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 ...
In response to the ongoing COVID-19 crisis and its resulting adverse effects on the income levels of Michigan residents, a package of bills (2020 SB 912 through 2020 SB 917) was introduced earlier this month to provide additional protections for residential tenants and owner-occupants during a declared state of emergency ...
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 ...
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
Special Report "COVID-19 in Central America" on special measures taken in each country of our region prepared by the multidisciplinary team of Consortium Legal. The information contained in this publication is for information purposes only and does not constitute legal advice. The information is constantly updated and is subject to change ...
On May 27, 2020, the U.S. Patent and Trademark Office issued a further extension of certain deadlines that were about to expire on May 31. The latest order provides until July 1, 2020 for certain actions delayed due to COVID-19. For small and micro entities only, filings that would have been accepted if filed by June 1, 2020, will now be deemed timely if filed by July 1, 2020 ...
"As demonstrated within this context, actual enforcement can serve as a powerful motivator of intensified corporate compliance efforts. Companies and individuals often want to do the right thing, but an effective compliance programme entails more than just a pristine ethical mindset. Among other elements discussed in this book, a compliance programme requires the commitment of management at all levels and sufficient resourcing to do the job well ...
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 ...
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”) ...
COVID-19 is having a significant impact on businesses and the economy. Responding to this, the UK Government has unveiled new measures, alongside existing funding initiatives, to help businesses navigate this challenging time. We are regularly updating our COVID-19 business support measures guide as new guidance is published. This guide is designed to summarise these support measures and help you identify which are applicable to your business ...
The Ministry of Public Health has published changes in the strategy to be followed for the eventual de-escalation of the confinement measures to be followed, repealing agreement 144-2020 ...
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 ...
The most general reason for setting up a trust is to ensure the effective and professional legal protection of assets. Contrary to a private foundation, there is no legal requirement to set forth a specific objective for the trust ...
On 20 May 2020, the State Administration of Foreign Exchange of China issued the Circular on Supporting the Development of New Forms of Trade (Circular). The Circular summarised previous pilot experiences and, established foreign exchange (forex) policies that are meant to optimise new forms of trade[1]. The Circular has been implemented since the date of its promulgation ...
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 ...
Following the agenda established within the Federal Government's Gradual Plan towards a New Normalization, the Mexican Institute of Industrial Property (MIIP) has published an agreement by means of which it extends the suspension of terms and deadlines with respect to all processes and procedures carried out before said Institute, as of March 24, 2020 and until the expected conditions for the restarting of activities of the MIIP are materialized ...
The Commission for the Financial Market (“ CMF ”), on May 28, 2020, has issued the Official Letter No. 22,260 (the “ Official Letter ”) in response to the pronouncement request sent by the Treasury Minister of the Chilean Government, Mr Ignacio Briones Rojas, to clarify the scope of the enforcement and the effects of the new article 30 of Law No. 21,227, which empowers the access to the unemployment insurance benefits provided in Law No ...
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 March 28, 2020, the Act on Measures in Corporate, Cooperative, Association, Foundation, and Home Ownership Law to Combat the Effects of the COVID-19 Pandemic (COVID-19 Act) entered into effect. Among other things, the COVID-19 Act provides for substantial facilitations for stock corporations to hold general meetings. The most important innovation for use in practice is the possibility of holding general meetings entirely virtually, i.e ...
The technical guidelines described below are a follow up to the order establishing the strategy for the reopening and return to social, educational, and economic activities published on May 14, 2020, which was subsequently amended (the “Order”). Our alert on the Order and its amendment can be found here and here ...
The Circular 100-000010 of May 26, 2020 states the following deadlines: Deadlines for submission of financial statements at 31 December 2019 Last two digits of the NIT Maximum deadline for sending information in the year 2020 Last two digits of the NIT Maximum deadline for sending information in the year 2020 01-06 Wednesday 3, June 54- 59 Wednesday 17, June 07-12 Thursday 4, June
The state contribution for commercial rents to entrepreneurs with forcibly closed establishments is gaining more concrete outlines. If an entrepreneur negotiates a 30% discount on rent from his landlord, he will be able to apply for state support in the amount of 50% up to a ceiling of CZK 10 million for the period from April to June. However, the program has yet to be notified to the European Commission before it can be launched ...
