Indiana Executive Order Provides Relief to Companies Facing Various COVID-19 Regulatory Issues
On Thursday, April 23, Indiana’s Governor issued an Executive Order (20-23) designed to assist Indiana companies with various practical problems brought on by the COVID-19 pandemic and the stay-at-home orders in place in Indiana and elsewhere. The Executive Order provides the following relief for Indiana businesses:
- If a business organized in Indiana has been administratively dissolved for failure to file required reports with the Indiana Secretary of State, the business may be reinstated even if it is past the five-year statutory deadline for reinstatement. In addition, the usual requirement that the dissolved business first obtain a certificate of clearance from the Indiana Department of Revenue has been suspended. This should allow more businesses to qualify to seek Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL).
- Despite statutory requirements to the contrary, if a public company organized in Indiana has sent out a notice and proxy materials to hold its annual shareholders’ meeting at a physical location, but is now unable to hold the meeting as scheduled due to the COVID-19 pandemic, the company may change the meeting to one held by remote communication simply by filing a notice with the Securities and Exchange Commission containing details about the new meeting, issuing a press release and posting the press release on the company’s website.
- A nonprofit corporation organized in Indiana whose articles of incorporation and bylaws do not currently permit meetings of its board of directors, committees or members to be held electronically may now hold those meetings by remote communication anyway if the meetings cannot be held in person due to the COVID-19 pandemic.
- The May 15, 2020, deadlines for submitting business personal property tax returns, property tax compliance statements and property tax incentive applications is extended to June 15, 2020.
- Certain administrative requirements for obtaining, renewing or transferring alcoholic beverage permits are suspended or modified.
Please contact Alan Becker (for business reinstatement or meeting issues), Kevin Halloran (for property tax issues) or Lisa McKinney (for alcoholic beverage permit issues) or your Bose McKinney & Evans attorney for more information or assistance with these issues.