As a result of the pandemic, many planned and existing contracts have been paralysed. The uncertain situation forces the parties to cease performing contracts or at least poses barriers to performance. In this situation, can they change the contract? Will they have to pay contractual penalties and damages? The Anti-Crisis Act comes to their aid ...
Due to the worldwide COVID-19 pandemic, California has implemented eviction restrictions on all landlords. These restrictions have been issued in several forms, and have changed over the last few weeks. The purpose of this alert is to provide a brief overview of the current statewide rules regarding evictions as applied to senior communities. On March 16, 2020, Governor Gavin Newsom first issued an executive order authorizing local governments to halt evictions, among other things ...
What Is It? On April 9, the Federal Reserve Board revealed details about the previously announced Main Street Lending Program. Even larger than the Paycheck Protection Program, the Main Street Lending Program is geared toward mid-sized businesses. Its principal purpose is to get 4-year loans with deferred principal and interest payments to mid-sized businesses with up to 10,000 employees or less than $2.5 billion in revenue ...
The Ministry of Finance published Decree 535 of 2020, which establishes a simplified procedure for the reimbursement or compensation of balances in favor of Income Tax and Value added Tax ("VAT") amid the COVID-19 outbreak. According to the Decree, the simplified procedure implies that requests for the reimbursement or compensation that are duly filed within the health emergency, will be decided by the Tax Office within 15 working days after their submission ...
The alternative means for reporting the daily offer and the declaration of availability are modified. The definition of "Price Offer and Start-Stop Prices" in numeral 3.1 of the Operation Code, Resolution CREG 025 of 1995, is modified. The new definition is as follows: "Price Offer and Start-Stop PricesThe electronic transmission of data established by CND will be used as the main means for sending information on offers to CND ...
On March 20, 2020, through Decree 440 of 2020, the President of the Republic adopted various emergency measures on public procurement, which will be in force within the framework of the declaration of a State of Emergency due to the Covid-19 pandemic ...
On April 9, 2020, the Commission for the Financial Market ("CFM") issued Directive Nr. 1146 which, according to the situation associated with the outbreak of Covid-19 and the State of Constitutional Disaster Emergency, resolved the following: I. Establishing by 2020 the following deadlines for the submission of reports on the following regulations: General Rule Nr ...
On April 9, 2020, the National Consumer Service (SERNAC) published the "Interpretative Circular on the suspension of terms of legal, voluntary and satisfaction guarantees during the health crisis of COVID-19". The document seeks to provide a harmonious interpretation of Law No. 19,496, Consumer Protection Act (CPA) and its principles, in the light of the measures adopted as a result of COVID-19 that have affected compliance with obligations arising from consumer contracts ...
Law Decree n. 23 of 8 April 2020 (the “Liquidity Decree”) has introduced significant changes to the socalled “golden power rules” and to the disclosure duty of relevant shareholdings in listed companies. These rules are aimed at discouraging “predatory purchases” of Italian strategic and listed companies in times when their share price may be particularly depressed due to the COVID-19 emergency ...
ThThe Italian Government has adopted Law Decree no. 23 of 8 April 2020 (the "Liquidity Decree"), published in the Official Journal of the Italian Republic no. 94 of 8 April 2020, which provides for additional measures to support companies in the current COVID-19 emergency ...
On Friday, March 27, 2020, President Donald Trump signed the Coronavirus Aid, Relief, and Economic Security Act, H.R. 748, ( CARES Act or Act), a $2 trillion stimulus bill the House passed by voice vote earlier the same day and the Senate passed on Wednesday, March 25, by a vote of 96-0. The CARES Act is the largest economic relief package in the history of the United States ...
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, 2020, provides $2 trillion in relief funds for individuals and businesses, including $500 billion in direct aid for large companies and more than $300 billion for small companies. Businesses applying for and receiving funds under the CARES Act should be mindful of risks associated with stringent government oversight and inevitable investigations targeting waste, fraud, and abuse ...
Powers to legislate on tax matters are delegated to the executive branch regarding COVID-19.- Law No. 31011 approved the delegation of powers to the executive branch for a period of 45 calendar days to legislate on the following tax matters: i) Temporary suspension of existing fiscal rules and establishment of measures for the national economic recovery. ii) Payment facilities for tax liabilities administered by SUNAT ...
New extension of deadlines is established for the submission of the PLAME.- Due to the extension of the State of National Emergency until April 26, 2020, through Superintendence Resolution No. 069-2020/SUNAT published on April 13, 2020, new expiration dates are established for the declaration and payment of the items contained in the PDT Electronic Sheet - PLAME, Virtual Form No. 0601: A ...
On Monday, 30th March 2020, the Deputy Prime Minister and Minister of Finance, the Honourable K. Peter Turnquest addressed the House of Assembly to provide an overview of the expected economic fallout in The Bahamas from the Covid-19 pandemic along with some details as to the Government’s proposed stimulus measures to support citizens and businesses alike during this time of uncertainty ...
The SEC’s Office of Municipal Securities recently released guidance providing that statements made by municipal issuers, such as public announcements, press releases, interviews with media representatives, and public reports, may be subject to the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 (the Exchange Act) and Rule 10(b)-5 thereunder. On Feb. 7, 2020, the Office of Municipal Securities released Staff Legal Bulletin No ...
Background On 15 February 2019, a petition for a judicial review was submitted by two individuals (“Petitioners”), claiming that their constitutional rights had been violated by Article 15 (2) and Article 15 (3) of Law No. 42 of 1999 on Fiduciary Security (“Fiduciary Security Law”) ...
Following the announcement of economic measures aimed towards responding to the COVID-19 outbreak, the Serbian Government issued two regulations on 10 April 2020 that determine the conditions and criteria for compliance of the state aid (i) for remedying the negative effects caused byCOVID-19 and (ii) for remedying a serious disturbance in the economy caused byCOVID-19, whereas both regulations will be valid until 1 July 2021 ...
In passing the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES), Congress provided much-needed relief to project owners by making it easier to modify construction loans. Under the Act, an owner may qualify for a forbearance arrangement, an interest rate modification, or a repayment plan, among other options, and the modification does not adversely impact the credit of the borrower ...
The IRS continues to provide clarity regarding application of the various Coronavirus Aid, Relief, and Economic Security ("CARES Act") modifications to the Internal Revenue Code (the "Code") (see prior coverage here). In addition to recent guidance regarding bonus depreciation, the IRS on April 9 released Rev. Proc. 2020-24 and Notice 2020-26, both of which address CARES Act amendments applicable to net operating losses ("NOLs") ...
On Thursday, April 9, 2020, the U.S. Department of the Treasury issued Notice 2020-23 (the “Notice”), updating and expanding the relief granted by Notices 2020-18 and 2020-20. Notice 2020-23 postpones tax filing and payment deadlines until July 15, 2020, for many taxpayers in order to grant some amount of relief to individuals, businesses, non-profit organizations and trusts/estates amid the coronavirus/COVID-19 crisis ...
