In a major development to assist businesses with up to 10,000 employees or up to $2.5 billion of annual revenue which have been impacted by the COVID-19 pandemic, the Federal Reserve has issued Term Sheets for the two portions of the Main Street Lending Program created by the CARES Act, the Main Street New Loan Facility ("MSNLF"), and the Main Street Expanded Loan Facility ("MSELF") ...
April 14, 2020, the SBA issued new guidance on the treatment of service partners for Payroll Protection Program (PPP) loans. The Interim Final Rule Paycheck Protection Program – Additional Eligibility Criteria and Requirements for Certain Pledges of Loans clarifies that individuals treated as partners may not submit a separate PPP loan application as an "eligible self-employed individuals ...
Adopted as part of the measures supporting enterprises in the context of the Covid-19 crisis, the ordinance n° 2020-306 of March 25th, 2020 contains the following temporary provisions applicable to contractual deadlines: SUSPENSION OF THE CONTRACTUAL STIPULATIONS SANCTIONING THE NON-PERFORMANCE OF AN OBLIGATION According to Article 4 of the ordinance: “Penalty payments, penalty clauses, termination clauses and acceleration clauses, the purpose of which is to sanction the non-
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 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 ...
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 ...
Below is a summary of key new measures and initiatives that have been implemented by various UAE authorities since 9 April 2020 and the time of this inBrief, 6:00 p.m. on Monday, 13 April 2020. Commercial Activity On 13 April 2020 the Dubai Department of Economic Development issued a circular on the re-opening of some commercial activities and emphasised that these activities must continue to comply with preventive guidelines, including operating only between the hours of 8:00 a.m ...
The Federal Trade Commission (FTC) is devoting significant resources to combat deceptive COVID-19 advertising in a range of industries as consumer complaints to the FTC pick up steam. Companies are shifting marketing spend to cover COVID-19 messaging and should be mindful of the FTC’s increased scrutiny. Through April 9, 2020, the FTC has received 15,006 consumer complaints relating to COVID-19 advertising and business activities ...
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 ...
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 ...
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 ...
As COVID-19 cases have continued to spread across the country resulting in government-issued “shelter in place” orders, few industries have felt the impact as swiftly and deeply as the restaurant industry. Indeed, such government orders have required restaurants to shut down all onsite dining, causing a sharp decline in restaurant revenue. According to restaurant ...
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 ...
Below is a summary of key relief and operational measures implemented by the DIFC since 1 April 2020 and the time of this inBrief, 6:00 p.m. on Saturday, 11 April 2020. Dubai Financial Services Authority (DFSA) announces relief measures On Tuesday, 7 April 2020, the DFSA announced a number of relief measures to support their clients during this time of stress and uncertainty. These measures are aimed at both new firms setting up in the DIFC as well as existing authorised firms ...
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 ...
