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On Wednesday, June 24, Bass, Berry & Sims continued its COVID-19 M&A Environment: Dealmaker Perspectives Webinar series with leading professionals in the government contracts services industry. The panelists included Bass, Berry & Sims members Jason Northcutt and Todd Overman, who were joined by Craig Reed, Chief Growth Officer and Senior Vice President at Serco; Kate Troendle, Director at KippsDeSanto & Company; and Eric Wolking, Operating Partner at Bluestone Investment Partners. A recording of the webinar can be found here.

The panelists’ discussion focused on market considerations for deal professionals in the new and evolving era of COVID-19. Some of the key takeaways from this installment are listed below.

  • Market Improvement Observations. As with other sectors, the government contracts services industry experienced a slowdown in deal flow as participants assessed the uncertainty surrounding the pandemic and endured the chilling effects of the implementation of quarantine procedures. However, the government contracts services industry was impacted less severely than other industries as smaller, quality transactions continued to close over the past few months. Notably, the indexed share price performance for government services continued to trade above the S&P 500 and recently rebounded to near-record highs achieved in February.…
    Continue Reading Key Takeaways from the COVID-19 M&A Environment: Government Contracts Dealmaker Perspectives Webinar

Join Bass, Berry & Sims attorneys and leading industry dealmakers for a series of lively panel discussions focused on the nuts and bolts of executing a buy- or sell-side deal in a post-pandemic environment. Each discussion in this series will focus on industry-specific guidance, including food and beverage, retail and healthcare, among others. The June 24 installment of the series will focus on the government contracts services industry.

With social distancing and travel limitations, regulatory changes and approvals, COVID-19-specific diligence, and financing considerations top of mind, our panelists from within the government contracts industry will share their experiences and perspectives on what deal professionals should consider in a new and evolving market.

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Continue Reading COVID-19 M&A Environment Dealmaker Perspectives Webinar Series: Government Contracts Dealmaker Perspectives

This Friday, June 12, I will be participating in a Solvability Freedom Friday webinar discussing legal developments for government contractors during COVID-19.

Discussion topics will include the following:

  • PPP oversight and enforcement.
  • CBCA decisions on compensating contractors during a pandemic.
  • CMMC delays.
  • New WOSB certification program.

Details follow for this complimentary session:

Time: June 12…

As developments related to COVID-19 continue to unfold, Bass, Berry & Sims attorneys are monitoring the situation and providing guidance through a series of video chats entitled, “COVID-19 Compliance Conversations.”

In this episode, Thad McBride is joined by Mahesh Joshi, Vice President & Chief Compliance Officer at NCR. Mahesh shares thoughts on how he…

The Small Business Administration (SBA) has released the first major guidance regarding the forgiveness of loans made under the Paycheck Protection Program (PPP) by publishing the form of the PPP loan forgiveness application. The forgiveness application, which was posted to the U.S. Treasury’s website on May 15, provides some long-awaited and much needed clarity…

The recently passed Coronavirus Aid, Relief, and Economic Security Act (CARES Act) injected previously unthinkable amounts of stimulus funds into the struggling U.S. economy. To oversee the disbursement of these funds and to curb fraud and misuse, the CARES Act created various oversight and enforcement mechanisms. Notable among these is the Special Inspector General for Pandemic Recovery (SIGPR). As we explained in a recent post, the SIGPR is conferred broad powers to audit and investigate waste, fraud and abuse involving hundreds of billions of dollars in CARES Act funds. Additional primary oversight bodies include the Congressional Oversight Commission and the Pandemic Response Accountability Committee (PRAC).

While arguably the most significant oversight leadership position, the SIGPR remains vacant; however, that may not be the case for much longer. President Trump’s pick for the SIGPR role, Brian D. Miller, has not yet been confirmed by the Senate – although Miller’s confirmation hearings were held on May 5 and his nomination was advanced to the Senate floor on May 12. The actions of similar special inspectors general offices, and in particular that established to oversee the stimulus package Congress passed after the 2008 financial crisis (the Special Investigator General for the Troubled Assets Relief Program, or SIGTARP), suggest the office of the SIGPR will be particularly aggressive in pursuing fraud and misuse related to disbursed CARES Act funds. Yet, even if the Senate confirms Miller soon, considerable time may pass before the Office of the SIGPR can bring to bear its full investigative and audit powers. After all, the Office of the SIGPR is not yet in existence and should Miller, who served as the GSA Inspector General from 2005 through 2014, be confirmed, he will need to lay the agency’s operational groundwork from scratch, including hiring a full staff of employees (Miller expects to hire 75-100 employees), securing office space, and equipping the office, etc.

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Continue Reading Update: Investigations Under the CARES Act Ramp Up Even as Oversight Roles Remain Vacant

As developments related to COVID-19 continue to unfold, Bass, Berry & Sims attorneys are monitoring the situation and providing guidance through a series of video chats entitled, “COVID-19 Compliance Conversations.”

In this episode, Thad McBride is joined by Ernie Edgar, General Counsel at Atkins North America, to discuss operational and legal challenges he and…

As developments related to COVID-19 continue to unfold, Bass, Berry & Sims attorneys are monitoring the situation and providing guidance through a series of video chats entitled, “COVID-19 Compliance Conversations.”

In this episode, Thad McBride is joined by Ed Bond, the Director of IBM’s Export Regulation Office, to discuss issues that exporters need to…

I recently discussed various COVID-19-related contracting policies that will impact federal contractors during the pandemic. The article in Law360 examined the following four policies: CARES Act Section 3160, contractual change clauses, accelerated progress payments, and the Paycheck Protection Program (PPP).

In the article I explained that Section 3160 of the CARES Act is “a recognition…

On April 8, the Department of Defense (DoD) issued a Class Deviation 2020-O0013 laying out the framework for implementing Section 3610 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). DoD is to be commended for swift action to implement this useful permissive authority, which is but one of the many tools available to contracting officers to ensure affected contractors with contracts or agreements under Other Transaction Authority are fairly compensated and are prepared, to the maximum extent possible, to continue to support DoD’s mission.

The legislative provision, which we commented on when it first appeared in the Senate version of the bill, raised questions that the class deviation and subsequent implementation guidance and FAQs helpfully address.  Hopefully, DoD’s guidance will be helpful to agencies across the government that are eager to use the authority at Section 3610 but have been delayed due to uncertainty caused by unclear legislative language.

For example, the legislation authorizes agencies to reimburse at the “minimum applicable contract billing rates,” a term that is not defined, but only if the employees cannot perform work at a site that has been “approved by the Federal Government” without guidance on what such approval entails.  Further, Section 3610 provides that the maximum reimbursement authorized shall be reduced “by the amount of credit a contractor is allowed pursuant to division G of Public Law 116-127,” which is a reference to the Families First Coronavirus Response Act (FFCRA) payroll tax credits for paid sick and family/medical leave, and “any applicable credits a contractor is allowed under this Act,” which is not defined.

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Continue Reading DoD Issues Framework to Provide Relief to Government Contractors Affected by COVID-19-Related Closures