The Federal Reserve System (the “Fed”) has recently announced programs intended to help businesses not covered by the loan provisions under the purview of the Small Business Administration, specifically PPP and EIDL loans available under the CARES Act. In order to facilitate lending to larger corporations, the Fed instituted the Primary Market Corporate Credit Facility (“PMCCF”) and the Secondary Market Corporate Credit Facility (“SMCCF”) ...
In its attempt to provide relief to corporate America, the Board of Governors of the Federal Reserve System (the “Fed”) did not neglect lenders in all of the commotion. The Fed recently instituted several programs meant to provide liquidity to economic markets through lending directly to financial institutions, altering capital requirements and relaxing Fed examinations of financial institutions ...
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”) ...
The Financial Services Authority (Otoritas Jasa Keuangan/“OJK”) recently issued OJK Regulation Number 12/POJK.03/2020 of 2020 on the Consolidation of Commercial Banks (“OJK Reg 12/2020”). This new regulation aims for strengthening the structure, resilience, and competitiveness of the national banking industry to support national economic stability and growth through the strengthening of bank capital and the consolidation of banks in Indonesia ...
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 ...
TOP STORY: Coronavirus (COVID-19) In recognition of the unique hardships presented by Novel Coronavirus/COVID-19, the SEC has issued a variety of relief orders across the securities industries. Many of these have come in the form of deadline exemptions or extensions. Our newsletter is focused on providing updates and information primarily concerning the investment advisory business ...
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") ...
The Government of Serbia adoptedthe Regulation on Fiscal Benefits and Direct Aid to Private Sector Entities and Financial Aid to Citizens to Mitigate the Economic Impact ofCOVID-19 (“Regulation”) on 10 April 2020, ten days after the announcement of the proposalof the Program of economic measures aimedat reducing the negative effects caused by the COVID-19 pandemic. The Regulation provides tax benefits and direct payments to private sector companies ...
The health crisis caused by COVID-19 (better known as “Coronavirus”) has had a significant impact on both global and local trade. In our country, the first case, which was confirmed on March 9, triggered the implementation of significant sanitary measures that led to the necessary temporary closure of multiple enterprises, as well as limited the movement of the population, and restricted commercial [1] and governmental [2] activity ...
Upon the ongoing spread of coronavirus disease (“COVID-19”) pandemic, the Indonesian Government has declared the COVID-19 as a national emergency situation. Following the nation’s COVID-19 emergency, the Indonesian Government have issued sets of regulations and policies in various sectors in order to control and mitigate the adverse impacts of the COVID-19 pandemic ...
Covid19 related lock down measures implemented in France since mid-March make it quite difficult if not impossible to hold physical meetings for signing financing transactions under French law / involving French parties. For notarised deeds, the emergency measures enacted by a decree dated 3 April 2020 have suspended the requirement of physical presence during and replaced it by remote signature mechanism. This applies to the remote signature of notarised loan agreement and mortgage deeds ...
The COVID-19 pandemic has touched all aspects of both the hemp and marijuana industries and their supply chains, as many other industries have experienced. To provide significant relief for the entire economy, the U.S. federal government passed The Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), collectively, the largest aid package ever passed ...
Does the Covid-19 pandemic (or actions taken to counter the spread of Covid-19) constitute a Force Majeure in a refit/ repair contract? Is there any implied right of relief for the contractor or the owner? Under English law, unlike civil law systems, a force majeure is neither defined nor automatically applicable to commercial contracts ...
In their March 3, 2020 Law 360 article, our colleagues, Rob Patterson and Shu-Shu Wong, commented on the trend of certain buyers evaluating the feasibility of invoking force majeure as an excuse for not performing their purchase obligations under their liquefied natural gas long-term sale and purchase agreements (LNG SPAs) due to the COVID-19 outbreak ...
On April 9, 2020, the Board of Governors of the Federal Reserve System (the “Board”) announced the establishment of the Main Street Business Lending Program (“Main Street Loan Program”), an up to $600 billion lending program for mid-size businesses ...
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 ...
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 ...
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 ...
On April 9, the federal banking agencies issued an interim final rule to encourage lending to small businesses through the Small Business Administration’s Paycheck Protection Program (“PPP”) established under the CARES Act. Specifically, the agencies are applying a 0% risk weight to PPP covered loans for regulatory capital purposes ...
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 ...
