May 2020 | This article illustrates key considerations on whether a tenant may successfully argue for a reduction or deferral in the rent payable under a lease agreement. A commercial lease agreement may contain specific force majeure clause which would entitle either party to suspend the performance of the contract and, in the event of prolonged impossibility beyond a certain term, terminate the agreement. Alike, the parties may have included a “hardship clause” providing that, in the event of defined hardship,...

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April 16, 2020 | The fight against COVID-19 is all consuming, but opportunities are clear for those with thoughtful and agile Government Relations strategies Yes, no one planned for this in their 2020 strategy. Yes, it is unprecedented. Yes, disruption to business and economies as we once knew them will be profound. The reality is that the economic damage from COVID-19 is already inevitable. What is to come will need to be endured by us all. In many instances we will not...

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May 7, 2020 | One of the most enticing reasons to obtain a loan under the Paycheck Protection Program (PPP) is the potential for the loan’s forgiveness.1 The federal Coronavirus Aid, Relief, and Economic Security (CARES) Act authorized the U.S. Department of the Treasury to create the PPP through the Small Business Administration’s (SBA) 7(a) lending program.2 The loan forgiveness aspect allows employers to obtain business-saving funds without simply “kicking the can down the road” to face debt obligations in a financially...

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May 6, 2020 | As state and local governments (Issuers), and nonprofits and businesses that have borrowed through Issuers (Conduit Borrowers), face cash-flow difficulties, they may consider restructuring some of their tax-exempt obligations to reduce or defer payments on those obligations. The restructuring may be done in several ways, and there may be different tax consequences to the Issuer or Conduit Borrower depending on the option used. Of particular importance to the tax analysis are the rules that deem certain...

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On 5 May, German’s Constitutional Court (BVerfG) ruled in a long-awaited and controversial decision that the ECB’s ongoing government bond buying programme (PSPP) exceeded EU competencies, raising fundamental questions for the ECB and Europe’s legal order. In its ruling, the BVerfG’s argues that parts of the European Central Bank’s 2015 government bond-buying programme may be illegal under the Germany constitution. Through its ruling, which disregards and directly contradicts a previous European Court of Justice (ECJ) ruling, the BVerfG not just challenged the...

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May 8, 2020 | Late last month, the Chairman and Ranking Member of the U.S. Senate Committee on Environment and Public Works (EPW), Senators John Barrasso (R-WY) and Tom Carper (D-DE), released draft water resources and drinking water legislation, a significant step in the biennial process to maintain and improve America’s water and wastewater infrastructure. The two bills, the America’s Water Infrastructure Act of 2020 (“AWIA 2020”) and the Drinking Water Infrastructure Act of 2020 (“DWIA 2020” and, together with AWIA 2020,...

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May 7, 2020 | The tide turns as key sentiment indices show compelling reversal insignia reflecting phase ‘opendown’ and rising prophylactic optimism. Key Takeaways • Media hype for covid-19 edges below the key 50% level • Worldwide news sentiment surges higher as optimism returns • Using insider trading data on our platform can help traders time market turns CONTINUE READING... The free Coronavirus News Monitor can be accessed on https://coronavirus.ravenpack.com/ Compliments of RavenPack International SL - a member of the EACCNY.

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May 6, 2020 | The U.S. Small Business Administration (SBA), in consultation with the U.S. Department of the Treasury, has provided updated guidance on how to count employees in foreign affiliates for the purposes of determining the 500 or fewer employee size standard for the Paycheck Protection Program (PPP). In the Interim Final Rule dated April 2, 2020 and in Frequently Asked Question 3 (FAQ 3) released on April 6, 2020, the SBA modified the 500 or fewer employee size standard with the...

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Updated May 6, 2020 | On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law, providing an estimated $2 trillion stimulus package to address the COVID-19 pandemic. Although the CARES Act has a number of employment-related provisions (as discussed here), a central piece of the legislation expands existing unemployment insurance programs, making far more individuals eligible and providing greater benefits than existing programs. As employers consider workplace actions during this time of...

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May 5, 2020 | On May 5, the Treasury Department and SBA released FAQ #43 extending the Paycheck Protection Program (PPP) safe-harbor repayment date from May 7 to May 14. Thus, any PPP borrower who repays their loan by May 14, 2020 will be deemed to have made the required economic need certification on the SBA loan application in good faith. On the loan application, borrowers certify that “urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”...

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