The Government announced on 1 April 2020 its proposal of a Program of economic measures to reduce the negative effects caused by the COVID-19 pandemic and an attempt to support the economy of Serbia, split into four categories ...
(continuation from Part I - separate article) Part II - "Antivirus Programme" - Financial Assistance to Czech Employers The Ministry of Labour and Social Affairs was mandated by the Government to further prepare a compensation program for entrepreneurs who continue to operate but whose production has decreased due to measures (category C of the Antivirus Programme) ...
In times such as these, it is important to get the best available legal information and advice and remember that not all information and advice will be applicable to a particular situation or contract. Many businesses in the United Arab Emirates (the UAE) and the countries of the Gulf Cooperation Council (the GCC) are wondering what to do with respect to their obligations or those of their cocontracting parties ...
On March 31, 2020, the U.S. Department of the Treasury, which is supporting the U.S. Small Business Administration (SBA) in administering the Paycheck Protection Program (PPP), and SBA issued preliminary guidance on the program and made available the form of application ...
Last week, we reported on Executive Order No. 202.9 issued by Governor Cuomo, and some of the important questions posed by that Executive Order. We suggested that the implementing regulations by the NYS Department of Financial Services (the “DFS”) would likely clarify these points, and this has turned out to be the case. On March 24, implementing regulations were released by the Superintendent of Financial Services, Linda A ...
On March 24, 2020, the Commodity Futures Trading Commission (“CFTC” or the “Commission”) unanimously approved its final interpretive guidance (“Final Guidance”) regarding retail commodity transactions involving certain digital assets ...
In response to the Coronavirus pandemic, the President signed H.R. 748, known as the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act on March 27, 2020. The bill provides more than $2 trillion of aid to individuals and the public and private sector ...
On March 31, 2020, the Treasury Department and Small Business Administration (“SBA”) released initial guidance and a sample application form for the Paycheck Protection Program (“PPP”), the small business loan program established pursuant to theCoronavirus Aid, Relief, and Economic Security (“CARES”) Act signed by President Trump on March 27, 2020 ...
Last Friday, March 27, we published CARES Act: Paycheck Protection Loans and Eligibility for Loan Forgiveness. This alert is intended to provide an update concerning implementation of the Paycheck Protection Loan application process. The SBA has posted a Paycheck Protection Application Form on its website. Since the loans will be funded by private SBA lenders, and guaranteed by the SBA, most borrowers are lining up with private SBA lenders now ...
Please note: The information, facts, and figures in this article are correct as of the publication date (1st April 2020). For up-to-date information and advice on this matter, please contact the author. The global COVID-19 pandemic has caused widespread instability in global markets and the resolution is not yet in sight. Thailand’s geographic and economic ties to China, where the outbreak began, initially positioned it as one of the highest-risk countries worldwide ...
A quick legal reference for banks supporting small businesses Section 1 Section 2 Section 3 The Coronavirus Aid, Relief, Economic Security (CARES) Act signed into law by President Donald Trump on March 27, 2020, contains significant relief for small businesses affected by the national emergency declaration related to the COVID-19 pandemic and the aggressive actions taken by state governments across the nation to combat the spread of the virus ...
Section 1106 of the Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act” provides a framework whereby small businesses can obtain loans from the SBA that may be forgiven to the extent of certain business expenses, including rent. Generally, when a loan is forgiven, the debtor is taxed on the amount forgiven under Internal Revenue Code §108 (subject to statutory exceptions) ...
For all parties, the question arises at present as to what effects COVID-19 will have on existing contractual relationships – specifically, who will bear the economic burden of the pandemic. In the following is a brief overview: 1 ...
Tourism and event industries are suffering and it is expected that manufacturing enterprises will soon be affected as well. Short-time work can provide a remedy and reduce the economic consequences of the coronavirus for employers and employees ...
Scammers and cyber crooks did not take long to adapt their usual fraud to this uncertain period caused by the Covid-19, refinishing notably their sadly notorious “CEO Fraud” to the present circumstances ...
As a result of the COVID-19 changes to foreign investment in Australia announced on Sunday, investors that are now caught by the Foreign Investment Review Board (FIRB) regime will also be subject to scrutiny from other regulators. Our team explains what this means for investors and what they can do to manage this process ...
Considering the Covid-19 pandemic and Chile's declaration of a State of Catastrophe, the National Customs Service ("Servicio Nacional de Aduanas," SNA) has issued certain regulation to facilitate electronic foreign and domestic trade operations and to protect the health of people involved in its operations. Regulations currently in force and effect: A. Circular Letter No ...
The CARES Act has now been passed by both the House and the Senate and signed into law by the President on March 27, 2020. One of the highlights of the CARES Act for small businesses is the establishment of the Paycheck Protection Program (PPP) ...
Current status: March, 30, 2020 Corona-related sales slumps in many industries are leading numerous companies to experience short-term liquidity bottlenecks. To cover these shortages quickly, the federal government adopted theKfW Special Program 2020, which is available for commercial enterprises and members of the independent professions with immediate effect. Loan terms were improved and standardized yet again to make it easier for companies to access favorable loans ...
Covid-19 makes it difficult for shareholders and members to attend annual general meetings in limited liability companies and other legal forms of association. Shareholders might belong to a risk group or having difficulties to travel to the place where the meeting is held. A limited liability company or association may not refrain from holding the annual general meeting or to postpone further than the last permitted date (six months after the end of the financial year) ...
Perhaps, one of the facts which creates the highest expectations among those of us who manage the second or third defense line is risk materialization. That is to say, for a risk to become an event and generate some kind of impact. And from there on, the possibility of verifying the effectiveness of the controls designed, the residual risk and feeding back the matrix ...
