The COVID-19 pandemic pushed economies into a Great Lockdown, which helped contain the virus and save lives, but also triggered the worst recession since the Great Depression. Over 75 percent of countries are now reopening at the same time as the pandemic is intensifying in many emerging market and developing economies. Several countries have started to recover. However, in the absence of a medical solution, the strength of the recovery is highly uncertain and the impact on sectors and countries...
As the wave of reopening orders sweeps across the country, businesses see a light at the end of the tunnel. That light, however, in many instances is still yellow, and may be so for some time to come. Serious restrictions continue to hamper the habitual functioning of America’s businesses, customers have dwindling cash to pay for goods, supplies are restricted or cut, and social distancing practices and protocols reduce productivity. Companies, therefore, continue to take a closer look at...
The EU is temporarily adapting banking rules in order to maximise the capacity of banks to lend money and support households and businesses to recover from the COVID-19 crisis.
The banking package adopted today provides targeted and exceptional legislative changes to the capital requirements regulation (CRR 2). These changes will allow credit institutions to fully play their role in managing the economic shock that stems from the COVID-19 pandemic by fostering credit flows.
Thanks to the reforms conducted after the 2008 financial crisis,...
To address the severe disruptions created by the COVID-19 pandemic, the EU will allow more time to comply with rules on cross-border information reporting and exchanges and VAT for e-commerce.
Directive on administrative cooperation in the area of taxation (DAC)
The Council adopted an amendment to the DAC allowing member states an option to defer by up to 6 months the time limits for the filing and exchange of the following information:
automatic exchanges of information on financial accounts of which the beneficiaries are tax...
The coronavirus crisis is presenting companies with extreme challenges. A multitude of new topics and issues need to be addressed. For many sectors, the question also arises as to how to deal with (temporarily) underutilised staff. Other sectors, by contrast, are complaining about capacity shortages and need to increase staff numbers.
In the following we provide you with a set of building blocks that may help you to find your way out of the crisis. In addition to answers to...
Last Update on June 17 |
In collaboration with Thompson Hine's foreign law firm partners, they continue to update their chart of COVID-19 measures taken by governments around the world. The government measures in the chart include economic, labor and employment, health and safety, and export and import measures. Below is a list of the updated countries and a summary of the changes they are seeing.
View/Download the Country Guide: Government Measures in Response to COVID-19
Today’s update includes new information as...
The Paycheck Protection Program Flexibility Act was signed into law by the President on June 5, 2020.
Guidance issued by the SBA on June 10 clarified key provisions of the PPP Flexibility Act that were ambiguous.
As of June 12, 2020, $129 billion in PPP funds remain available.
The SBA and Treasury have stated that guidance in the form of a new loan application, new loan forgiveness applications, new IFRs, and new FAQs will be forthcoming.
You may want to...
June 17, 2020 |
Today, to help protect people everywhere, the European Commission is presenting a European strategy to accelerate the development, manufacturing and deployment of vaccines against COVID-19. An effective and safe vaccine against the virus is our best bet to achieve a permanent solution to the pandemic. Time is of the essence. Every month gained in finding such a vaccine saves lives, livelihoods and billions of euros. Today's strategy proposes a joint EU approach and builds on the mandate received...
On March 17, 2020, the Italian Government enacted Law Decree No. 18 (“Decreto Cura Italia” or “Decree”) issuing measures aimed at strengthening the national health service and economic support for families, workers and enterprises in connection with the COVID-19 epidemiological emergency.
Among all implemented measures, Article 55 of the Decree will probably have a significant impact on the distressed assets sale market in Italy. The Decree aims at boosting the assignment of non-performing loans and receivables (“crediti deteriorate”) by allowing...
Together with our members we are creating a Video series of first-hand accounts of the Pandemic’s impact, both personally & professionally.
We invite you to join us today for a first-hand look at the impact of the global shutdown following the Coronavirus (COVID-19) outbreak – Today we are featuring Frank de Winne, Head of the Astronaut Center at the European Space Agency a Friend of the EACCNY.
The questions we asked our members for this series are:
1) What are some challenges...