Freddie Mac has taken a series of steps to assist its borrowers, sellers, and servicers during these unprecedented times, and should help Freddie Mac continue its goal to “keep mortgage money flowing, support the stability of the housing market, and promote housing affordability.” Freddie Mac announces avenues of assistance to borrowers affected by COVID-19, and that borrowers in forbearance will not be required to repay in a single lump sum ...
The Economic Injury Disaster Loan (“EIDL”) program is an existing loan facility offered by the Small Business Administration (“SBA”) under Section 7(b) of the Small Business Administration Act of 1953. The purpose of the EIDL program is to extend low-interest credit to small businesses that are impacted by disasters ...
On April 29 and April 30, 2020, the Small Business Administration (“SBA”) provided additional guidance on the Paycheck Protection Program (“PPP”) through the issuance of a new PPP Interim Final Rule (the “Corporate Group Rule”), which supplements the first PPP Interim Final Rule, published on April 2, 2020, and the subsequent interim final rules issued since that date, as well as issuing updates to the Frequently Asked Questions&nbs
Below is a summary of key new measures that have been implemented by various UAE authorities since 25 April 2020 and the time of this inBrief, 6:00 p.m. on Thursday, 30 April 2020.I. Economic Relief MeasuresA. Abu Dhabi Global Market (ADGM) announces further incentives to support businessesOn 29 April 2020 the ADGM Registration Authority enacted incentives for new businesses, aimed at supporting the establishment of their operations amid the COVID-19 pandemic ...
Key Points The IRS recently issued guidance (Notice 2020-32) regarding the deductibility of expenses incurred in a taxpayer’s trade or business when the taxpayer receives a PPP loan under the CARES Act. Section 1106 of the CARES Act provides that PPP loans may be forgiven without causing the borrower to incur cancellation of debt income ...
On April 27, 2020 the SEC updated its Division of Investment Management Coronavirus (COVID-19) Response FAQ and addressed a question pertinent to our article dated April 17, 2020. Question II ...
The Covid-19 pandemic situation has emerged as more than just a healthcare crisis. Accordingly, the focus is to address and anticipate at the same time the economic and social implications which are still at an early stage. What we are rapidly starting to acknowledge is that the circumstances created by the pandemic have revealed legislative gaps and vulnerabilities, which need to be addressed in order to avoid further negative impacts to the extent possible ...
The Government of the Slovak Republic approved on 14 April 2020 the draft 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 bill was passed by the Slovak Parliament on 22 April 2020 and has been published in the Collection of Laws on 25 April 2020.The below regulation on temporary protection of businesses came into force since 12 May 2020 ...
On April 8, 2020, the federal government adopted draft wording presented by the Federal Minister of Justice and Consumer Protection for a draft bill to mitigate the consequences of the COVID-19 pandemic in event contract law in order to protect organizers of recreational events and operators of recreational facilities from considerable outflows of liquidity ...
Many believe the concept of litigation is antithetical to a sound bankruptcy practice. When I pitch "bankruptcy litigation" to corporate and litigation departments, eye rolls often abound. What do I know? What am I talking about? Why multiply expense with diminishing returns? I understand these common questions well. After all, bankruptcy lawyers, perhaps even more than some of our counterparts, tend to wax more practical in our advice ...
The outbreak of the Coronavirus (COVID-19) pandemic and the incidental measures adopted by the Mauritian government represent serious potential impact for financial institutions in general. Below, we examine the recourses available to borrowers facing financial hardship as a result of the pandemic and its aftermath. We consider only credit facilities, that is, agreements by which financial institutions advance money to their clients for repayment either in instalments or at term ...
Banks play a key role in facilitating and providing liquidity for economic growth. During the global financial crisis in 2008, many foreign governments were forced to use large sums of taxpayer’s money to bail out troubled banks that were “too big to fail” ...
The Securities and Futures Commission (SFC) issued a circular on 17 April 2020 (Circular) to managers and market makers of SFC authorised exchange traded funds (ETFs) reminding them of their responsibility to manage ETFs in the best interests of investors. The circular was prompted by the suspension of market making activities by the sole market maker of an ETF due to the quarantining of some of its trading staff ...
Resolution 849 of the Department of Cooperatives of the Ministry of Economy, Development and Tourism recently published, allows credit cooperatives under the supervision of the same, to refinance up to three installments in the payment of credits if they are delayed for terms of less than 30 days. since the publication of said resolution, on April 6, 2020. New credits or amendments may not be treated as such, for purposes of their rankings and provisions ...
National Commission of Agricultural Credit issues resolutions, by which the capacity of the FAG and the validity of guarantees are modified. The National Commission for Agricultural Credit issued Resolution No ...
As the need for consumer protections amidst the COVID-19 pandemic continues to grow, the Illinois Supreme Court is helping to provide those protections. In its latest move, the high court has ordered limits to freezes on personal bank accounts ...
As Nigeria joins the rest of the world in grappling with the COVID-19 pandemic (“the pandemic”), the Federal Government has declared a curfew in the Federal Capital Territory and two other major States as well as restricting interstate travel. Prior to this, several organizations had commenced remote working as precautionary measures against the spread of the virus ...
The U.S. Supreme Court creates a test for when discharges to groundwater trigger NPDES permitting requirement, but its failure to include a bright line will make it difficult to predict whether a particular situation meets that test ...
In light of the social distancing orders put in place in response to the COVID-19 pandemic, Governor Andrew Cuomo signed Executive Order 202.7 on March 19, 2020 which authorized notary publics to notarize documents remotely. The initial order was in effect through April 18, 2020; however, Executive Order 202 ...
The French State guarantee of 300 billion euros scheme to secure loans granted by banks to companies affected by the Coronavirus pandemic. This was set up by Amendment to the French budget law for 2020 dated 23 March 2020[1] (completed by two arretés dated 23 March 2020 and 17 April 2020 and modified by the second amendment to the budget law dated 25 April 2020[2]) is already a success ...
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 ...
The government has started the announce the dismantling of certain Covid19 measures and from Monday, April 27, 2020, itnow allows business trips for foreigners to the Czech Republic, in respect of which entrepreneurs have been repeatedly demanding. However, it set a number of conditions and rules ...
