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 ...
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 ...
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 ...
When COVID-19 first hit, many employers were initially faced with the need to identify if they qualified as an essential business under the operative orders issued by the federal and state governments, and then come into compliance with safety measures, all while ensuring compliance with other requirements such as those laid out by the Americans with Disabilities Act ...
In recent weeks, and especially in recent days, we have seen the serious repercussions of the spread of COVID-19 on Quebec businesses and SMEs. Government authorities are planning financial assistance measures for businesses, and some chambers of commerce have already announced that new services will soon be offered to businesses to help them deal with the crisis. We are as yet unaware of the details of this assistance and how it will be allocated ...
In the face of governmental orders shutting down businesses, redirecting business efforts and assets, and even seizing business property to redistribute to others, we see more and more questions about the limits of governmental authority and the remedies for affected people and businesses. Lawsuits already are being filed, and the courts undoubtedly will have to provide the answers. Click here for a more detailed discussion of COVID-19 and governmental takings ...
On 9 April 2020, in light of the amendments to the coronavirus (COVID-19) TERS Directives, the Unemployment Insurance Fund (“UIF”) released four new memoranda of agreement (“MOAs”) to be used when employers apply for the COVID-19 Temporary Relief Scheme (“TERS”). It has also issued a revised application procedure. A MOA records the terms and conditions for the implementation of the TERS by the UIF and any employer who submits a claim under the TERS ...
Current state of affairs On 5 March 2020, the first case of novel Coronavirus Disease of 2019 ("COVID-19"), was confirmed in South Africa. Prior to, and with the advent of the various regulations issued in terms of section 27(2) of the Disaster Management Act, 2002, all industry sectors, including the mining industry, were directed to take reasonable measures to prevent or limit the exposure to COVID-19 at working places ...
On 8 April 2020, the Minister of Employment and Labour issued a notice amending a few significant aspects of the coronavirus (COVID-19) Temporary Relief Scheme (“C19 TERS”) Directive of 25 March 2020 (the “Amendment”).The C19 TERS was established to compensate employees who have lost income due to the COVID-19 pandemic, through the Unemployment Insurance Fund (“UIF”) ...
On April 8, 2020, the IRS released Rev. Proc. 2020-23 to allow certain partnerships to take advantage of tax law changes under the Coronavirus Aid, Relief and Economic Security (CARES) Act, including the immediate expensing of costs related to "qualified improvement property ...
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 ...
The Coronavirus Aid, Relief, and Economic Security Act, H.R. 748 (the “CARES Act”), signed into law by President Trump on March 27, 2020, provides considerable relief for individuals and businesses in the form of financial assistance and tax-related benefits. Below is a short description of the tax benefits available for businesses, including employers and self-employed individuals under the CARES Act ...
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 ...
Many commercial contracts limit claims between parties, particularly for consequential losses, to instances of gross negligence. Many statutes circumscribe claims against government authorities to the same circumstances. The Police Act, for example, prohibits claims against the police except where the police have been “guilty of dishonesty, gross negligence or malicious or wilful misconduct” ...
As the country and the world grapple with the severity of the coronavirus pandemic and the necessary steps governments, businesses, and citizens are taking to mitigate the crisis and the spread of COVID-19, businesses are dealing with an unprecedented slowdown and/or shutdown of operations across many economic sectors ...
The U.S. Department of Justice (DOJ) has issued a series of memoranda that discloses the department’s enforcement priorities and provides public guidance related to the ongoing coronavirus crisis ...
The current global climate has changed the manner in which we socialize, work and engage even in the simplest activities. We had to quickly adapt to speaking with our friends over video calls, working primarily from home and going out of the house to the most limited extent possible, generally only to conduct essential activities, as defined by the public authorities ...
Since public health has been affected by the spread of COVID-19, Member States’ governments have adopted several measures to contain its diffusion and reduce the risk of exposure. Some Member States recommend social distancing measures, while others have also declared state of emergencies and lockdowns. This is also the case for Romania, where a lock-down is in place starting from 25 March 2020 ...
On Saturday, April 4, 2020, the Antitrust Division of the U.S. Department of Justice (“DOJ”) issued a business review letter to a number of providers of Personal Protective Equipment (“PPE”) and pharmaceutical products, stating that the DOJ “presently does not intend to challenge” their efforts to expedite and increase manufacturing, sourcing, and distribution of PPE and medications in connection with Project Airbridge ...
Below is a summary of key new measures and initiatives that have been implemented and announced by various UAE authorities since 6 April 2020 and the time of this inBrief, 6:00 p.m. on Wednesday, 8 April 2020 ...
The Supreme Court while hearing Suo Motu Writ (Civil) No.5/2020 on 6thApril 2020 has, in exercise of the powers conferred by Article 142 of the Constitution, directed that: i ...
Spring is a busy period in terms of corporate governance. It involves the computations, confirmations and conclusions related to the results of the previous financial year, when the following decisions are needed among others: Approval of annual reports and annual financial statements; Election of a new Board of Directors; Election of an internal Auditor and/or members of internal Audit Commission; Approval of company’s external auditor ...
In March, the Estonian Government decided to implement first steps to help the employers in order to avoid lay-offs and introduced also few other reliefs to support the companies. Below you can find summaries of these measures. Relief measures for employers Compensation of salary The Estonian Government approved the relief measures for the employees subject to salary cut ...
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