On March 27, 2019, the Coronavirus Aid, Relief, and Economic Security Act (the “Act”) was signed by President Trump. The Act provides significant relief for employee benefit plan participants and includes both required and discretionary changes. Plan sponsors should immediately review their benefit plans to ensure that amendments are properly and timely implemented to ensure that their plans continue to operate in accordance with applicable law ...
The Ministry of Finance and Public Credit issued Legislative Decree 518 of 2020, which created the Solidarity Income Program in order to meet the needs of households in situations of poverty and vulnerability throughout the national territory, in the context of the State of Economic, Social and Ecological Emergency ...
In March, the Estonian Government decided to implement first steps to help the employers in order to avoid lay-offs and introduced also few other reliefs to support the companies. Below you can find summaries of these measures. Relief measures for employers Compensation of salary The Estonian Government approved the relief measures for the employees subject to salary cut ...
The ordinance proving a moratorium on loan installments has been enacted by the Government, and so has been competing legislation by Parliament, causing more instability. There are many uncertainties, the biggest being whether the Ordinance will remain in force at all – the Parliament has already adopted its replacement which is currently in its promulgation stage ...
Last week, the SBA issued guidance concerning the rights of independent contractors with respect to Paycheck Protection Program (PPP) forgivable loans. First, the SBA clarified that employers cannot include compensation paid to independent contractors in calculating their own loan amount. Second, the SBA announced that independent contractors and self-employed individuals will be eligible to apply for a PPP loans starting April 10, 2020 ...
In coordination with the EU Commission, the federal government has launched numerous support measures and state aid in the form of grants, loans, and guarantees with facilitated conditions in a short period of time. For this purpose, the federal government mainly used already existing funding programs. An explanatory article on the support measures and state aid provided by the federal government can be found here ...
The Treasury Department has recently published the Paycheck Protection Program Loans Frequently Asked Questions (PPP FAQs). The Treasury Department’s publication provides businesses and lenders desperate guidance related to the Paycheck Protection Program (PPP) and the applicable rules, regulations and guidelines that have been plaguing PPP loan participants. This alert summarizes a number of the key questions in the PPP FAQs as of April 7, 2020 ...
The pledge of equity interests of a privately held company as collateral is a common occurrence in a wide variety of financing structures. What is not as common perhaps is for secured creditors to analyze, at the initial stages of a transaction, the road maps that may serve to mitigate any meaningful delays or diminution in the value of such collateral in a foreclosure scenario ...
Effective on April 6, 2020, an Order was published to establish the technical guidelines (the “Technical Guidelines”) for the activities described in Article 1, Section II, sub-sections (c) and (e) of the order that adopted extraordinary measures to deal with the health emergency caused by the SARS-CoV2 virus” (the “Order”). (We published an article on the Order, which may be foundhere ...
Below is a summary of key new measures, as well as clarifications on previous measures we reported on, that have been implemented by various UAE authorities since 5 April 2020 and the time of this inBrief, 6:00 p.m. on Tuesday, 7 April 2020 ...
In order to avoid the shortage of antiseptic and disinfectant products for external use, the Colombian Ministry of Health issued Resolution 520 of March 28, 2020 in order to establish new requirements for the manufacture of the above-mentioned products within the Colombian territory ...
As employers try to comply with the new Families First Coronavirus Response Act’s (FFCRA) paid sick leave and expanded family and medical leave requirements, the Department of Labor has thrown them a curveball by quietly changing the answers to some of its Guidance about the FFCRA as well as adding 19 more FAQs to its prior compendium ...
In an apparent attempt to further reduce the spread of COVID-19 in Michigan, on Friday, April 3, Michigan Governor Gretchen Whitmer issued Executive Order 2020-36, which provides protection to all employees who stay home when they are at “particular risk” of infecting others with COVID-19 ...
In its continuing efforts to slow the spread of COVID-19, on April 3, 2020, the Centers for Disease Control and Prevention (“CDC”) recommended that the general public wear, on a voluntary basis, “cloth face coverings in public settings where other social distancing measures are difficult to maintain (e.g., grocery stores and pharmacies) especially in areas of significant community-based transmission” of coronavirus ...
This legal analysis focuses on the typical case of a company that although it is not directly targeted by the measures established in order to prevent the spreading of the novel coronavirus, it still registers a decrease of demand, of the level of proceeds and of the production of goods and services ...
In our previous legal alert we informed that Act on Employment Services[1]was amended so that allowances to maintain job positions and to maintain employees during the emergency situation, state of emergency and state of distress (the “State of Crisis”) can be provided to a broader group of employers compared to the currently available options under the Act on Employment Services ...
Since the beginning of the SARS-CoV-2 pandemic, the deferrals of loan payments and other payments (such as leasing payments, etc.) have been provided by credit institutions or other financial institutions voluntarily, upon their negotiations with debtors, upon their discretion and within the formal process for approval of deferred payments with a potential future negative effect on the credit score of the debtor ...
Guarantees for bank loans and loan interest bonifications were introduced as afinancial aid to small and medium-sized enterprises (“SMEs”) to be provided by the state under Act on certain extraordinary measures in the area of finance in relation to the spread of dangerous contagious human disease COVID-19 that was adopted by the National Council of the Slovak Republic on 2 April 2020 (the “Act”) ...
