15 Apr
Chapter News

Coronavirus: European roadmap shows path towards common lifting of containment measures

April 15, 2020 Today, the Commission, in cooperation with the President of the European Council, has put forward a European roadmap to phase-out the containment measures due to the coronavirus outbreak. While we are still in firefighting mode, the necessary extraordinary measures taken by Member States and the EU are working. They have slowed down the spread of the virus and saved thousands of lives. However, these measures and the corresponding uncertainty come at a dramatic cost to people, society and the economy,...

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14 Apr
Member News

ThompsonHine: Main Street Lending Program, New Relief for Small to Mid-Sized Businesses

April 14, 2020 • $600 billion Main Street Lending Program established under the CARES Act to help small and medium-sized businesses. • Businesses with up to 10,000 employees may be eligible. • Loan amounts range from $1 million to $150 million, based on eligibility. On April 9, the Treasury Department and Federal Reserve released details about the new $600 billion Main Street Lending Program, which is designed to help shore up the economy. The program will be implemented using funds appropriated under the...

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14 Apr
Chapter News

COVID-19 Crisis Poses Threat to Financial Stability

April 14, 2020 The COVID-19 pandemic has caused an unprecedented human and health crisis. The measures necessary to contain the virus have triggered an economic downturn. At this point, there is great uncertainty about its severity and length. The latest Global Financial Stability Report shows that the financial system has already felt a dramatic impact, and a further intensification of the crisis could affect global financial stability. Since the pandemic’s outbreak, prices of risk assets have fallen sharply. At the worst point of the recent...

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14 Apr
Member News

H&K: Legal Insights on the Import of PPE and Other Medical Supplies Vital to Fighting COVID-19

April 13, 2020 • The COVID-19 crisis has revealed the extent to which the United States and other countries are dependent upon a well-functioning global supply chain of critical medical supplies, including Personal Protective Equipment (PPE) essential to protecting doctors, nurses, EMTs and others on the front lines of the pandemic. • As with many goods, the supply chain, from raw material to manufacturing to delivery, is global and depends on "just-in-time" supply chains. In normal times, this degree of global...

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13 Apr
Chapter News, New York Related News

COVID-19: Business Resources

With daily updates about the economic impact of the Coronavirus (COVID-19) on businesses and questions about the relief offered by the U.S. Government agencies, EACC has put together an overview of state and federal relief available to offset economic losses. American & European small and medium size businesses are facing an unprecedented economic disruption due to the COVID-19 outbreak Congress has put together various loan programs to help those businesses. Concrete as a first step the U.S. President signed into...

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13 Apr
Chapter News

Coronavirus: European Union launches “Team Europe” package to support partner countries with more than €20 billion

April 8, 2020 | Today, the European Union is launching its “Team Europe” package to support partner countries in the fight against the coronavirus pandemic and its consequences. The objective of the “Team Europe” approach is to combine resources from the EU, its Member States, and financial institutions, in particular the European Investment Bank and the European Bank for Reconstruction and Development. The European Commission and the European Investment Bank have already pledged financial support amounting to more than €15.6 billion from existing programmes....

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13 Apr
Chapter News

Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to support the economy

April 9, 2020 | The Federal Reserve on Thursday took additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic. "Our country's highest priority must be to address this public health crisis, providing care for the ill and limiting the further spread of the virus," said Federal Reserve Board Chair...

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13 Apr
Member News

PepperHamilton: SEC Modernizes Securities Offering Rules for BDCs and Registered Closed-Ended Funds

April 10, 2020 | On April 8, the Securities and Exchange Commission (SEC) adopted amended securities offering rules for business development companies1 (BDCs) and registered closed-end funds as mandated by Congress.2 The amendments largely extend the 2005 securities offering reform for operating companies to BDCs and closed-end funds. The amended rules are intended to streamline the registration, offering and investor communications processes for BDCs and closed-end funds. According to the SEC, these changes should enable BDCs and closed-end funds to respond more...

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13 Apr
Member News

GTLaw: Federal Reserve Takes Actions to Provide Over $2 Trillion in Liquidity to U.S. Credit Markets, Including the Launch of its Main Street Lending Program

April 10, 2020 | On April 9, 2020, in further response to the economic effects of the Coronavirus Disease 2019 (COVID-19) pandemic, the Board of Governors of the Federal Reserve System took actions to pump an additional $2.3 trillion in liquidity into the U.S. credit and capital markets. According to the Federal Reserve, this new $2.3 trillion – which complements the $849 billion in funding authorized by the U.S. Congress under Titles I and IV of the CARES Act —...

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13 Apr
Member News

BBGFX: US, China, and the Week Ahead

April 12, 2020 I. It is truly a global crisis. Old animosities and hostilities should be put aside to deal with this pandemic. A coordinated effort by the US and China marshal the resources to combat the virus and help the world economy recover from this body blow. Countless op-ed pieces in the traditional media and internet have cried, "Can't we just get along, for the common good?". And who can disagree? The problem is two-fold. It is naive and dangerous. It is naive...

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