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.
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.
Listen On Demand
For further questions or concerns, please contact COVID-19 Task Force.
The Liquidity Crunch | April 1, 2020
The Defense Production Act – What U.S. Businesses Need To Know | March 31, 2020
Debt Buyback And Liability Management Considerations | March 27, 2020
Force Majeure and Imprévision under French Law | March 26, 2020
The COVID-19 Crisis and Force Majeure in Credit Agreements | March 24, 2020
Key Considerations in Employee Terminations | March 24, 2020
Current Estate Planning Opportunities | March 23, 2020
France: Crisis Impact on Capital Markets and Corporate Law | March 20, 2020
Revisiting Stock Option Repricing | March 20, 2020
The Impact of COVID-19 on Incentive Compensation | March 16, 2020
Turbulent Times Ahead—Remember the Real Estate Workout? | March 16, 2020
COVID-19: Force Majeure Event? | March 12, 2020
COVID-19: Derivatives Implications | March 11, 2020
Coronavirus Implications in Loan Documents | March 11, 2020
Small Business and Emerging Growth Company Resource Guide | March 31, 2020
SEC Issues New COVID-19 Disclosure Guidance | March 27, 2020
France’s Supportive Measures For Businesses And Employees | March 27, 2020
Stimulus Package Lacks Relief for Renewable Energy | March 27, 2020
Short Sale Bans In Response To The COVID-19 Pandemic | March 26, 2020
[WEBCAST] The Regulatory Toolbox – Response to the Pandemic | March 26, 2020
NYDFS Adopts Forbearance Regulations for Regulated Institutions | March 25, 2020
COVID-19: Compliance and Legal Considerations for Asset Managers | March 18, 2020
NYDFS Requires COVID-19 Preparedness Plans from Regulated Entities | March 17, 2020
Tax Relief Provisions in the CARES Act Stimulus Package | March 26, 2020
IRS Extends Tax Filing and Payment Deadline to July 15, 2020 | March 20, 2020
Tax Planning for Multinational Borrowers During the COVID-19 Crisis | March 19, 2020
Assessing and Managing Risk and Reward in a Volatile Oil Gas Market | March 25, 2020
France: State Guarantee Scheme for New Money Loans | April 1, 2020
COVID-19 Changes Announced to UK Insolvency Law and for AGMs | March 31, 2020
COVID-19: Update for Borrowers and Lenders in Germany | March 27, 2020
Update—Antitrust and COVID-19 | March 25, 2020
COVID-19 and Antitrust: Crisis and Change | March 19, 2020
COVID-19: State Aid Support to Business | March 17, 2020
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.
The European Commission has made the following statements relating to state aid for Covid 19:
Statement by Executive Vice-President Margrethe Vestager on State aid measures to address the economic impact of COVID-19 - https://ec.europa.eu/commission/presscorner/detail/en/STATEMENT_20_467
State aid: Commission approves €12 million Danish scheme to compensate damages caused by cancellations of large public events due to COVID-19 outbreak - https://ec.europa.eu/commission/presscorner/detail/en/ip_20_454
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
Guidance COVID-19: support for businesses - https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
By way of summary, this includes a package of measures to support businesses including:
Business Rate Relief for small businesses and pubs;
small business grant funding of £3,000 for all business in receipt of Small Business Rates Relief (SBRR) and Rural Rates Relief;
the Coronavirus Business Interruption Loan Scheme to support long-term viable businesses who may need to respond to cash-flow pressures by seeking additional finance; and
the HMRC Time To Pay Scheme.
Guidance Support for those affected by COVID-19 - https://www.gov.uk/government/publications/support-for-those-affected-by-covid-19/support-for-those-affected-by-covid-19#to-support-businesses-experiencing-increases-in-costs-or-financial-disruptions