to Optimize Your Financial Position When You’re in Debt: Special COVID-19 Edition
Commercial real estate and the commercial mortgage-backed securities (CMBS) market have seen an increase in delinquencies from 2.29% in April of 2020 to 7.58% in January of 2021. An additional 9.72% of loans are under special servicer arraignments up from 2.78% a year earlier.1
February 26, 2021 Consolidated Appropriations Act, 2021 Provides Benefits to the Real Estate Industry
The Consolidated Appropriations Act, 2021 (the "Act"), passed on December 27, 2020, included a $2.3 trillion spending bill to provide additional COVID-19 relief and provide funding for the government for the next fiscal year. The Act includes potential tax savings opportunities and incentives for real estate owners, developers and investors.
January 28. 2021 The IRS Extends Deadlines Again for Qualified Opportunity Funds and Investors
To meet the compliance requirements of the Qualified Opportunity Zone (“QOZ”) program, Qualified Opportunity Funds (“QOFs”) and their investors must meet specific deadlines. In recognition of the economic disruption caused by the coronavirus pandemic, the IRS extended many of these deadlines in Notice 2020-39 issued in June, 2020.
October 12, 2020 Careful What You LEASE for: Knowing when IRC Sec. 467 applies to your leasing agreement
The current economic downturn caused by the COVID-19 pandemic has greatly impacted the commercial real estate industry. Even the most seasoned experts are left scratching their heads, trying to determine which direction the real estate market is heading.
June 10, 2020 [Webinar] Real Estate Panel: South Jersey Business Leadership Forum
Our South Jersey Real Estate experts convened for a discussion focused on COVID-19's impact on the commercial and residential real estate sector.
May 27, 2020 [Webinar] Real Estate in Post COVID-19 World
Friedman hosted a webinar featuring a panel of real estate industry experts who discussed COVID-19's impact on the commercial and residential real estate sector in Philadelphia.
April 22, 2020 COVID-19 and Real Estate: Resources, Legislation and Your Business
The real estate industry stands to be significantly affected by the economic impact of the COVID-19 pandemic. To help guide property developers, owners and managers, Friedman has compiled information on relief programs you may be able to take advantage of, CARES Act tax provisions that can be leveraged to maximize cash flow and resources to respond to a rapidly changing industry landscape.
April 15, 2020 The Impact of COVID-19 on Qualified Opportunity Funds
Steven Bokiess, a partner at Friedman LLP in the real estate group and leader of the firm’s Qualified Opportunity Zone Consulting practice, shared with Thomson Reuters how COVID-19 may impact Qualified Opportunity Funds
NONPROFIT
February 16, 2021 Understanding the Reporting Requirements for Corporations who Received CARES Act Provider Relief Funds
One of the many sources of support to come from the Coronavirus Aid, Relief, and Economic Security (CARES) Act is the Provider Relief Fund (PRF). Many healthcare providers, including for-profit corporations, qualify and have received these funds. Understanding how to audit these funds is crucial.
January 6, 2021 COVID-19, the Public Support Test and your Nonprofit’s Status
COVID-19 has had a vast and varied impact on our economy. Unfortunately, in many ways nonprofits are bearing the brunt of a post-COVID economy characterized by tightening of wallets and reduced cash flow.
September 1, 2020 Are Your Internal Controls Strong Enough to Withstand the Impact of COVID?
Beyond business closures, widespread unemployment and entire industries staggered by depressed spending, savvy boards and owners are carefully tracking an unheralded but insidious threat to their reputation and financial standing.
June 2020 Accessing Disaster Assistance Opportunities and Tax Relief
Disaster relief provisions are traditionally triggered when forces of nature are unleashed-- such as, a severe storm causing flooding, landslides or mudslides; hurricanes; wildfires; tornadoes or earthquakes. A global pandemic, of course, qualifies as a disaster.
May 13, 2020 New Information on SBA Stimulus Funding and the Uniform Guidance
Due to the far-reaching economic impact of the COVID-19 pandemic, many nonprofit organizations have turned to the emergency funding streams issued by the U.S. Small Business Administration (SBA). These streams include, the Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program Loans (PPP).
April 23, 2020 [Webinar] Your Nonprofit and COVID-19
Access the live recording of our virtual webinar where our nonprofit experts answered frequently asked questions in light of COVID-19.
March 31 Your Nonprofit and COVID-19: Adapting Practices, Qualifying for Credits and Embracing Extensions
Whether they are altering operations, adopting new policies or applying for relief programs, industries across the world are being affected by the outbreak of COVID-19. Unfortunately, nonprofits are no exception.
FORENSIC, LITIGATION AND VALUATION
February 16, 2021 Collateralized Loan Obligations: Continuing Distress Will Likely Spur Litigation Activity
The Collateralized Loan Obligation (“CLO”) market appears to be heading for turmoil. The pandemic has applied increased pressure on these securities, resulting in even greater scrutiny of the previously identified underlying weaknesses.
March 28, 2020 How COVID-19 and the CARES Act Will Affect Divorces
As the global pandemic reshapes our world introducing unexpected economic and social challenges - divorces, and other family law matters will continue. There are a myriad of predictions of what will happen and when it will happen.
LIFE SCIENCES
March 27, 2020 At a Glance: How COVID-19 is Affecting the Life Sciences Industry
Our Life Sciences industry and community is working fast and furious in an effort to do everything possible to address the pandemic. Biopharmaceutical and Medical Device companies are working closely with Federal and State organizations as well as the World Health Organization to develop vaccines, improve tests and investigate the usefulness of antiviral drugs, as well as other forms of treatment, in combating COVID-19.
CONSUMER GOODS
June 16, 2021 Retail’s New Look in 2021
As shoppers resume traditional in-person dining and shopping, the question becomes: Which shopping behaviors developed during the pandemic will have a long-term shelf life?
January 13, 2021 5 Challenges E-Commerce Companies Can Expect in 2021
While companies in the travel and hospitality sector continue to face the brunt of the impact from the COVID-19 pandemic, e-commerce companies have flourished. Consumers are spending more time at home and retail trends continue to shift away from brick and mortar stores towards online shopping.
March 17, 2020 Tying Loose Threads: Fortifying Your Consumer Goods Business Against the Ramifications of COVID-19
On March 4, U.N. economists announced that, once the dust has settled, global manufacturing exports will have dropped by $50 Billion in February alone, precipitated by the newly named COVID-19 (formerly coronavirus).
