Congress recently passed the economic stimulus package referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCE Act”), and the Paycheck Protection Program Flexibility Act (“PPP Flexibility Act”). Ttogether, the CARES Act1, PPPHCE Act, and PPP Flexibility Act are called the “CARES Act” ...
The Federal Reserve's Main Street Lending Program (the “MSLP”), which is designed to help credit flow to small and medium-sized businesses impacted by the COVID-19 pandemic, was officially launched today, Monday, June 15th. As a result, the MSLP is now open and ready for registration by lenders looking to participate in the program ...
We are pleased to share the following summary about the Tennessee Business Relief Program. Key takeaways are: The money does not have to be paid back Revenue hopes to start disbursing in early July Unlike PPP and other relief programs, there is no application. A huge shout-out for the excellent summary to Jim Schmidt and Sharon Michie from the Tennessee’s Brewer’s Guild ...
On 27 May 2020 the Federal Council adopted the Ordinance on Protecting against Cyber Risks (OPCy, available in French and German), which is set to enter into force on 1 July 2020. This move is the next step in a series of measures taken by the Federal Council to adopt a new organisational structure and implement a national strategy to protect Switzerland against cyber risks (NCS, available in German, French, Italian and English) ...
The economic turmoil stemming from the outbreak of COVID-19 has forced small business owners to take drastic measures to save their companies. Unfortunately, government subsidized loans, loan deferrals, and temporary rent relief may not be enough to save all small businesses. Bankruptcy should never be the first choice for a business in financial distress, but it may be the best choice for all interested parties ...
Congress recently passed the economic stimulus package referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act1”), the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCE Act”), and the Paycheck Protection Program Flexibility Act (“PPP Flexibility Act”). Together, the CARES Act1, PPPHCE Act, and PPP Flexibility Act are called the “CARES Act” ...
Key Point The Federal Reserve has further revised the terms for the upcoming Main Street Lending Program in order to expand access to the program's three loan facilities The Federal Reserve announced on June 8, 2020, that it has revised key terms for its upcoming Main Street Lending Program to support small and medium-sized businesses, consisting of three loan facilities: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Stree
Businesses affected by COVID-19 are frantically seeking help. Direct forms of assistance, such as the financial shield and standstill pay, are extremely popular. Meanwhile, another instrument of the Anti-Crisis Shield has begun operating recently, i.e. loan repayment guarantees granted by Bank Gospodarstwa Krajowego to medium-sized and large enterprises from the Liquidity Guarantee Fund ...
This time we address solutions from the front lines: devices for remote diagnostics which can improve effective detection of the coronavirus and also unburden the health service in other areas. These solutions can also serve as aproving ground for the regulatory approach to oversight of algorithms. The immediate inspiration for writing this text was asolution from the company StethoMe presented at the DemoDay organised by the MIT Enterprise Forum CEE ...
Key Points New legislation allows longer 24-week period for payroll costs that will be forgiven under Paycheck Protection Program loans Maximum forgiveness of loan can be achieved if 60% of the proceeds are used on payroll costs New broader safe harbor to avoid FTE-based reduction in forgiveness amount New legislation signed into effect on June 5, 2020, received bi-partisan support to address complaints about the current Paycheck Protection Program ("PPP") loans for small busines
On June 8, the Federal Reserve announced a number of changes to the Main Street Lending Program (“MSLP”), involving all three facilities, the Main Street New Loan Facility (“MSNLF”), the Main Street Priority Loan Facility (“MSPLF”), and the Main Street Expanded Loan Facility (“MSELF”) ...
On June 5, the President signed the PPP Flexibility Act. As first described in Buchalter’s previous ALERT, this new law creates the following adjustments to PPP requirements: For loans entered into on or after the date the Act became law, the minimum repayment period is to be extended from 2 years to 5 years. For loans prior to that date, the borrower and lender may agree to extend the loan term to 5 years ...
The purpose of this special report (the “Report”) is to inform the legal considerations and initial impacts that may affect the operation of a business as a result of the state of emergency for fourteen (14) days from March 16, 2020 (the “State of Emergency”) declared through Supreme Decree No ...
On June 5, 2020, President Trump signed H.R.7010, the Paycheck Protection Program Flexibility Act of 2020 (the “PPPFA”). The PPPFA modifies the Paycheck Protection Program (“PPP”) to provide additional flexibility to borrowers in using PPP loan proceeds and obtaining forgiveness for their loans by the Small Business Administration (the “SBA”) ...
Issuers need to make transparent the effects of the COVID-19 pandemic on their companies. The International Organization of Securities Commissions (IOSCO) emphasized the importance and obligation of timely and transparent disclosure of “high-quality information” in a recent statement issued on May 29, 2020. It recalled the corresponding obligation for issuers to report on important matters and encourages companies to comply with their disclosure obligations ...
On June 4, the Consumer Financial Protection Bureau (CFPB) took steps to provide rules and guidance for the upcoming transition away from LIBOR for adjustable rate loans. The CFPB issued the following: A revised version of the CHARM booklet that is to be given to certain ARM loan mortgage loan applicants within three days of application ...
Last year, United States Patent and Trademark Office (USPTO) Director Andrei Iancu noted that artificial intelligence (AI) has the potential to “fundamentally chang[e]” “the legal concepts of inventor or author.”[i] The USPTO recently had cause to consider this issue. On petition, the USPTO considered whether an applicant can name an AI program as an inventor on a patent application ...
This news is a compilation of all the credit lines that have been approved by Bancoldex in the last few weeks. Through Circular No ...
On May 22, 2020, the Small Business Administration (“SBA”) provided additional guidance on the Paycheck Protection Program (“PPP”) through the issuance of two new Interim Final Rules on (i) loan forgiveness and (ii) SBA loan review procedures and related borrower and lender responsibilities (collectively, the “Loan Forgiveness Rules”), each of which supplements the first PPP Interim Final Rule, published on April 2, 2020, the subseq
On 26 May 2020, the Royal Government of Cambodia (“RGC”) issued a press release and rolled out round 4 of measures aimed at mitigating the impact of COVID-19 on the businesses and workers in Cambodia. These latest measures consist of a combination of new measures and extension of those measures already in place ...
In the age of social distancing, it is about time the law is changed to allow wills to be executed electronically.Ingenious lawyers all over the Commonwealth are dreaming up rigmaroles for the signing of wills amid the pandemic. An English law firm has suggested that the will be signed at a park bench, with witnesses lurking nearby, ready to rotate around the document ...
By a near-unanimous 417-1 vote, the House has passed the PPP Flexibility Act, which if enacted would, among other things, extend the time to utilize Payroll Protection Program (PPP) loan proceeds and obtain forgiveness, allow more time to rehire employees, and allow more of the proceeds to be used for other forgivable costs besides payroll costs. The Senate will now consider the bill and may vote on it next week. A copy of the bill may be found here: https://docs ...
