On April 9, 2020, the Board of Governors of the Federal Reserve System (the “Board”) announced the establishment of the Main Street Lending Program (“Main Street Loan Program”), an up to $600 billion lending program for mid-size businesses ...
Panama, May 4, 2020. The Superintendence of the Securities Market (the “SMV”) has implemented measures that allow its regulated entities to continue with their financial activities that, in accordance to the Executive Decree No° 507 of 24 March 2020, are exempted from the measures adopted by the Executive Branch for the COVID-19 pandemic. Remote Working In accordance to General Resolution SMV No ...
Superintendence of the Securities Market The Superintendence of the Securities Market (the “SMV”) has established the following measures for working hours and presentation and process of filings before such entity as part of the governmental effort to avoid the spread of COVID-19:[1] Maintain the special working hours of the SMV from 8:00 a.m. to 12:00 p.m. until there is a new announcement by the SMV ...
These provisions will apply until October 31th, 2021. The Financial Market Commission (CMF) reports that its Council approved on April 30th, 2020 a regulation (Circular No. 2,252), containing provisions for banks with regard to Covid-19 loans from the Guarantee Fund for Small and Medium-Sized Companies (FOGAPE) ...
At Spilman Thomas & Battle, we talk with lending clients regularly about their collection options against borrowers who have defaulted in their obligations. Many are surprised to learn how varied and wide their toolbox actually is. Debts that look dead in the water may yet have air in the lungs ...
Those with the greatest need for the financial relief afforded by a successful bankruptcy case often lack the financial resources necessary to secure adequate legal representation, particularly in the context of individual chapter 7 cases. ABI has devoted substantial resources toward addressing this dilemma ...
As a result of the COVID-19 pandemic, pension regulators across Canada have been announcing special measures to help protect the interests of pension plan members, assist pension plan administrators and ensure the ongoing financial health of pension plans, particularly given the negative impact that current financial market conditions have had on the funded status of pension plans. This bulletin summarizes the measures that have been announced to date ...
The IRS has issued Notice 2020-32 addressing the ability to deduct expenses paid with proceeds of Paycheck Protection Program loans. Under Section 1102 of the CARES Act, qualifying businesses are eligible for Small Business Administration Paycheck Protection loans of up to 2.5 times their average monthly payroll, calculated as defined in the Act ...
A number of states have issued executive orders or other emergency declarations to provide relief from certain debt collection practices in the wake of the COVID-19 crisis. Such measures include ceasing new wage attachments and vehicle repossessions, etc. None have been as comprehensive as the regulation issued by Massachusetts Attorney General, Maura Healey, on March 26, 2020 ...
Sen. Elizabeth Warren (D-Mass.) and Sen. Sherrod Brown (D-Ohio) have released a proposal calling on Congress to provide additional protections for consumers during the COVID-19 pandemic. Their proposal notes that an unprecedented 22,000,000 Americans filed for unemployment benefits in the past four weeks. Millions of them received or will receive a $1,200 stimulus check the senators argue will not cover one month of basic expenses ...
Freddie Mac has taken a series of steps to assist its borrowers, sellers, and servicers during these unprecedented times, and should help Freddie Mac continue its goal to “keep mortgage money flowing, support the stability of the housing market, and promote housing affordability.” Freddie Mac announces avenues of assistance to borrowers affected by COVID-19, and that borrowers in forbearance will not be required to repay in a single lump sum ...
WHAT'S NEW COVID-19 Business Strategies Hub Since the news first broke about the COVID-19 pandemic and its impact on the global economy, Dinsmore has worked diligently to create the COVID-19 Business Strategies Hub. The Hub features attorney insights and complementary webinars to help you prepare and respond to legal, regulatory, and commercial implications related to the crisis ...
Key Points The IRS recently issued guidance (Notice 2020-32) regarding the deductibility of expenses incurred in a taxpayer’s trade or business when the taxpayer receives a PPP loan under the CARES Act. Section 1106 of the CARES Act provides that PPP loans may be forgiven without causing the borrower to incur cancellation of debt income ...
The Economic Injury Disaster Loan (“EIDL”) program is an existing loan facility offered by the Small Business Administration (“SBA”) under Section 7(b) of the Small Business Administration Act of 1953. The purpose of the EIDL program is to extend low-interest credit to small businesses that are impacted by disasters ...
On April 29 and April 30, 2020, the Small Business Administration (“SBA”) provided additional guidance on the Paycheck Protection Program (“PPP”) through the issuance of a new PPP Interim Final Rule (the “Corporate Group Rule”), which supplements the first PPP Interim Final Rule, published on April 2, 2020, and the subsequent interim final rules issued since that date, as well as issuing updates to the Frequently Asked Questions&nbs
The Government of the Slovak Republic approved on 14 April 2020 the draft bill amending Act No. 62/2020 Coll. on certain emergency measures in relation to the spread of dangerous contagious human disease COVID-19 and in the justice, and amendments to certain laws.The bill was passed by the Slovak Parliament on 22 April 2020 and has been published in the Collection of Laws on 25 April 2020.The below regulation on temporary protection of businesses came into force since 12 May 2020 ...
On April 27, 2020 the SEC updated its Division of Investment Management Coronavirus (COVID-19) Response FAQ and addressed a question pertinent to our article dated April 17, 2020. Question II ...
On April 8, 2020, the federal government adopted draft wording presented by the Federal Minister of Justice and Consumer Protection for a draft bill to mitigate the consequences of the COVID-19 pandemic in event contract law in order to protect organizers of recreational events and operators of recreational facilities from considerable outflows of liquidity ...
Many believe the concept of litigation is antithetical to a sound bankruptcy practice. When I pitch "bankruptcy litigation" to corporate and litigation departments, eye rolls often abound. What do I know? What am I talking about? Why multiply expense with diminishing returns? I understand these common questions well. After all, bankruptcy lawyers, perhaps even more than some of our counterparts, tend to wax more practical in our advice ...
The outbreak of the Coronavirus (COVID-19) pandemic and the incidental measures adopted by the Mauritian government represent serious potential impact for financial institutions in general. Below, we examine the recourses available to borrowers facing financial hardship as a result of the pandemic and its aftermath. We consider only credit facilities, that is, agreements by which financial institutions advance money to their clients for repayment either in instalments or at term ...
Resolution 849 of the Department of Cooperatives of the Ministry of Economy, Development and Tourism recently published, allows credit cooperatives under the supervision of the same, to refinance up to three installments in the payment of credits if they are delayed for terms of less than 30 days. since the publication of said resolution, on April 6, 2020. New credits or amendments may not be treated as such, for purposes of their rankings and provisions ...
National Commission of Agricultural Credit issues resolutions, by which the capacity of the FAG and the validity of guarantees are modified. The National Commission for Agricultural Credit issued Resolution No ...
