Tag Archives: COVID-19 Pandemic

Senate Passes $1.9 Trillion COVID-19 Relief Bill: What You Need To Know

The Senate passed President Biden’s $1.9 trillion COVID-19 relief package late Friday night.  While the bill must go back to the House of Representatives for reconciliation with the bill they passed in late February, it is a major step forward in getting financial relief to those in need.

Here’s what you need to know about the COVID-19 Relief Bill:

  • It extended the $300 weekly unemployment benefit through September 6th, thereby avoiding the deadline of mid-March for that benefit established by the December 2020 stimulus bill.
  • It promises $1,400 in stimulus money to a narrower selection of individuals than had been eligible for prior stimulus checks.  Individuals who earn more than $80,000 and married couples earning more than $160,000 combined are excluded. 
  • The $15 minimum wage provision that was a highlight of the House bill did not make it into the Senate’s version.
  • It allows an individual’s first $10,200 earned through unemployment to avoid taxation.  This applies to those who made less than $150,000 in adjusted gross income in 2020.  If you earned more than $10,200 and have already filed your 2020 tax returns you may consider amending your return to reflect that information.  Talk to a tax professional to see if such an amendment would change your tax liability.

The Senate bill included many other provisions, including a change to the child tax credit, providing further relief to state and local governments, and funding for COVID-19 testing, vaccinations, and contact tracing.  We will have to wait for the reconciled bill to see if any of these provisions change, but it is notable that the bill was passed and is heading towards reconciliation. Stay tuned.

Questions? Let Kelly know.

Kelly Barry is a member of the firm’s Business and Corporate Department and Taxation Practice Group assisting clients in a wide range of corporate matters, including those involving transactional law, tax, and trusts and estates.  She can be reached at kelly.barry@flastergreenberg.com or 856.382.3305.

The Pandemic’s Impact on South Jersey’s Economy: An Insider’s View​

Pandemic……and record DECLINE IN BANKRUPTCY filings.  Yes, as the title of an article in the Wall Street Journal in January read about 2020 “Commercial Chapter 11 Filings Rose 29%, While Personal Bankruptcies Dived.”  We debt relief/restructure practitioners have been following these numbers since the beginning of the Pandemic. 

From the end of March 2020 on, many were expecting a flood, better-yet a monsoon of bankruptcy filings, but the flood never came. Instead, we have seen the lowest number of filings in 35 years! What is going on?  Well, the short answer is that the stimulus packages worked at some level in keeping people employed and many business muddling along! Also, the closing of the courts, delays in foreclosures, almost automatic moratoria for mortgagors, abatements of rent and hold on evictions many posit have slowed the process. So, what is in store for 2021? I tend to lean, with hope, that with the funds coming into the economy through additional PPP funds, extensions of unemployment, extra dollars for individuals and business, perhaps business will reopen, begin getting all those on unemployment back to work and truly bring everyone into the economy without businesses and individuals being compelled by their circumstances to file bankruptcy.  Additionally, the federal government will need to do everything right to ensure that inflation does not “kick in.”  However, I fear that we may now be seeing the beginning of what will eventually be a wave of bankruptcy filings, not necessarily a title wave, but a wave nonetheless. I can just tell you this anecdotally.  As a bankruptcy trustee, I am assigned 45-50 cases approximately once a month to handle. Those numbers went way down during the last eight months.  My January hearings were again up to those numbers with many articulating the COVID-19 pandemic as the cause.  Earlier this month, the Atlantic City Press reported “the Atlantic City-Hammonton metro area, which basically encompasses all of Atlantic County, has been in the top three metro areas in the nation for unemployment rates and increases in unemployment during the pandemic. The other two topping that list were other big tourism and/or gaming sites: The greater Las Vegas area and Kahului-Wiluku-Lahaina in Hawaii.”​ From a business perspective, we have been working very hard to make deals with landlords or for landlords and many other creditors that are either in trouble or causing trouble. However, some of those attempts are blowing up as certain industries are not even able to pay their bills at reduced amounts and creditors are unwilling to take further cuts as their obligations to their own creditors are just too great. 

Stay tuned. I will be putting out a post once a month or perhaps more often, to keep you informed on current filings and the beginning of a uptick that we most certainly think will occur.

Questions? Let Doug know.

