On April 16, the CFPB issued a HMDA final rule increasing the number of closed-end mortgage loans and/or open-end mortgage loans an institution must originate before it meets HMDA’s coverage thresholds. Effective July 1, 2020, institutions originating fewer than 100 closed-end mortgage loans in either of the two preceding calendar years will not have to report such data effective July 1, 2020 ...
Since the passage over the Coronavirus Aid, Relief, and Economic Security Act, or the CARES ACT (the “Act”) start-ups and emerging companies have received mixed signals and guidance regarding their eligibility for loans and loan forgiveness under the Paycheck Protection Program ("PPP") ...
Key Points A discharge of pollutants to groundwater may require a permit under the Clean Water Act. The new “functional equivalent of a direct discharge” test will be difficult to apply. It will be a long and arduous process to reach uniformity as agencies, courts, and the regulated community try to figure out how to proceed on a case-by-case basis. On April 23, 2020, the Supreme Court published its much-awaited opinion in County of Maui v ...
Key Points: New guidance from the SBA clarifies the "necessity" requirement for PPP loans. Start-ups should proceed with caution when planning to apply for a PPP loan. Since the passage over the Coronavirus Aid, Relief, and Economic Security Act, or the CARES ACT (the “Act”) start-ups and emerging companies have received mixed signals and guidance regarding their eligibility for loans and loan forgiveness under the Paycheck Protection Program ("PPP") ...
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act allocated $100 billion to the United States Health and Human Services Department (“HHS”) to provide financial relief for eligible health care providers. The first $30 billion of what is now known as the CARES Act Provider Relief Fund was released earlier in April. This initial wave was allocated among providers in proportion to their 2019 Medicare fee-for-service payments ...
In light of President Ramaphosa’s announcement of a phased approach to the end of lockdown, many businesses will still be required to remain closed (or partially closed) after 30 April 2020. With this in mind, many employers will still require assistance from the Coronavirus (COVID-19) Temporary Relief Scheme (“C19TERS”) ...
In a turn of events, likely in response to the headlines relating to companies and others returning PPP loan proceeds, on April 23, 2020, the Small Business Administration (SBA) and Department of the Treasury updated the Paycheck Protection Program Loans Frequently Asked Questions to include Question 31, which has been seen by many as a change in eligibility. The CARES Act specifically suspended the SBA 7(a) loan program requirement that borrowers be unable to obtain credit elsewhere ...
On 1 October 2019, Hong Kong and the PRC brought into force the Arrangement Concerning Mutual Assistance in Court-ordered Interim Measures in Aid of Arbitral Proceedings by the Courts of the Mainland and of the Hong Kong Special Administrative Region (Arrangement). The Arrangement empowers the courts of both jurisdictions to award interim measures in support of arbitration seated in the other territory ...
In X v Jemmy Chien, HCCT 31/2019 the Plaintiff applied to set aside an arbitration award on the ground that there was no valid arbitration agreement between the Plaintiff and Defendant. The Plaintiff’s case was that the Defendant was not the true party to the Service Agreement containing the arbitration agreement, as he had signed it as agent for another (Chen) who was the principal and true party to the Service Agreement ...
West Kowloon Cultural District Authority v AIG Insurance Hong Kong Limited [2020] HKCFI 569, concerned a bond obtained by the contractor, Hsin Chong Construction Company Limited (Hsin Chong), from the Defendant, AIG Insurance Hong Kong Ltd (AIG), in favour of the Plaintiff, West Kowloon Cultural District Authority (West Kowloon), as required under a construction contract ...
This is a briefing on the following issuances as of April 19, 2020 in relation to the COVID-19 pandemic: A. Extension of Periods for the Filing and Submission of Various Documents and Payment of TaxesB. Mandatory Disclosure of Personal Information of COVID-19 Patients C. Securities and Exchange Commission (SEC) Issuances D. Bangko Sentral ng Pilipinas (BSP, the Central Bank of the Philippines) Issuances E. Insurance Commission (IC) Issuances F ...
