What are the laws concerning using others songs for a local EP?

Don't think the rules about covers are that big a deal. Don't think they were serious but Silverstein at Download on Sunday covered a song by American Nightmare and said htere was a "10 Year Rule" where they could only cover songs that were at least 10 years old, and they song was godo by one day. I would consult your label about it though, they should know if it's OK or not. I don't think covers are too big an issue as long as you give adequate songwriting credit to the original artists, samples are more of an issue (look at the issue between the Rolling Stones and The Verve over Bittersweet Symphony).