Key insights The $900 billion COVID relief package brings opportunity to financial institutions — and raises questions. Second draw loans are now available to eligible borrowers. New rules apply to existing, new, and second draw PPP loans. Lender provisions are generally favorable. The long awaited $900 billion COVID relief package was signed into law on December 27, 2020. The Consolidated Appropriations Act, 2021 (the Act) provides nearly $285 billion in Paycheck Protection Program (PPP) forgivable loans. On January 6, 2021, the Small...

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Kris Peeters joins as Vice-President on the EIB’s Management Committee, representing the Benelux countries. Mr. Peeters will exert oversight on files such as mobility, security and defence, as well as operations in the ASEAN countries. Kris Peeters has been appointed Vice-President and Member of the Management Committee of the European Investment Bank (EIB). He takes up his duties today, assuming the Benelux seat on the EIB’s Management Committee. The EIB’s Board of Governors appointed Mr Peeters, a Belgian national, on...

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It felt good to see the back of a year that was so difficult for so many people, businesses, and economies. But while there is a lot to look forward to in the new year, the marks left by 2020 won’t disappear entirely. Our world has changed fundamentally, and retail is one of the industries where the forces of change are not only readily visible, but also incredibly strong. In 2020, retail saw rapid acceleration of several consumer behavior-driven trends...

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On January 6, 2021, the U.S. Department of Labor (DOL) finalized its highly anticipated independent contractor rule.  The rule delivers on the DOL’s promise to simplify, clarify and harmonize the factors for determining when a worker is an independent contractor versus an employee under the Fair Labor Standards Act (FLSA).  It is meant to be the sole and authoritative interpretation for this analysis. Although the rule is slated to take effect March 8, 2021, the new administration is expected to...

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On December 31, 2020, the Trump administration issued a presidential proclamation extending the ban of entry for certain nonimmigrant and immigrant visas as outlined in its April 22, 2020, and June 22, 2020, proclamations. The ban includes certain applications for H-1B, H-2B, J-1, and L-1 visas for persons who were not present in the United States as of the effective date of the proclamation, as well as all applications for immigrant visa holders.  The bans were set to expire on December 31,...

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The Portuguese government decided to remove Andorra from the list of countries and territories that Portugal classifies as tax havens. Andorra was removed from the list of countries and territories that Portugal classifies as tax havens at the beginning of this year, according to an order published in the country’s state journal on the last day of 2020. The Portuguese government’s decision came after it received a formal request from the Principality to revise its place on the list and was...

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