The SBA, in consultation with the U.S. Department of Treasury, issued the Paycheck Protection Program Loan ForgivenessApplicationand related instructions on May 15, 2020. While the application and instructions answer many of our questions about PPP loan forgiveness, it leaves many others open. Treasury has promised that the SBA also will soon issue regulations and guidance that we hope will address these questions ...
Rule 2-2020, as amended by Rule 3-2020 of the Superintendency of Banks of Panama (hereinafter, “SBP,” for its initials in Spanish). On March 16, 2020, the SBP issued Rule 2-2020, which was subsequently amended by Rule 3-2020 (here in after referred to as “Rule 2-2020") and "establishes additional, exceptional and temporary measures for compliance with the provisions contained in Rule 4-2013 on credit risk".” ...
Section 29 of the Bankruptcy Ordinance (Cap. 6) (BO) allows a trustee in bankruptcy to apply to the Courts for orders compelling disclosure of material documents and/or information of the bankrupt in order for the trustee to carry out his/her duties under the bankruptcy. For the authors’ previous article on Section 29, please see here ...
Section 29 of the Bankruptcy Ordinance (Cap. 6) (BO) allows a trustee in bankruptcy to apply to the Courts for orders compelling disclosure of material documents and/or information of the bankrupt in order for the trustee to carry out his/her duties under the bankruptcy. For the authors’ previous article on Section 29, please see here ...
The landmark CARES Act, signed into law by the President on March 27, provides many employers with several options to increase liquidity and cash flow during the time of the COVID-19 pandemic. And only 9 days before that legislation was enacted, the Families First Coronavirus Response Act (FFCRA) also created two other payroll tax-related incentives for certain employers, and to self-employed individuals ...
As we continue our series on bankruptcy litigation, we want to discuss the use of receiverships as an important aspect of a fully developed creditors' rights practice. Creditors often face recalcitrant corporate debtors who continue to reap the rewards of their business while ignoring all attempts by creditors to collect amounts owed to them. Sometimes, those debtors' intricate corporate structure makes it harder for creditors to trace money and assets and easier for debtors to hide them ...
Earlier this month, the DFDL Myanmar Tax Team organized a well-attended webinar ‘How to Manage Your Tax affairs in Myanmar During the COVID-19 Crisis’. Jack Sheehan (Partner & Head of the Regional Tax Practice), Diberjohn Balinas (Senior Tax Manager) and Nay Nay Eaint (Tax Manager) shared their insights on how to deal with important tax-related matters during the COVID-19 pandemic and the kinds of tax relief that affected businesses may claim ...
In early April, the United States approved the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) authorizing $349 billion in a small business lending program called the Paycheck Protection Program (“PPP”). Depleted within days by the overwhelming response from businesses across the country, Congress authorized an additional $310 billion for this program on April 23. With government money, however, comes government oversight ...
State and local governments throughout the nation are struggling to address the financial impact of the COVID-19 pandemic. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, enacted by Congress on March 28, 2020 appears to provide insufficient funding, and many state and local governments need more federal financial assistance ...
On May 14, 2020, San Francisco Mayor London Breed issued a second extension of the City’s commercial eviction moratorium and rent deferral program for small businesses with less than $25 Million in 2019 gross receipts. The extension grants rent relief for rent due and payable through June 16, 2020. On April 15, 2020, Mayor Breed previously extended the original order through May 17, 2020 ...
The government has rolled out a series of measures to relieve the economic impact brought about by the COVID-19 pandemic. Introduced under the second round Anti-epidemic Fund, the Employment Support Scheme (ESS) has come under the spotlight as it aims to provide wage subsidies to employers against their undertaking to spend all subsidies on paying wages to their employees and not to implement redundancy during the subsidy period ...
The 2020 appeal season is moving and changing quickly, so be sure to not miss any filing deadlines. The deadline for filing petitions with the Michigan Tax Tribunal is set by statute as May 31. On May 14, 2020, Michigan Governor Gretchen Whitmer issued Executive Order 2020-87 (the “Order”), to extend the deadline to protest 2020 property tax assessments to grant some amount of relief to individuals and businesses amid the coronavirus/COVID-19 crisis ...
On 18 May 2020, the UAE government announced the following timings with effect from today, 20 May 2020: the National Disinfection Programme will take place between 08:00pm (not 10:00pm) to 06:00am the following day. working hours of butchers, mills and cafes will be from 06:00am to 08:00pm. commercial centres and malls will be open from 09:00am to 07:00pm (with new opening hours to be announced after the upcoming Eid ...
COVID-19 Although the first big wave of requests for repayment deferrals of banking and non-banking loans may seem to be over, a further one is likely just to come once some debtors realise the actual effects of COVID-19 crisis on their economic situation and the pandemic time frame for filing the requests for repayment deferrals will start approaching its end ...
As healthcare providers respond to increased demands on supplies and resources due to the COVID-19 pandemic, regulators have issued certain flexibilities and guidance in responding to the public health emergency. The following guide and frequently asked questions are designed to address some of the more common issues and questions that providers face. As always, legal advice is fact-sensitive ...
Despite the restrictions on activity affecting Hong Kong since the beginning of the year, there have been several enforcement cases reported which can provide some useful lessons or reminders for intermediaries. Approvals involve due diligence A requirement for approval for a transaction indicates that the transaction is unusual or involves material risk ...
On 16 March 2020, the Securities and Futures Commission (SFC) published its 2019 Financial Review of the Securities Industry. This is an annual review which contains statistical information about the financial situation of firms licensed for type 1 (dealing in securities) or type 8 (securities margin financing) regulated activities ...
The Securities and Futures Commission (SFC) issued a circular on 27 March 2020 reminding the industry of the importance of compliance with the suitability obligation. Deacons’ client alert, which you can access here provides a succinct summary of the sources of the suitability obligation and the SFC’s FAQs on the subject. The alert also drew attention to the sampling and monitoring obligations under FAQ 10, which are frequently overlooked ...
In a recent enforcement action, the Securities and Futures Commission (SFC) issued a public reprimand and a HK$19.6 million fine to a licensed corporation (LC) for a range of breaches and internal control shortcomings, including failures relating to: 1. AML 2. Authorisation for transactions 3. Record keeping 4. Handling of client complaints 5. Telephone recording 6. Margin lending 7 ...
On 7 May 2020, the People's Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) jointly issued the Regulations on Funds of Securities and Futures Investment by Foreign Institutional Investors (PBOC & SAFE Announcement [2020] No. 2, the New Regulations available here in Chinese), and the Policy Q&A No.1 clarifying certain details in the New Regulations (available here in Chinese). The official implementation date for the New Regulations is 6 June 2020 ...
On 28 April 2020, the Securities and Futures Commission (SFC) and the Competition Commission entered into a Memorandum of Understanding (MoU) with the intention to enhance their cooperation and exchange of information, so as to allow each regulator to perform their respective functions more effectively. This is the second MoU entered into by the Competition Commission with a Hong Kong regulator, and is the first MoU the Competition Commission entered into with a financial regulator ...
The Treasury Department has issued a form application to be used for SBA Payroll Protection Program (PPP) borrowers to seek loan forgiveness, along with instructions for completing the form and an accompanying worksheet. The application form, instructions and worksheet may be located by clicking on this link: https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application ...
The 50th Earth Day has passed this year under the shadow of a global pandemic, where the immediacy of human health has eclipsed, for now, the focus on the long-term health of the planet and humanity’s place within it that had begun to preoccupy businesses and investors. From a corporate governance perspective, that is reasonable, as risks to short-term survival take precedence over the long-term planning and risk mitigation demanded by more epochal trends like climate change ...
