Whilst crypto-assets are customarily associated with high volatility, a low-volatility crypto-asset, the so-called “stablecoin”, has emerged recently. Stablecoin initiatives typically aim to create a store of value backing the crypto-asset and means of exchange. In view of the increasing discussion of such initiatives, in particular with global technology firms contemplating the issuance of their own stablecoin (e ...
On May 13, 2020, the Small Business Administration (“SBA”) issued an update to the Frequently Asked Questions document (“FAQs”) relating to its Paycheck Protection Program (“PPP”), originally published on April 2, 2020 and updated regularly thereafter, providing additional guidance on the PPP Certification of Necessity Safe Harbor ...
The United States Patent and Trademark Office (USPTO) issued a news brief in connection with a further extension of the relief provided under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The USPTO has offered patent and trademark applicants and owners an additional thirty (30) days in which to file certain documents and pay certain fees, extending the deadline set by the original notices to June 1st ...
In light of the COVID-19 National Health Emergency, U.S. Citizenship and Immigration Services (USCIS) introduced temporary policies related to H-1B-sponsored physicians who are completing their three-year J-1 waiver service commitment requirements. The temporary policies relate to full-time work requirements and the ability of J-1 waiver-approved physicians to provide telehealth services ...
On May 13, 2020, the Small Business Administration ("SBA") issued FAQ # 46 dealing with its plan to review certain PPP loans (in response to COVID-19) to determine if the “necessity” certification was made in good faith by the borrower at the time of application ...
As the COVID-19 pandemic continues, many states now are requiring mandatory testing of residents and employees of skilled nursing and assisted living facilities, including West Virginia, South Carolina, and Florida. Other states, such as Pennsylvania, are proposing legislation requiring mandatory testing. President Trump also has indicated that the federal government may require mandatory testing of all nursing home residents and employees nationwide ...
On March 27, 2020, Congress passed the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The CARES Act, among other things, aims to provide relief to tenants and borrowers who participate in HUD’s housing programs. This alert highlights those provisions that address such multifamily housing ...
Join our Bankruptcy and Creditors’ Rights team and special guests Karlene Archer from Karlene Archer Law and Andrea Cobery, Vice President and Assistant General Counsel at U.S. Bank, for a discussion of bankruptcy servicing best practices in the time of the coronavirus. We will offer legal insights and practical guidance related to providing notice of forbearance plans in bankruptcy courts ...
If there is anything to be learned from the FAA’s distribution of the $10 billion in funds allocated to airports in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, it is that allocating billions of dollars in just a few weeks is more difficult than it sounds. On March 27, 2020, the CARES Act was signed into law as Public Law No. 116-136 ...
All banks rely upon their critical vendors, including law firms that handle sensitive, complicated, and high-risk matters. And yet vendor oversight of law firms has been awkward for all parties involved – fitting square pegs into round holes. We believe opportunities exist to ameliorate this awkwardness and enhance law firm oversight ...
With much fanfare, the Department of Justice (DOJ) has rolled out a series of headlines detailing its enforcement efforts in the wake of COVID-19. At the end of March, the government announced a kickback case against a marketer who allegedly steered patients towards COVID-19 and genetic cancer testing ...
On 28 April 2020, the Competition Commission entered into a Memorandum of Understanding (MoU) with the Securities and Futures Commission (SFC) 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[1], and is the first MoU the Competition Commission entered into with a financial regulator ...
A new BIG GUARANTEE SCHEME was introduced in Slovakia in a form of (i) guarantees for bank loansand (ii) remissions of guarantee premiums as per new Temporary Framework for State aid recently adopted by the European Commission to support the economy in COVID-19 outbreak and via adoption of an amendment (the “Amendment”) to Act No. 67/2020 Coll ...
On Monday, 4 May 2020, the government submitted an amendment to the Compensation Bonus Act to the Chamber of Deputies. The amendment should support, in addition to self-employed individuals (sole proprietors), certain shareholders in limited liability companies. This article provides details on the requirements, forms of application, and the amount of compensation ...
This briefing takes a deeper dive into the labor and employment aspect of COVID-19 issuances. Some of the guidelines here are covered in our The Return-to-Work-Checklist for Philippine Companies. A. Operating establishments have been directed to comply with public health standards prescribed by the Department of Health (DOH), Department of Trade and Industry (DTI) and the Department of Labor and Employment (DOLE) 1. The DTI issued DTI Memorandum Circular No ...
The USCIS on Friday, May 15, sent a request to Congress for $1.2 billion in emergency funding, proposing to pay it back with a 10% surcharge on application filing fees. The immigration service is entirely funded by these filing fees and has seen a significant drop in applications due to the coronavirus pandemic. It said in the statement it expects a 61% drop in revenue through the end of the fiscal year ...
Much of the media coverage of the COVID-19 pandemic over the last two months has focused on the loss of business sustained by restaurants, hotels and retail. Little attention has been paid to healthcare providers—at least those who are not valiantly staffing emergency rooms and intensive care units treating those patients stricken by the coronavirus ...
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 ...
On May 11, 2020, the California Department of Public Health ("CDPH") issued an All Facilities Letter (AFL 20-52) requiring skilled nursing facilities ("SNF") to develop and implement a facility specific COVID-19 mitigation plan (the "Plan") with six different, complicated elements. The CDPH requirement is in addition to any local requirements for COVID-19 planning and may or may not track the requirements already in place in some local jurisdictions ...
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 ...
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 ...
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 ...
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 ...