Douglas S. Stanger is a shareholder at Flaster Greenberg PC concentrating his practice in bankruptcy, corporate and real estate law. He has served on the United States Department of Justice Panel of Bankruptcy Trustees for 25 years and is an approved mediator for the Bankruptcy Court in the states of New Jersey, Pennsylvania and Delaware. Most recently, Doug was appointed by the U.S. Department of Justice as one of only ten subchapter V trustees in the State of New Jersey.

4 Ways To Keep Your Business Secure During The COVID-19 Pandemic

Cyber security concept businessman Lock on digital screen, contrast, virtual screen with a consultant doing presentation in the background Closed Padlock on digital, cyber security, key WannaCrypt

On Wednesday, March 11, 2020, the World Health Organization declared the outbreak of the coronavirus to be a pandemic. This is significant for several reasons. The first is that the way we interact has drastically, and must necessarily, change because of the contagiousness of the coronavirus and its effect on public health. Secondly, a public health scare such as this can adversely affect the health of a business’s cybersecurity and data privacy. Hackers and other cyber threat actors are capitalizing on the global concern over COVID-19. For example, Check Point researchers found that coronavirus-themed domains are over fifty (50) times more likely to be malicious than other domains and over 4,000 coronavirus-related domains have been registered since January 2020. In fact, a malicious website purporting to be the live map for COVID-19 global cases run by Johns Hopkins has been found to be circulating.

What does all of this mean? It means that your business, including your employees and clients, could be in danger if you don’t take precautionary measures to prevent the risk of a data breach.

How can small and mid-size businesses adapt quickly to ensure effective cybersecurity and data privacy protection right now? If your workforce has gone largely remote, you should focus your cybersecurity and data privacy efforts mainly on the following four areas most susceptible to a breach. This may help to mitigate the risk of a breach actually happening and limit any potential liability.

Below are four ways to keep your business safe from hackers and data breaches during this tumultuous time:

  1. Email Security
    • Make sure you and your staff know how to keep your email secure. Avoid opening emails, downloading attachments, or clicking on suspicious links sent from unknown or untrusted sources.
    • Verify unexpected attachments or links from people you know by contacting them through another method of communication like a phone call or text message.
    • Do not provide personal information to unknown sources like passwords, birthdates, and especially, social security numbers.
    • Be especially cognizant of emails with poor design, grammar, or spelling as this can be a sign of a phishing attempt.
  2. Password Protection and Multi-Factor Authentication
    • Use strong passwords on all of your accounts, and encourage your staff to do the same.
    • Avoid easy-to-guess words like names of pets, children, and spouses as well as common dates like birthdays.
  3. Web Safety
    • As noted above, there has been a massive influx of fake websites, whose creators are looking to take advantage of the fear surrounding the coronavirus.
    • Make sure that any websites that require the insertion of account credentials like usernames and passwords, along with those used to conduct financial transactions, are encrypted with a valid digital certificate to ensure your data is secure. Secure websites like these will typically have a green padlock located in the URL field and will begin with “https.”
    • While your workforce is working remotely, ensure that they are not using public computers and/or logging into public Wi-Fi connections to log into accounts and access sensitive information.
    • You may want to connect with an IT company or your in-house IT department to implement ad-blocking, script-blocking, and coin-blocking browser extensions to protect systems against malicious advertising attacks and scripts designed to launch malware.
    • Sign out of accounts and shut down computers and mobile devices when not in use.
  4. Device Maintenance 
    • Keep all hardware and software updated with the latest, patched version.
    • Run reputable antivirus or anti-malware applications on all devices and keep them updated with the latest version.
    • Create multiple, redundant backups of all critical and sensitive data and keep them stored off the network in the event of a ransomware infection or other destructive malware incident. This will allow you to recover lost files, if needed.

Lastly, if your business is not already protected by a cyber-insurance policy, now may be the time to consider obtaining coverage.

Small and mid-size businesses in the Delaware Valley should consider implementing the above cybersecurity and data privacy measures while adapting to a shifting health and security landscape in the wake of the coronavirus.

Stay safe, everyone!

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Krishna A. Jani
is a member of Flaster Greenberg’s Litigation Department focusing her practice on complex commercial litigation. She is also a member of the firm’s cybersecurity and data privacy law practice groups. She can be reached at 215.279.9907 or krishna.jani@flastergreenberg.com.

To serve as a central repository of information and contributions from Flaster Greenberg attorneys on legal developments during the COVID-19 crisis, we have launched a COVID-19 Resource Page on our website.  Feel free to check back frequently for Flaster Greenberg’s ongoing analyses of important legal updates that may affect you or your business. 

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