Under the CARES Act that was signed into law on March 27, 2020, $100 billion was allocated to “eligible health care providers” to provide financial relief for health care organizations in relation to the COVID-19 public health emergency ...
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 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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
As misinformation on COVID-19 continues to spread, there is another more serious threat being dispersed through back trade channels and that is of counterfeit goods either for sale at exorbitant prices or fake goods proclaiming to cure or treat the virus. In 2018, Forbes announced that counterfeiting was the largest criminal enterprise in the world[1] and the sales of counterfeit and pirated goods totals $1.7 trillion per year, which is more than drugs and human trafficking ...
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 ...
The pledge of equity interests of a privately held company as collateral is a common occurrence in a wide variety of financing structures. What is not as common perhaps is for secured creditors to analyze, at the initial stages of a transaction, the road maps that may serve to mitigate any meaningful delays or diminution in the value of such collateral in a foreclosure scenario ...
This legal analysis focuses on the typical case of a company that although it is not directly targeted by the measures established in order to prevent the spreading of the novel coronavirus, it still registers a decrease of demand, of the level of proceeds and of the production of goods and services ...
Since the beginning of the SARS-CoV-2 pandemic, the deferrals of loan payments and other payments (such as leasing payments, etc.) have been provided by credit institutions or other financial institutions voluntarily, upon their negotiations with debtors, upon their discretion and within the formal process for approval of deferred payments with a potential future negative effect on the credit score of the debtor ...
Guarantees for bank loans and loan interest bonifications were introduced as afinancial aid to small and medium-sized enterprises (“SMEs”) to be provided by the state under Act on certain extraordinary measures in the area of finance in relation to the spread of dangerous contagious human disease COVID-19 that was adopted by the National Council of the Slovak Republic on 2 April 2020 (the “Act”) ...
On April 3, 2020, small business owners started applying for forgivable loans under the Paycheck Protection Program (PPP) to help keep their workforce employed during the COVID-19 pandemic. As the program got underway, the Small Business Administration (SBA) rolled out important new guidance for small businesses, including an updated loan application form and comprehensive guidance on PPP requirements for borrowers and lenders ...
The provisions of the newly-enacted CARES ACT that have been receiving the most attention from owners of small businesses that have been devastated by the COVID-19 pandemic are those relating to the business-sustaining forgivable loans and tax benefits that will potentially be available to those companies ...
Like most industries, tech startups have been deeply impacted by the COVID-19 pandemic. As they scramble to adapt to a rapidly changing climate, tech leaders are asking if, and to what extent, their businesses can benefit from the $2 trillion stimulus package known as the CARES Act ...
Chances are your business has been interrupted by the Coronavirus epidemic, and if you rent space, you are considering how to obtain rent concessions from your landlord. Most likely, your lease will not give you an express right to rent abatement if your use is precluded by a "shelter-in-place" order or other government action ...
