Shearman & Sterling LLP multinational law firm headquartered in New York City, United States.

The outbreak of coronavirus COVID-19 has wide-ranging implications for businesses, governments and institutions across markets and industries. We have created a resource hub containing information on the potential impact this pandemic may have on businesses, and how to prepare and succeed moving forward.

Read Compilation* of COVID-19 Legislation & Government Updates.

Shearman & Sterling: COVID-19 Insights Series

Shearman & Sterling is hosting a series of partner-led calls to answer your COVID-19 questions, including industry trends and the legal and business implications to the pandemic. The calls will take place Tuesday through Thursday (March 31-April 2 and April 7-April 9). Click below to have these live calls added to your calendar.

Add Shearman & Sterling: COVID-19 Insights Series to your Outlook Calendar.

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For further questions or concerns, please contact COVID-19 Task Force.

Key Considerations

Regulatory Responses

International Arbitration/Litigation

Tax

Energy

Finance

Antitrust/State Aid

COVID-19: Accessing Government Support for Businesses 

The COVID-19 pandemic has implications for all of us. In addition to the health concerns, there is the massive economic dislocation for almost every aspect of the economy – which may continue for many months yet.

There is very little for society to gain from allowing otherwise viable and successful businesses to collapse as a result of such an extreme shock. There is a perfectly legitimate role for Governments to play in supporting business through this period.

In the EU and UK such support must comply with the State aid rules. This can be via widescale measures across the whole economy or more focused on particular sectors. The latter is highly likely to be State aid. The European Commission is ready to approve such aid but obtaining that approval quickly requires care and experience. Companies cannot rely on overstretched Governments. Lack of timely expert representation often results in delays, insufficient support or inappropriate conditions being imposed. Liability for missteps will subsist for the company concerned after the crisis.

Shearman & Sterling has one of Europe’s leading practices in State aid. If any businesses require our help in navigating the State aid process to access vital Government support please do get in touch.

James Webber

Perspectives

Resources

The European Commission has made the following statements relating to state aid for Covid 19:

Further general press releases from the Commission regarding Covid 19 can be found at the following link: https://ec.europa.eu/commission/presscorner/home/en

The U.K. Government has made the following guidance announcements which relate to support for businesses in the wake of Covid 19: