When a client or customer files for bankruptcy, a business’ treatment of that customer’s account must change. Many businesses have dedicated bankruptcy departments or teams that deal with these accounts. However, it can take a while before the account is flagged or transferred to the bankruptcy team. Further, some smaller business bankruptcy teams are comprised of other department employees just wearing a “bankruptcy hat” when working on those accounts ...
Mortgage servicers are currently being inundated with requests from borrowers impacted by COVID-19 for forbearance and other types of payment relief. Tracking, making sense of, and then complying with the guidance and requirements that are being issued and then modified – seemingly on a daily basis – by the federal government, the GSEs, and various states is proving to be a challenge for many, especially at a time when resources may already be limited or stretched thin ...
Boards of education should be aware of some upcoming deadlines regarding new WV State Department Policy 3300 and the introduction of the possibility of charter schools in West Virginia. As you may recall, new WV Code Sections 18-5G-1 through 18-5G-12 establish the process by which West Virginia will consider public charter schools. The Code Sections limit the number of new schools to three until July 1, 2023 ...
Physicians and medical professionals throughout the world are facing and attempting to treat one of the most serious and deadly viruses that has affected the world in our lifetime. Medical professionals are on the front lines and in a position, despite their best efforts to protect themselves, to contract the disease. Medical professionals do not only fear for their own lives but also for the lives of their family members if they unintentionally bring this disease home ...
The SECURE (Setting Every Community Up for Retirement Enhancement) Act (the "Act") took effect on January 1, 2020, making substantial changes to the rules regarding retirement account distributions, including a required 10-year payout for most non-spouse beneficiaries of IRAs and other retirement plans. Changes to Existing Law For estate planning purposes, the Act's most important change is the elimination of the "stretch IRA ...
On April 8, 2020, the IRS released Rev. Proc. 2020-23 to allow certain partnerships to take advantage of tax law changes under the Coronavirus Aid, Relief and Economic Security (CARES) Act, including the immediate expensing of costs related to "qualified improvement property ...
According to a news report published by Reuters, the Equal Employment Opportunity Commission ("EEOC") has stopped sending Right to Sue letters ("RTS") to complainants for the duration of the COVID-19 pandemic. An RTS is a statement from the EEOC that it has concluded its investigation into a charge and is generally required for an employee to bring suit for claims of discrimination under Title VII, the Americans with Disabilities Act, or the Age Discrimination in Employment Act ...
On April 6, 2020, the National Consumer Service (SERNAC) published the "Interpretative Circular on distance contracts during the COVID-19 pandemic", which seeks to set general guidelines regarding distance contracting with consumers during the constitutional state of catastrophe due to public calamity. To safeguard the basic rights embodied in Law No ...
On March 31, 2020, the Subsecretary of Fishing and Aquaculture (“Subpesca”) issued the Exempt Resolution N° 886 (“Res. 886”) which provides the suspension of terms, procedures and other measures, as a consequence of the force majeure event caused by Covid-19. The suspension is effective as of March 18, 2020 and until it is reversed by another act. I. Terms and procedures subject to suspension. According to Res ...
On April 8, 2020, the Small Business Administration (“SBA”) provided additional guidance on the Paycheck Protection Program (“PPP”) through an update to the Frequently Asked Questions document (“FAQs”) originally published on April 2, 2020 and subsequently updated on April 6th and 7th ...
We have previously reported on the Order that adopted the extraordinary measures under the COVID-19 health emergency declaration, published on March 31, 2020 (the “Order”), and the subsequent Technical Guidelines regarding certain essential activities described in the Order published on April 6, 2020. (These alerts may be found here and here, respectively ...
Due to introduction of restrictive measures in the territory of Ukraine during the quarantine period, the National Bank of Ukraine (hereinafter the "NBU"), by its Resolution No. 39 dated 26 March 2020 (the "Resolution"), introduced special rules for application by the banks of Ukraine of the requirements of the Regulation on determination by banks of Ukraine of the credit risk on active banking operations, approved by the Resolution of the Board of the NBU No. 351 of 30 June 2016 ...
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 ...
The USPTO has provided twoavenuesfor relief to trademark owners impacted by the novel coronavirus (COVID-19) pandemic: Applicants and registrants can claim the benefit of a30-day grace periodon many types of filings with deadlines between March 27, 2020 and April 30, 2020.1The requesting party must make the case that COVID-19 hasmaterially interferedwith meeting the deadline or paying the requisite fee. This alert mostly will elaborate on this grace period measure ...
Measures are established for public investment projects that can be financed with resources from the General System of Royalties ...
Provisions for electric power and fuel gas utilities, within the framework of the State of Economic, Social and Ecological Emergency ...
Measures for the public services of aqueduct, sewerage and sanitation are dictated within the framework of the State of Economic, Social and Ecological Emergency The public services of aqueduct, sewerage and/or sanitation may defer the collection of the fixed charge and unsubsidized consumption to residential users of stratum 1 and 2 for a period of thirty-six (36) months ...
Transitional rules adopted with regards to supply limitation of Resolution CREG 116 of 1998 and withdrawal from market of Resolution CREG 156 of 2011. During the following three months, the supply limitation programs, which imply possible cuts to users, of CREG Resolution 116 of 1998 and other regulations that modify or supplement it, will not be applied ...
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 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 ...
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 ...
The U.S. Department of Justice (DOJ) has issued a series of memoranda that discloses the department’s enforcement priorities and provides public guidance related to the ongoing coronavirus crisis ...
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 ...
