Through the recently issued Paycheck Protection Program (PPP) Loan Forgiveness Application and Interim Final Rule on Loan Forgiveness, the Small Business Association (SBA) has once again demonstrated that the contours and requirements of the PPP program are constantly evolving. The SBA’s recent Interim Final Rule on SBA Loan Review Procedures provides some insights on how the SBA will enforce PPP qualification and forgiveness requirements ...
The Amendments to the Agreement on Trade in Services of the Mainland and Hong Kong Closer Economic Partnership Arrangement (Amendment) which was signed on 21 November 2019 has come into force on 1 June 2020. Trade in Services is one of the four major areas covered by the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), under which Hong Kong service suppliers enjoy preferential treatment when entering certain service sectors in the Mainland ...
On 30 May 2020, the Abu Dhabi Media Office posted through Twitter that the Department of Government Support has eased restrictions on some activities and issued a set of guidelines for working from and visiting government entities in Abu Dhabi. The guidelines below come into effect from today, 1 June 2020, and are limited to individuals between the ages of 12 and 60 ...
We are in unprecedented times. The Covid-19 pandemic has swept the globe like a tsunami and it continues to wreak havoc on countries, people and economies. The effects of the pandemic are evident now. For example, the US unemployment rate is presently at 14.7%. In the peak of the financial crisis of 2008, the unemployment rate was 10% ...
As California continues to move through Stage 2 of its Resilience Roadmap, “Lower-risk workplaces,” where retail (curbside and delivery only), related logistics and manufacturing, office workplaces, limited personal services, outdoor museums, childcare, and essential businesses can now open with modifications ...
On Thursday, May 28, San Francisco Mayor London Breed announced a preliminary timetable for the reopening of San Francisco businesses, restaurants, and offices. The multi-phased plan, which can be found here (“Order”), is designed to comply with the timeline and guidelines previously announced by Governor Gavin Newsom ...
On 26 May 2020, Dubai Economy published the “Post Eid al Fitr” reopening Guidelines which took effect from Wednesday 27 May 2020 and include updates to the protocols for the wholesale and retail trade including salons and barbershops as well as valet parking. The Guidelines also provide tailored reopening protocols for cinemas, kids salons, auction houses, outsourced government service centres, and various entertainment sectors ...
Effective at noon today, May 29, 2020, Virginia Governor Northam's Executive Order 63 went into effect, requiring face coverings to be worn in certain circumstances. Specifically, a face covering is required for individuals aged ten and older when "entering, exiting, traveling through, and spending time inside" the following categories of businesses: All retail. Food and beverage, but only when reopened for indoor dining. Personal care/grooming - i.e ...
The global spread of the COVID-19 coronavirus infection has led to significant changes in the Russian retail trade. This pandemic has forced millions of people to stay at home, avoid public places and, of course, buy less. To adapt to the new features of consumer behaviour, retailers need to promptly respond, adapt, or dramatically change their business processes and strategies ...
Natural products play an important role in pharmaceutical innovation. They are active components in many medicines. For example, nearly half of the small molecules used to treat cancer are natural products or directly derived from natural products.1 They are also components of vaccines. The pharmaceutical industry is constantly seeking access to natural products and the traditional knowledge associated with them ...
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 ...
As we have learned through our ghosts of recessions past, the vast majority of those who become unable to pay their debts in economic downturns are honest, but unfortunate, debtors. That said, we also have learned that an appreciable number of debtors start taking drastic measures to preserve their assets and associated lifestyles during these times, sometimes engaging in a shell game designed to conceal or otherwise understate their assets when creditors start knocking on their door ...
With the expectation that bankruptcy filings will increase over the next few months, this might be a good time to revisit the documents filed with a bankruptcy filing and the information they provide. The focus today is on the Notice of Bankruptcy, Petition, Schedules and Statement of Financial Affairs, which are always filed. There are several other papers that may be filed (required or not), depending on the bankruptcy case ...
Over a year ago, Congress amended the Bankruptcy Code to create Subchapter V, with the intent of encouraging small businesses (defined as those with less than $2,725,625.00 in debt) to file reorganization plans more often by saving certain costs of a routine Chapter 11. Congress then passed the CARES Act in response to the COVID-19 pandemic, raising the debt limit to $7,500,000.00 ...
Much of the bankruptcy chatter arising from the pandemic world in which we find ourselves is now focusing on the cascade of new bankruptcy cases that are predicted to arrive soon. We have already seen the effects of closed stores and no foot traffic on some of the big names in retail (J.C. Penney, J. Crew, Neiman Marcus, Pier 1, etc.), but many consumer cases are sure to follow, the result of the staggering number of layoffs and lost jobs that the pandemic has caused ...
As businesses begin to reopen, many organizations will examine ways to protect their workers and attract returning customers. Various mechanisms to screen customers for COVID-19 risks will become more common. Examples include providing customers with questionnaires regarding their travel history, exposure to others, and symptoms, or temperature scanning before entry. Organizations will be permitted to screen individuals in a reasonable manner, depending on the circumstances ...
Business interruption insurance claims related to the COVID-19 pandemic have raised numerous questions for practitioners, businesses, and insurers ...
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 SBA issued anInterim Final Rule(“IFR”) regarding PPP loan forgiveness on May 22, 2020, to supplement thePPP Loan Forgiveness Applicationand instructions issued one week earlier. While the new IFR did not provide a great deal of new guidance, below is a list of our key observations, which supplements our prior observations on the application itself, which are repeated at the end of this Alert ...
The National Fisheries and Aquaculture Service (“Sernapesca”) has issued a series of resolutions. Resolutions No 672/2020 , No 725/2020 and No 805/2020 - that incorporate new measures to those indicated in Resolution No. 565 dated March 16, 2020 which authorized the adoption of certain measures in salmon farming centers in the context of COVID-19 ...
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 ...
THE MOST OUTSTANDING ADVANCES OF THE DAY (May 26) Mandatory preventive isolation is extended until May 31.As announced last week, the National Government decided to extend the mandatory isolation until May 31, 2020. This new extension contemplates the same measures and exceptions established in Decree 636 of May 6, 2020. Three days without VAT in Colombia.The National Government has decided to exclude commercial leases from VAT and reduce national consumption tax rates ...
This eighth edition of Unprecedented, our weekly update on COVID-19-related litigation, follows what we hope was a restful and meaningful Memorial Day weekend. For the third week in a row, shutdown challenges, workers' compensation claims, and wrongful death lawsuits have dominated the news cycle. But, we are also seeing a continuation in refund claims and an uptick in fraud claims involving everything from alleged misuse of sick days to corporate press releases ...
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 ...
