April 2020 | All businesses are feeling the impact of the global lockdown due to COVID-19. Evaluating your accounting practices can place you in a better position to endure and emerge in the post-pandemic world. The humanitarian cost of the COVID-19 pandemic to communities across the world is vast and continues to grow at a troubling rate. While the priority is on safety and healthcare systems dealing with the surge of new activity and threats, concerns for business and the economy are...

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Decree Law no. 33 of 16 May 2020 and PMD of 17 May 2020 After the start of Phase 2 (which began on 4 May 2020) the Italian government adopted on 16 May Law Decree no. 33 concerning, inter alia, "Further urgent measures to deal with the COVID-19 outbreak" (the "DL 16 May 2020"). Moreover, on 17 May 2020, in implementation of the aforementioned DL 16 May 2020, the Prime Minister issued a new decree with specific implementing provisions (the "PMD 17...

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May 22, 2020 | Negotiations between the United Kingdom (U.K.) Government and the European Union (EU) on their post-Brexit relationship will continue into their fourth round on 1 June, following three negotiating rounds that have so far been inconclusive. If this continues, the U.K. and EU must mutually agree by the end of June whether to extend the transition period beyond 2020. If they decide not to extend, and they do not reach an agreement on their new trading terms, the...

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May, 2020 | And U.S. companies continue to be required to report after closing of acquisitions by foreign entities of 10%-or-more of their voting equity The U.S. Department of Commerce’s Bureau of Economic Analysis (“BEA”) collects statistics related to U.S. international investment and trade in services. This alert summarizes a current BEA reporting requirement related to U.S. investment abroad and key BEA reporting requirements related to foreign direct investment in the United States. These requirements are independent of filings with and proceedings...

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May 21, 2020 | German Chancellor Angela Merkel and French President Emmanuel Macron presented a joint initiative for a €500 billion coronavirus Recovery Fund to kickstart Europe’s economic recovery. In a surprise move for the German Chancellor, however, the fund is to be financed through mutual debt, i.e. Eurobonds. The proposal is a u-turn by Germany which had been one of the most ardent opponents of any mutualisation of national debt at the EU-level over fears that it may be called upon should...

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May 20, 2020 | Key insights • On May 15, the SBA issued the long-awaited PPP loan forgiveness application and instructions. • Most organizations should be able to include a full eight weeks’ worth of payroll and nonpayroll costs. • We believe there is much to like about the new guidance — but we have some dislikes as well. • As the lawmaking process continues to play out, we will post updates. On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was...

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May 20, 2020 | • Expanding a business into the United States can be an exciting yet challenging enterprise that may take into consideration a multitude of compliance regimes in the arenas of employment, employee benefits and executive compensation. • This Holland & Knight alert endeavors to simplify those complex rules and regulations by providing a list that could help guide a company through a multitude of considerations, including identifying essential parties, processes and compliance concerns in employee and benefits. Expanding your...

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May 20, 2020 | On 19 May 2020, the Belgian Data Protection Authority published two new decisions of the BDPA's Litigation Chamber, each handing down a fine for infringements of the GDPR. The two cases were very different, but the combination makes for interesting lessons in relation to consent and legitimate interests. Other topics covered include the processing of health-related data, the use of "invite/tell-a-friend" functionality, whether to publish a DPIA and what to check in a privacy statement. CONTINUE READING... AUTHORS: • Peter...

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May 18, 2020 | Late Friday evening, May 15, 2020, the Small Business Administration (SBA), in consultation with the Department of the Treasury, published its long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application, as well as detailed instructions and worksheets to assist borrowers in filling out the application. A copy of the application and instructions can be found here. The SBA also announced that it will issue further guidance and regulations in the near future to further assist borrowers in...

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