COVID-19 Business Continuity Bulletin
March 20, 2020
Coats Rose is dedicated to providing you with up-to-date information regarding your business. We have compiled the latest information to help your business to run smoothly during this critical time. We are closely monitoring COVID-19 legal developments to keep you informed.

Senate passes Families First Coronavirus Response Bill which provides paid sick leave for certain employees, expands coverage under the FMLA, creates payroll tax credits to reimburse employers for provision of the COVID-19 sick leave and paid FMLA leave, requires insurers to cover all costs of COVID-19 testing, and expands food assistance, including SNAP and WIC, and provides federal funding for extended unemployment benefits. READ MORE

An additional proposed $1 trillion stimulus package is being reviewed by Congress. Details of the package are still being decided; proposals include direct payments to Americans, the creation of a small business interruption guaranteed loan program and aid for the airline industry. READ MORE

The U.S. Department of Housing and Urban Development (“HUD”) announced there will be no evictions or foreclosures until the end of April for renters of HUD-owned properties and homeowners with mortgages backed by the Federal Housing Administration, Fannie Mae and Freddie Mac. READ MORE

LIHTC - allocating agencies respond to coronavirus.The Louisiana Housing Corporation has cancelled its board meetings until April 13, 2020. For information on other states please follow this link. READ MORE

HUD awards $117.4 million in Tenant Protection Vouchers for the 2019 fiscal year.

National Park Service has advised all State Historic Preservation Offices (SHPO) to hold all Federal Historic Tax Credit applications until further notice. The Louisiana SHPO has requested that applicants refrain from submitting Federal applications at this time, but they are still accepting state Historic Tax Credit applications.

The Federal Reserve Board announced that it will establish a Commercial Paper Funding Facility (“CPFF”) to purchase certain unsecured and asset-backed commercial paper in order to support the flow of credit to households and businesses. READ MORE

The Federal Reserve, FDIC and Office of the Comptroller of the Currency are encouraging banks to use liquidity buffers they have been building since the financial crisis of 2008.
Federal Reserve Board announces establishment of a Primary Dealer Credit Facility (“PDCF”) to support the credit needs of households and businesses. READ MORE

The Federal Reserve cut interest rates to 0% in an effort to keep economy moving.

CDFI Fund allows workers to work remotely; staff will be unable to answer the CDFI Fund’s main phone line, but the CDFI Fund does not expect business interruptions.

As of now, all Louisiana Clerks of Court and/or Recorders are currently open and are accepting documents for recording. The Clerk of Court for the Parish of Orleans Land Records Division (Mortgage and Conveyance) is accepting fax filed documents from 9:00 am – 1:00 pm for recordings. The Clerk of Court for East Baton Rouge Parish will begin drive-thru recording services at its Airline Drive location. The hours of operation are 8:00 am – 12:00 pm. The Clerks of Court for St. Mary Parish and West Feliciana Parish have limited in person recording. In addition, many parishes authorize e-recording.

IRS extends tax payment deadlines to July 15; without interest or penalties. READ MORE

The Louisiana Department of Revenue has extended sales and excise tax deadlines to May 20, 2020. READ MORE
Kelly Longwell
Ben Guider, III
Megan Riess
Christopher Wootten
Sarah Yednock
Affordable Housing and Community Development
From site selection to the closing table, Coats Rose attorneys provide in-depth knowledge and experience regarding the legal issues faced by developers, lenders, owners and operators of public and private commercial real estate. READ MORE
Coats Rose, P.C. is a transactional and litigation law firm focused on development: the development of real estate, affordable housing, special purpose districts, business and private wealth. We provide legal counsel to businesses, governmental entities corporate and high-net worth clients across the U.S. and internationally. For over 30 years, the firm has leveraged its vast legal experience to fulfill clients’ needs spanning real estate law, affordable housing and community development, public finance, construction/surety law, commercial litigation, government relations, intellectual property, mergers and acquisitions, securities law, tax, wealth transfer planning and wealth preservation planning.
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