On April 10, 2020, the Internal Revenue Service (the “IRS”) issued Revenue Procedure 2020-22 to provide guidance related to business interest expense limitations and elections available for certain real property trade and farming businesses under Section 163(j)(7) of the Internal Revenue Code (the “Code”) ...
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 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”) ...
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 ...
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 ...
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 ...
On Wednesday, April 8, 2020, Michigan Governor Gretchen Whitmer issued Executive Order 2020-41 (the “Order”), which relaxes the witness and notary requirements for documents that would otherwise require in-person witnessing and/or notarization, such as Michigan estate planning documents, executed during the Coronavirus/COVID-19 pandemic ...
On April 8, 2020, the Internal Revenue Service (the “IRS”) issued Revenue Procedure 2020-23, which allows eligible partnerships to file amended partnership returns for taxable years beginning in 2018 and 2019 in order to take advantage of the various tax incentives provided under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) ...
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 ...
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 ...
Aware of the political and economic challenges facing by the European Union, the European Commission has decided to act swiftly as part of its task of monitoring state aids under Articles 107et seq.of the Treaty on the Functioning of the European Union, which require Member States to notify, prior to their implementation, measures that are likely to distort competition within the EU ...
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 ...
Physicians and medical professionals throughout the world are facing and attempting to treat one of the most serious and deadly viruses that has affected the world in our lifetime. Medical professionals are on the front lines and in a position, despite their best efforts to protect themselves, to contract the disease. Medical professionals do not only fear for their own lives but also for the lives of their family members if they unintentionally bring this disease home ...
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 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 ...
On 30 March 2020, the Ukrainian Parliament adopted the Law "On Amendments to Certain Legislative Acts Aimed to Ensure Additional Social and Economic Guarantees Due to the Coronavirus Disease (COVID-2019) Spread" (the Law), which introduces to the Ukrainian legislative environment new complex rules aimed at minimizing the negative impact of the spread of the COVID-19 in Ukraine. The below summary focuses on key changes introduced by the Law ...
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 ...
