The Office of the U.S. Trade Representative (“USTR”) has issued a notice requesting comments on whether certain soon to expire China 301 tariff exclusions should be extended. The exclusions at issue are those described in the 11 List 3 product exclusion notices issued as of March 26, 2020.  These exclusions are scheduled to expire on August 7, 2020. Links to each of the 11 product exclusion notices at issue can be found below: Exclusions Granted August 7, 2019 Exclusions Granted September 20,...

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May 4, 2020 | Despite the ongoing coronavirus pandemic (COVID-19), the United Kingdom’s Financial Conduct Authority (FCA) reiterated that the London Interbank Offered Rate (LIBOR) will still not be available as a reference rate after the end of 2021. Accordingly, your organization must continue completing the substantial task of transitioning all LIBOR-linked contracts to an alternate rate no later than December 31, 2021, and, if applicable, to disclose all material information related thereto in your United States Securities and Exchange Commission...

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May 1, 2020 | Aggressive action by several central banks and governments helped reduce the extreme tail risk that had seemed so dominant in the second half of March. Strains in the funding markets eased, and equity markets recouped some of the steep losses inflicted during the frenzied panic. To be sure, most major economies were largely shut down in April, and the lagging economic data is dreadful. It was only in the second half of April that some social distancing...

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April, 2020 | From chemical and power plants to energy and mining and metal production, industrial companies are increasingly at risk of cyber attacks that threaten workers and the environment. Here’s how to respond. In March 2019, Norsk Hydro, a leading global aluminum producer headquartered in Oslo, Norway, with operations around the world, found itself the victim of a stealth cyber attack. Its “attacker” came in the form of a compromised email sent via an existing customer’s email address to an unsuspecting employee. The...

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May 4, 2020 | On April 30, 2020, the Federal Reserve announced details of its $600 billion Main Street Lending Program established under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The purpose of the Main Street Lending Program is to facilitate lending to businesses that were in sound financial condition prior to the COVID-19 pandemic and have either fewer than 15,000 employees or had less than $5 billion of revenue in 2019. The loans will be provided...

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On April 29, 2020, Law No. 27/20 (the "Conversion Law") has been published in the Official Journal of the Italian Republic No. 110, converting into law, with amendments, Law Decree No. 18/20 (the "Law Decree 18/20") providing for a package of measures and aids to face the COVID-19 emergency. The new provisions mainly affect the following areas: • Labour Law • Tax Law • Litigation Law Contact: FABIO ILACQUA Partner – Head of New York Office GOP USA, LLC – One Rockefeller Plaza, Suite 1610, New York, NY...

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May 4, 2020 | Health care professionals, hospitals and other health care facilities are critical to the nation’s efforts to address the COVID-19 pandemic, and they are under incredible strain caused by challenges such as widespread shortages of personal protective equipment (PPE) and other critical equipment, risks related to working with patients showing symptoms of COVID-19, and the need to redeploy personnel and resources in nontraditional ways. At the same time, the economic downturn related to the pandemic has blocked...

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April 30, 2020 | Ahead of a second round of lending, the Small Business Administration (SBA) announced that businesses applying for loans under the Paycheck Protection Program (PPP) must consider other sources of liquidity before certifying that they need a PPP loan. The agency also announced a new “safe harbor” for businesses that received a loan before it released its new guidance. Businesses wanting to take advantage of the safe harbor must repay their loans by May 7, 2020. The PPP...

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May 1, 2020 | • The U.S. Department of Labor and the U.S. Department of the Treasury Department, in consultation with the U.S. Department of Health and Human Services issued new final rules that, effective March 1, 2020, extend various timeframes applicable to employee benefit plans (Final Rules). • A stated purpose of the Final Rules, issued on April 29, 2020, is to minimize the possibility of individuals losing benefits because of a failure to comply with an applicable timeframe. • The...

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May 1, 2020 | On  April 30, 2020, the IRS Released Notice 2020-32 which provides guidance on the deductibility of expenses paid with Paycheck Protection Program (PPP) loan proceeds that are partially or completely forgiven and excluded from a taxpayer’s income. Specifically, the IRS has determined that otherwise deductible expenses that are paid with PPP funds and forgiven may not be deducted for federal income tax purposes.  Under the PPP provisions of the CARES Act, borrowers who pay certain covered expenses (payroll costs,...

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