The Ministry of Finance and Public Credit issued Legislative Decree 492 of 2020, which establishes measures for the strengthening of the National Guarantee Fund (FNG) and makes provisions for resources, within the framework of Decree 417 of 2020 which declared the Economic, Social and Ecological Emergency ...
During the Great Recession, fund finance professionals spent a lot of time analyzing and speculating about the impact of the financial crisis on fundraising, the potential for the failure of limited partners to honor their capital contribution obligations to funds, and the strength of facility structures and documentation. That makes the current scene familiar to many of us ...
On March 30, 2020, the Department of the Treasury published guidelines and procedures for passenger and cargo air carriers (together, “Air Carriers”) seeking relief under the recently passed Coronavirus Aid, Relief and Economic Security (CARES) Act ...
The Coronavirus pandemic is impacting every business sector across the globe. Many new resources, however, including the new Coronavirus Aid, Relief, and Economic Security (CARES) Act, provide franchise and hospitality businesses with opportunities for relief. The following information is intended to aid franchise and hospitality companies in understanding options available to them during this time ...
The Government announced on 1 April 2020 its proposal of a Program of economic measures to reduce the negative effects caused by the COVID-19 pandemic and an attempt to support the economy of Serbia, split into four categories ...
In an expedited process, a Federal Law amending several legislative acts was passed by the State Duma and Federal Council of the Russian Federation. In particular, the law envisages use of the power of the Government of the Russian Federation to impose, in extraordinary cases, a moratorium on insolvency proceedings and provides a legal regime of such moratorium ...
Last Friday, March 27, we published CARES Act: Paycheck Protection Loans and Eligibility for Loan Forgiveness. This alert is intended to provide an update concerning implementation of the Paycheck Protection Loan application process. The SBA has posted a Paycheck Protection Application Form on its website. Since the loans will be funded by private SBA lenders, and guaranteed by the SBA, most borrowers are lining up with private SBA lenders now ...
Please note: The information, facts, and figures in this article are correct as of the publication date (1st April 2020). For up-to-date information and advice on this matter, please contact the author. The global COVID-19 pandemic has caused widespread instability in global markets and the resolution is not yet in sight. Thailand’s geographic and economic ties to China, where the outbreak began, initially positioned it as one of the highest-risk countries worldwide ...
Last week, we reported on Executive Order No. 202.9 issued by Governor Cuomo, and some of the important questions posed by that Executive Order. We suggested that the implementing regulations by the NYS Department of Financial Services (the “DFS”) would likely clarify these points, and this has turned out to be the case. On March 24, implementing regulations were released by the Superintendent of Financial Services, Linda A ...
On March 24, 2020, the Commodity Futures Trading Commission (“CFTC” or the “Commission”) unanimously approved its final interpretive guidance (“Final Guidance”) regarding retail commodity transactions involving certain digital assets ...
In response to the Coronavirus pandemic, the President signed H.R. 748, known as the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act on March 27, 2020. The bill provides more than $2 trillion of aid to individuals and the public and private sector ...
On March 31, 2020, the Treasury Department and Small Business Administration (“SBA”) released initial guidance and a sample application form for the Paycheck Protection Program (“PPP”), the small business loan program established pursuant to theCoronavirus Aid, Relief, and Economic Security (“CARES”) Act signed by President Trump on March 27, 2020 ...
On March 31, 2020, the U.S. Department of the Treasury, which is supporting the U.S. Small Business Administration (SBA) in administering the Paycheck Protection Program (PPP), and SBA issued preliminary guidance on the program and made available the form of application ...
In times such as these, it is important to get the best available legal information and advice and remember that not all information and advice will be applicable to a particular situation or contract. Many businesses in the United Arab Emirates (the UAE) and the countries of the Gulf Cooperation Council (the GCC) are wondering what to do with respect to their obligations or those of their cocontracting parties ...
Section 1106 of the Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act” provides a framework whereby small businesses can obtain loans from the SBA that may be forgiven to the extent of certain business expenses, including rent. Generally, when a loan is forgiven, the debtor is taxed on the amount forgiven under Internal Revenue Code §108 (subject to statutory exceptions) ...
A quick legal reference for banks supporting small businesses Section 1 Section 2 Section 3 The Coronavirus Aid, Relief, Economic Security (CARES) Act signed into law by President Donald Trump on March 27, 2020, contains significant relief for small businesses affected by the national emergency declaration related to the COVID-19 pandemic and the aggressive actions taken by state governments across the nation to combat the spread of the virus ...
The Board of Governors of the Federal Reserve System (the “Fed”) has implemented monetary policy and federal programs in response to COVID-19. The policies and programs primarily affect financial institutions in the business of lending, but an understanding of the policies will aid all borrowers in knowing the constraints of their lenders and the process by which they will receive funds ...
On March 31, the Federal Reserve Board announced that it will delay for six months the effective date (from April 1, 2020 to September 30, 2020) for its revised control framework for determining when a company controls a bank, and vice versa, for purposes of the Bank Holding Company Act (referred to as the “BHC Act”) ...
Tourism and event industries are suffering and it is expected that manufacturing enterprises will soon be affected as well. Short-time work can provide a remedy and reduce the economic consequences of the coronavirus for employers and employees ...
Scammers and cyber crooks did not take long to adapt their usual fraud to this uncertain period caused by the Covid-19, refinishing notably their sadly notorious “CEO Fraud” to the present circumstances ...
The Federal banking agencies recently issued an interim final rule (Regulatory Capital Rule: Revised Transition of the Current Expected Credit Losses Methodology for Allowances) permitting banks to mitigate the effects of the current expected credit loss, or CECL, accounting standard. Introduced in 2016 by the Financial Accounting Standards Board, CECL replaces the incurred loss methodology for financial assets and requires banks to recognize lifetime expected credit losses ...
