On March 18, 2020, President Donald Trump signed an executive order invoking and delegating the authorities of the Defense Production Act (DPA) to the secretary of the U.S. Department of Health and Human Services (HHS) to provide critical health and medical resources to respond to the spread of coronavirus (COVID-19). Under the authority of the DPA, HHS can issue "rated orders" compelling businesses to provide health and medical resources in front of all other customer orders, with a short response time...

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PwC offers insight into the impact of Coronavirus (COVID-19) on businesses: COVID-19: What US business leaders should know Additionally, PwC's COVID-19 diagnostic navigator assess the potential impact to your business and gauge your readiness to respond. COVID-19 (coronavirus) presents significant challenges to people and organizations around the globe and the disruption continues to evolve. It’s important that we prepare for, respond to, and ideally emerge stronger from this “new normal.” PwC’s team of specialists collaborated to create a digital assessment to help...

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An increasing number of businesses — even those that have traditionally been financially and operationally sound — are now experiencing unanticipated revenue losses as a result of the coronavirus pandemic.  Companies may find themselves in the unfamiliar position of being out of compliance with financial covenants with lenders, unable to meet financial obligations to vendors, in default of contractual obligations, or in need of financial or restructuring/bankruptcy assistance.  If your company has not previously experienced financial distress, you may not...

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Both the European Securities and Markets Authority (ESMA) and the Luxembourg financial regulator, the Commission de Surveillance du Secteur Financier (CSSF), are closely monitoring the COVID-19 situation and have issued recommendations for fund managers. Facilitate the possibility to work remotely The CSSF recently issued a statement emphasizing that financial sector professionals should take reasonable and appropriate measures to ensure the safety of their staff. It is therefore acceptable, as a precautionary measure, to allow employees to work remotely from home, provided...

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In a very short period of time, the unprecedented coronavirus (COVID-19) pandemic has created extremely difficult economic circumstances for businesses of all shapes and sizes. Federal, state and local governments have moved swiftly to roll out assistance programs to help keep businesses afloat in these trying times. Although there are more programs to come, below is a summary of the existing loan and grant programs of which businesses may consider availing themselves, as well as some practice recommendations for...

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Department of Homeland Security Introduces Flexibility for In-Person I-9 Rules On March 20, 2020, the Department of Homeland Security (DHS) issued an announcement that it will relax the requirement for employers to review employee’s identity and work authorization documents in person and complete Section 2 of the Form I-9. Employers may now inspect Section 2 documents remotely (i.e., over webcam, fax, email, etc.) and obtain, inspect and retain copies of the documents within three business days. CONTINUE READING... AUTHORS: • Sari M. Long,...

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With intra-EU borders closing, whole economies going into lockdown and intricate global supply chains breaking down, EU leaders this week pledged to do whatever it takes to protect the economy and support a rapid recovery.   Following the European Central Bank’s announcement last week that it would significantly step up its asset-purchasing programme to €120 billion by the end of the year and temporarily relax rules to encourage banks to step up lending to the real economy, the Bank’s Governing Council...

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I have been working from home since my first corporate job at Accenture in 2010 so I understand the expectations from a organisational and a personal perspective. But there are some of you out there who have never had to work from home and believe me, there is a way to work from home (WFH) successfully.   The difference being, in pre Corona Virus (Covid 19) times many organisations had begun to incorporate WFH into the lives of their employees with...

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The European Securities and Markets Authority (ESMA) has announced regulatory forbearance for banks and investment firms subject to the upcoming reporting obligation under the Securities Financing Transaction Regulation (SFTR). The SFTR requires all securities financing transactions (SFTs) to be reported to EU-recognized trade repositories. SFTs involve the use of securities to borrow cash or other high investment-grade securities and include repurchase transactions, securities lending and sell/buy backs. The reports must include details on the composition of collateral, whether collateral...

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