To implement the changes to the PPP program contained in the recently enacted PPP Flexibility Act, Treasury has issued a new Interim Final Rule (IFR). It has also issued a revised forgiveness application form, worksheet and instructions, and a new expedited (EZ) forgiveness application form and instructions that can be used by certain borrowers. Links to those documents can be found below ...
Key Points IRS proposed new regulations for like-kind exchanges under section 1031. The guidance provides the definition of real property and treatment of incidental personal property in the section 1031 context. On June 11, 2020, the IRS released proposed regulations for like-kind exchanges under Internal Revenue Code (the "Code") section 1031 to incorporate the Tax Cuts and Jobs Act ("TCJA") changes ...
Several reports, including one by the U.S. Chamber of Commerce, indicate President Trump may issue a Proclamation limiting or prohibiting the entry into the United States of foreign nationals holding H-1B, H-2B, L-1 and J-1 visas. H-1Bs are used to employ foreign nationals in specialty occupations (those positions normally requiring at least a Bachelor’s Degree or its equivalent for entry into the field). H-2Bs are for temporary, non-agricultural workers ...
The UAE has introduced Cabinet Resolution 31 of 2019 (as amended) (the Economic Substance Regulations) which apply to UAE onshore and free zone entities that undertake, and earn an income from, any of the Relevant Activities (listed below): Banking Business Insurance Business Investment Fund Management Business Shipping Business Holding Company Business Lease-Finance Business Distribution & Service Centre Business Headquarters Business Intellectual Property Business The Re
While the world contends with the COVID-19 crisis and its economic and financial impact, China is quietly opening its doors to its financial sector, inviting more foreign financial institutions, banks, insurance providers and other financial service companies to set up shop in China. On March 27, the Chinese government granted approval for both The Goldman Sachs Group Inc ...
Analysis of the changes to the special legal rules onthe credit and financing moratorium. Through Decree-Law 26/2020 of 16 June (“DL 26/2020”), the Government has approved, a set of amendments to the special rules onthe moratorium on financing approved by Decree-Law 10-J/2020 of26March ...
Is the operation of PPP projects suspended? No. The State of National Emergency (in force from March 15 to June 30, 2020) has not affected the operation of PPP projects related to the provision of public and/or essential goods and services. Currently, it is also permitted to perform activities included in Phases 1 and 2 of the "Economic Reactivation Plan"(“Plan”) approved by the Central Government. See Exhibit I ...
The National Energy Commission (“NEC”) issued on May 29, 2020 the Exempt Resolution No. 176 (“NEC ER 176”) that determines the scope on the exclusive business purpose and separate accountings of energy distribution companies, for the provision of the energy distribution public service according to what was set in Law No. 21,194. The NEC ER 176 was published in the Official Gazette on June 9, 2020 ...
Considering the Covid-19 pandemic, the Agriculture and Livestock Service (Servicio Agrícola y Ganadero, "SAG") issued the Exempt Resolution No. 3,439, dated May 19, 2020 to update the Program of Exports of Origin. (View update here.) This Resolution was published in the Official Gazette on June 10, 2020 ...
According to the announcements of the authority in recent days, the new instructions for movement permits (hereinafter “Instructions”) were published on June 12, which will be effective as of Monday, June 15 at 05:00 am. The main modifications introduced by this new version of the instructions are the following: 1. Types of collective permits ...
On June 11, 2020, Resolution No. 29/2020 (“RES 29”) of the Chilean Economic Development Agency (“CORFO”), which approved the regulations that will govern the “Green Credit” program, was published in the Official Gazette. The RES 29 aims to endorse the investment in renewable energy projects during the economic contingency arising post Covid-19. (https://www.corfo.cl/sites/cpp/sala_de_prensa/nacional/10_06_2020_corfo_crea_credito_verde) ...