Amidst price wars, a global pandemic, and the diminished demand for oil, E&P borrowers and secured lenders face inevitable credit agreement defaults ahead (if not already). Although real property foreclosure of oil and gas assets is often seen as a secured lender’s primary remedy, negative oil prices, operational challenges and the potential for liability may leave some banks contemplating whether a real property foreclosure is the best course of action ...
President Trump signed H.R.266, the Paycheck Protection Program and Health Care Enhancement Act (the “PPP/HCE Act”) this afternoon following passage of the bill by both houses of Congress. The PPP/HCE Act provides additional funding for small business loan and grant programs administered by the Small Business Administration (“SBA”) in response to the COVID-19 pandemic ...
Today, the federal government enacted the Paycheck Protection Program and Health Care Enhancement Act (the “PPP/HCE Act”) to provide additional funding for loan and grant programs in response to the COVID-19 pandemic. The PPP/HCE Act modifies and increases funding for the Paycheck Protection Program and the Small Business Administration Economic Injury Disaster Loan program, as discussed in greater detail here ...
The negative pricing for West Texas Intermediate oil (“WTI”) on Monday has raised alarm bells for many of our clients in the exploration and production and midstream industries. This article will clarify the issues for these companies and explain the forces at work that have created this situation. The root cause of the current dilemma arises from the dramatic drop in demand starting with the onset of the COVID-19 virus on the United States ...
Yesterday, in Romag Fasteners, Inc. v. Fossil, Inc., the U.S. Supreme Court unanimously held that a plaintiff in a trademark infringement suit is not required to show that the infringing defendant acted “willfully” to avail itself of the Lanham Act’s disgorgement remedy ...
As discussed on this blog, the Securities and Exchange Commission (SEC) has issued a number of orders providing conditional regulatory relief for certain publicly traded company filing obligations as a result of the challenges created by the spread of the coronavirus (COVID-19) ...
Another week brings another round of COVID-19-related lawsuits. We are identifying some early trends and provide a synopsis of the more relevant lawsuits below. Will nursing homes be overwhelmed by wrongful death lawsuits? The daughter of a woman suspected to have died from COVID-19 has filed a wrongful death suit against the company who owns the Life Care Center of Kirkland where her mother was a resident ...
The Small Business Administration emphasizes that businesses who participate in the Paycheck Protection Program must make a good faith certification that the loan request is “necessary” to support ongoing operations due to the current economic uncertainty ...
Another week brings another round of COVID-19-related lawsuits. We are identifying some early trends and provide a synopsis of the more relevant lawsuits below. Will nursing homes be overwhelmed by wrongful death lawsuits? The daughter of a woman suspected to have died from COVID-19 has filed a wrongful death suit against the company who owns the Life Care Center of Kirkland where her mother was a resident ...
Introduction In light of cessation of routine judicial activities in recent times on account of the Covid-19 pandemic, the decision of the High Court at New Delhi on April 20, 2020 in Halliburton Offshore Services Limited vs. Vedanta Limited and Anothercomes asa welcome breather in an area otherwise seemingly parched for development of case law ...
The Slovak Parliament passed on 22 April 2020 the bill amending Act No. 62/2020 Coll. on certain emergency measures in relation to the spread of dangerous contagious human disease COVID-19 and in the justice, and amendments to certain laws (the “Lex Corona”). The bill of Lex Corona, among others, provides for special rules on deferral of attachments (executions) over properties of natural persons if financially affected by spread of coronavirus ...
Superior Council of the Judicial Branch extended suspension of procedural terms and deadlines until May 10th, with initial exceptions and some others. Agreement PCSJA20-11546 April 25, 2020 The Superior Council of the Judicial Branch extended the suspension of procedural deadlines until May the 10th, with certain exceptions: Constitutional (tutela) and Habeas Corpus actions*. The ones related to fundamental rights of life, health and personal freedom, are prioritized ...
After the nearly $350 billion in funds allocated to the Paycheck Protection Program (PPP) under the CARES Act were depleted in mid-April, Congress has approved an additional $310 billion in funds for the program. These additional funds arrive after a wave of backlash over certain businesses, such as national chains, received PPP loans ...
