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A Guide to Contract Work During the Crisis
ALRUD Law Firm, May 2020

In times of the ongoing crisis, associated with the spread of the novel coronavirus infection (COVID-19), and the introduction of epidemiological requirements and restrictions, many businesses have faced difficulties with contractual performance, including the failure in supply, cancellation of scheduled events and often cutbacks in profits and the impossibility to perform monetary obligations...

Treasury and IRS Finalize Section 385 Regulations
Dykema, May 2020

On May 13, 2020, the Department of the Treasury and the Internal Revenue Service (“IRS”) issued final regulations under Section 385 of the Internal Revenue Code (“Code”), T.D. 9897 (“Final Regulations”), which address the classification of certain related party debt as stock or equity for U.S. Federal income tax purposes...

PPP Loan Forgiveness Application: Key Observations
Dykema, May 2020

The SBA, in consultation with the U.S. Department of Treasury, issued the Paycheck Protection Program Loan ForgivenessApplicationand related instructions on May 15, 2020. While the application and instructions answer many of our questions about PPP loan forgiveness, it leaves many others open. Treasury has promised that the SBA also will soon issue regulations and guidance that we hope will address these questions...

COVID-19: Additional, Exceptional and Temporary Measures Adopted by the Superintendency of Banks of Panama and the Panama Banking Association.
Morgan & Morgan, May 2020

Rule 2-2020, as amended by Rule 3-2020 of the Superintendency of Banks of Panama (hereinafter, “SBP,” for its initials in Spanish). On March 16, 2020, the SBP issued Rule 2-2020, which was subsequently amended by Rule 3-2020 (here in after referred to as “Rule 2-2020") and "establishes additional, exceptional and temporary measures for compliance with the provisions contained in Rule 4-2013 on credit risk".”...

Corporate Governance in the Time of COVID-19: Navigating New Horizons
SyCip Salazar Hernandez & Gatmaitan, May 2020

The COVID-19 pandemic has forced companies to change the way that they do business. The fact that the National Capital Region is currently under a Modified Enhanced Community Quarantine (MECQ),[1] and prior to that, was under Enhanced Community Quarantine (ECQ) for two months since 16 March 2020, makes it difficult for Philippine domestic corporations to navigate the Philippine business landscape and conduct business as usual...

How to Close an M&A in Pandemic
Veirano Advogados, May 2020

The pandemic and government health protection measures have created a series of challenges and smart government responses to try to deal with the imposed social distance...

Revised Measures in Response to COVID-19: Sterilisation and Opening Timings and an Updated List of Violations and Fines
Afridi & Angell, May 2020

Timings On 18 May 2020, the UAE government announced the following timings with effect from today, 20 May 2020: the National Disinfection Programme will take place between 08:00pm (not 10:00pm) to 06:00am the following day. working hours of butchers, mills and cafes will be from 06:00am to 08:00pm. commercial centres and malls will be open from 09:00am to 07:00pm (with new opening hours to be announced after the upcoming Eid...

New Guarantee Facility, Extension of ERTE Temporary Layoff Procedures, Effects of the Crisis on Transfer Pricing, Return to Judicial Activity and 'Shields' for Businesses
Garrigues, May 2020

Garrigues analyzes the most important new legislation that companies need to be aware of in the coming days in the various areas of business law...

Application for PPP Loan Forgiveness Now What?
Lowenstein Sandler LLP, May 2020

Certain provisions of the coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified or added. On Friday, May 15, 2020, the SBA released its Paycheck Protection Program (“PPP”) Loan Forgiveness Application (the “Forgiveness Application”)...

Deferrals of Repayments of Loans and other Credit Instruments
Cechova & Partners, May 2020

COVID-19 Although the first big wave of requests for repayment deferrals of banking and non-banking loans may seem to be over, a further one is likely just to come once some debtors realise the actual effects of COVID-19 crisis on their economic situation and the pandemic time frame for filing the requests for repayment deferrals will start approaching its end...

How to Celebrate Valid Agreements and Contracts in Social Isolation?
QIL+4 ABOGADOS, May 2020

At QIL + 4, prevention is key and our clients’ and team’s health the most important thing. Under the new measures implemented by the Guatemalan Government, we have analyzed the legal alternatives available for signing commercial and civil agreements virtually...

Weekly Report: COVID-19 in Central America
Consortium Legal - El Salvador, May 2020

Special Report "COVID-19 in Central America" on special measures taken in each country of our region prepared by the multidisciplinary team of Consortium Legal. The information contained in this publication is for information purposes only and does not constitute legal advice. The information is constantly updated and is subject to change...

The True Cost of Coronavirus
TSMP Law Corporation, May 2020

Is Coronavirus the Great Leveller? When the novel coronavirus first started spreading like wildfire, people called it the “great leveller”. No respecter of status or economic background, Covid-19 affected people at all strata, from housemaids to Hollywood royalty; peons to prime ministers. Tom Hanks, Boris Johnson and an aide to US Vice President Mike Pence all contracted it...