On May 29th, 2020, Law No. 21,234 was enacted (the"New Law"), amending and replacing completely Law No. 20,009, which establishes the “Regime of limitation of liability for users, of unauthorized use of means of payment”, expanding its scope of application, establishing a new liability regime for and a new catalogue of conducts which constitute the criminal offence of “fraudulent use of payment cards and electronic transactions”. Modifies Law No ...
Bogotá DC Mayor's Office is preparing a package of new measures for the city The Bogota City Hall has advanced a series of new measures in order to continue fighting the expansion of COVID-19. Particularly, the orange alert has been declared in the hospital system of Intensive Care Units, with which, the District Health Secretariat will give guidelines on patient care and will manage their referral to ICUs ...
The controversial issue of whether employers can check their employees' temperatures has been much debated. Both the Employment Ministry and the Data Protection Authority (DPA) have recently changed their positions in this respect ...
MDR postponement On 17 April 2020 the European Parliament decided to postpone the transition timeline to implement the EU Medical Device Regulation (MDR), which was set to expire on 26 May 2020, until 26 May 2021. The EU MDR postponement was published in the Official Journal of the European Union and entered into force on 24 April 2020 ...
On 11 June 2020, the Discrimination Legislation (Miscellaneous Amendments) Bill 2018 (Bill) was passed at the Legislative Council. The Bill introduced amendments to Hong Kong’s four anti-discrimination legislations, namely the Sex Discrimination Ordinance (SDO), the Disability Discrimination Ordinance (DDO), the Family Status Discrimination Ordinance (FSDO), and the Race Discrimination Ordinance (RDO) (Amendments) ...
Hand sanitiser production is just one aspect of business that's altered for £5bn industry, writes George Frier of Shepherd and Wedderburn The whisky industry continues to captivate consumers and entrepreneurs. Record exports continue and, within the sector, the emergence of new brands and the rejuvenation of existing brands demonstrate a vibrant sub-set of the Scottish food & drink economy ...
In a highly anticipated decision, the U.S. Supreme Court held Title VII of the federal Civil Rights Act protects LGBTQ employees from being fired because of their sexual orientation or gender identity. The opinion, released on June 15, 2020, was a consolidation of three federal appellate court decisions—Bostock v. Clayton County; Altitude Express v. Zarda; and R.G. & G.R. Harris Funeral Homes v. Equal Employment Opportunity Commission ...
The Federal Communications Commission (“FCC”) established the COVID-19 Telehealth Program (the “Telehealth Program”) on April 2, 2020 in response to the COVID-19 pandemic. The Telehealth Program provides $200 million in funding, appropriated by Congress as part of the CARES Act,[1] to assist certain non-profit and public healthcare providers in making telehealth services available to patients who cannot be seen in person ...
In a landmark decision issued today, the Supreme Court of the Unites States ruled that Title VII of the Civil Rights Act of 1964 prohibits workplace discrimination against gay, lesbian, and transgender people. The case involved consolidated lawsuits filed by two gay persons fired due to their sexual orientation and a transgender woman fired after revealing plans to transition from male to female ...
Last week, the U.S. Food and Drug Administration (FDA) issued guidance for the health care industry, titled “Temporary Policy on Prescription Drug Marketing Act Requirements for Distribution of Drug Samples During the COVID-19 Public Health Emergency ...
On 27 May 2020 the Federal Council adopted the Ordinance on Protecting against Cyber Risks (OPCy, available in French and German), which is set to enter into force on 1 July 2020. This move is the next step in a series of measures taken by the Federal Council to adopt a new organisational structure and implement a national strategy to protect Switzerland against cyber risks (NCS, available in German, French, Italian and English) ...
The United States Senate passed S. 945, the “Holding Foreign Companies Accountable Act” (the HFCAA), by unanimous consent on May 20, 2020. The HFCAA was first introduced in the Senate on March 28, 2019 by Senator John Kennedy (R-LA) and co-sponsored by Senator Chris Van Hollen (D-MD) ...
