May 15, 2020 | In response to the COVID-19 crisis, many employers have been faced with the difficult task of taking short-term measures to preserve long-term viability. Measures taken include layoffs, furloughs, reduced work schedules, and work-from-home arrangements. These actions have ripple effects that impact employer-sponsored benefits provided to employees. In addition, responsive measures adopted under the Families First Coronavirus Response Act (FFCRA), the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), and by the Internal Revenue Service (IRS)...

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May 15, 2020 | • EUR 880 million for COVID-19 business resilience and public health • EUR 1.2 billion for private sector and corporate research and development investment • Investment program for the artificial intelligence sector across Europe The European Investment Bank today approved EUR 3.4 billion of new financing to support companies most affected by the COVID-19 pandemic and priority public health projects, alongside energy, transport, water and education projects across Europe and around the world. Meeting by video conference, the EIB Board...

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May 16, 2020 | On May 15, 2020, the SBA released the long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application and accompanying instructions. PPP borrowers must complete this application at the end of the eight-week covered period in order to obtain forgiveness of eligible expenses. Borrowers are required to submit the PPP Loan Forgiveness Calculation Form and a PPP Schedule A along with the Loan Forgiveness Application and supporting documentation to their lender. The SBA advised that additional regulations and guidance will...

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May 15, 2020 | One week after the German constitutional court’s (BVerfG) ruling that part of the European Central Bank’s sovereign bond-buying programme may be illegal under the German constitution, the ruling continues to reverberate across the EU’s political, economic and legal circles. The political repercussions to the Karlsruhe-based Court were immediate, with both the European Commission and ECB taking note of the ruling and arguing that the BVerfG had no jurisdiction on the matter and reiterating the supremacy of EU law...

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May 14, 2020 | On April 21, 2020, the European Data Protection Board (EDPB) published two sets of guidelines addressing data processing in the context of the COVID-19 pandemic. These guidelines address the use of location data and contact tracing tools to combat the spread of COVID-19 and the use of health data for the purposes of scientific research into COVID-19 (together, the guidelines). Since March 2020, the EDPB and the European Commission (EC) have been active in addressing the use of data to combat...

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March 18, 2020 | In a national effort to curtail the spread of COVID-19, we are witnessing the rise of the remote workforce. While companies are focusing on ways to protect their employees, clients and families, cyber attackers are infiltrating insecure cybersecurity postures. CyZen’s advisors have been closely monitoring the rise in COVID-19-related cyber-attacks. Our experts have witnessed spearphishing campaigns and new forms of malware being spread through documents using the name, “coronavirus.” Knowing that largescale telecommuting is uncharted territory for...

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May 5, 2020 | Key insights • Developing business continuity and preparedness plans can help employees return to work safely and successfully and may help everyone to be better prepared for the future. • Immediate priorities should include revising employee handbooks and policies related to time off and remote work. • Transparency in decision-making may help organizations embrace change successfully. • Communication — what information and how it is delivered — has never been more important. COVID-19 has driven changes into the world of work...

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April 30, 2020 | From 1 May, Estonia will hold the presidency of the UN Security Council for a month. Estonia plans to pay particular attention to the connections between the COVID-19 pandemic and the security environment, cybersecurity, the fundamental principles of international law, including the protection of civilians, and increasing the transparency of the Security Council during the crisis. “The Security Council continues to work through the coronavirus crisis. When we became an elected member of the Security Council in...

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May 12, 2020 | The Houthoff Financial Regulatory team closely monitors the developments on the financial markets and within financial supervision. In this News Update, we have rounded up a few important recent developments. If you wish to stay informed, you can subscribe to these News Updates here. Recently, the first cautious easing of the coronavirus measures was announced. In the meantime, the steady stream of publications by supervisors and legislatures on measures to give financial enterprises operational and financial flexibility continues. Several...

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