CDPH Requires all California Skilled Nursing Facilities to Submit "COVID-19 Mitigation Plan" Creating New Documentation Concerns
Hanson Bridgett LLP, May 2020

On May 11, 2020, the California Department of Public Health ("CDPH") issued an All Facilities Letter (AFL 20-52) requiring skilled nursing facilities ("SNF") to develop and implement a facility specific COVID-19 mitigation plan (the "Plan") with six different, complicated elements. The CDPH requirement is in addition to any local requirements for COVID-19 planning and may or may not track the requirements already in place in some local jurisdictions...

Sustainability, Resilience and Public Disclosure in Canada - EFF Grows From a Larger Trend
Lawson Lundell LLP, May 2020

The 50th Earth Day has passed this year under the shadow of a global pandemic, where the immediacy of human health has eclipsed, for now, the focus on the long-term health of the planet and humanity’s place within it that had begun to preoccupy businesses and investors. From a corporate governance perspective, that is reasonable, as risks to short-term survival take precedence over the long-term planning and risk mitigation demanded by more epochal trends like climate change...

Proposed Legislation Would Protect Businesses from COVID-19 Claims
Waller, May 2020

With pandemic-related legal filings on the rise across the country, the Waller Government Relations team has worked closely with the Tennessee Chamber of Commerce and Industry to draft the Tennessee Business Recovery and Safe Harbor Act...

Unprecedented: COVID-19 Litigation Trends, Issue 7
Spilman Thomas & Battle, PLLC, May 2020

This seventh edition of Unprecedented, our weekly update on COVID-19-related litigation, sees a continuation of the trend we identified last week: shutdown challenges, workers' compensation claims, and wrongful death lawsuits have dominated the past week’s news cycle. We expect these latter two types of cases, which we consider more broadly as COVID-19 exposure cases, to pick up significantly as the country reopens over the next several weeks...

Dear Tech Company Founders & VCs: Eligible on Main Street
Lowenstein Sandler LLP, May 2020

Certain provisions of the coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations and other government action, thus certain details regarding the legislation may be clarified or added...

TALF 2020 Update
Lowenstein Sandler LLP, May 2020

On May 12, 2020, the Federal Reserve Bank of New York (the Federal Reserve) announced further updates to the 2020 Term Asset-Backed Securities Loan Facility (TALF 2020), including an updated term sheet and its release of the first TALF 2020 FAQs (FAQs). The FAQs clarify key terms of TALF 2020 and detail the operational mechanics of obtaining a TALF loan...

The ADGM Companies Regulations 2020
Afridi & Angell, May 2020

The Abu Dhabi Global Market has announced amendments to its Companies Regulations. The Companies Regulations 2020 (2020 Regulations) repeal the Companies Regulations 2015 (as amended). We have summarised below the key changes under the 2020 Regulations...

DMCC Employment Guidelines during the COVID-19 Precautionary Measures Period
Afridi & Angell, May 2020

The DMCC Authority recently passed DMCC Guidelines 1 of 2020 (DMCC Guidelines) setting out what actions DMCC employers can take with respect to their employees during the COVID-19 Precautionary Measures Period. DMCC entities can: • Request employees to work remotely and implement means to monitor them (without infringing their privacy). Working remotely does not however apply to key employees working in Vital Industries...

Minimizing Director Liability: Best Practices for PPP Recipients
Lowenstein Sandler LLP, May 2020

Congratulations–you have successfully received an SBA PPP loan! While you are likely thinking that the hard work is over, you are, unfortunately, wrong. The responsibilities of a PPP loan recipient extend beyond the four corners of the application, do not end upon receipt of the funds, and, likely, only lapse upon repayment of the loan in full...

Romag Fasteners: SCOTUS Holds That Plaintiffs in Trademark Suits Need Not Show "Willful Intent" of Infringement to Recover Damages for Lost Profits
Lowenstein Sandler LLP, May 2020

In a recent unanimous decision in Romag Fasteners, Inc. v. Fossil, Inc., the U.S. Supreme Court brought some welcome clarity to the question of whether willfulness is required in order to recover an infringer’s profits under Section 35 of the Lanham Act, 15 USC § 1117(a),in infringement litigation. Section 1117(a) sets out the statutory requirements for recovery of acts of trademark infringement, unfair competition, and false advertising...

A New Big Guarantee Scheme for SMEs and Large Enterprises
Cechova & Partners, May 2020

A new BIG GUARANTEE SCHEME was introduced in Slovakia in a form of (i) guarantees for bank loansand (ii) remissions of guarantee premiums as per new Temporary Framework for State aid recently adopted by the European Commission to support the economy in COVID-19 outbreak and via adoption of an amendment (the “Amendment”) to Act No. 67/2020 Coll...

Compensation Bonus for Certain Shareholders in Limited Liability Companies - Covid-19
Kocian Solc Balastik, May 2020

On Monday, 4 May 2020, the government submitted an amendment to the Compensation Bonus Act to the Chamber of Deputies. The amendment should support, in addition to self-employed individuals (sole proprietors), certain shareholders in limited liability companies. This article provides details on the requirements, forms of application, and the amount of compensation...

 

 

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