On May 12, 2020, the Board of Governors of the Federal Reserve System (the Federal Reserve) announced additional information and FAQs on its Term Asset-Backed Securities Loan Facility (TALF). The goal of the TALF is to help consumers and businesses access affordable credit during and in the aftermath of the Coronavirus Disease 2019 (COVID-19) pandemic by lending to holders […]

May 19, 2020 | The COVID-19 pandemic represents an unprecedented shock to the European and global economies. Mitigating the economic impact on households, businesses, and the financial system is the priority. But it is also necessary to plan a response that will ensure rapid and sustained recovery. This crisis could exacerbate weaknesses in the European […]

May 18, 2020 | But SBA Creates Safe Harbor for Applications Made Prior to May 5 • A new Interim Final Rule from the U.S. Small Business Administration (SBA) solidifies Paycheck Protection Program (PPP) counting rules, stating that all employees, foreign and domestic, of a business and its affiliates (absent an exception) count for purposes […]

May 15, 2020 | As the global economy is buffeted by the fallout from the COVID-19 crisis, predictions of what it means for the future abound. Some argue that the regulation of global trade, including its institutions, requires a paradigm shift. Others contend that change must be carefully measured and neither disregard the benevolent intentions […]

How are governments responding to the unprecedented challenge of the COVID-19 pandemic? This summary discusses the government initiatives for employers and workforces (the people), as well as the government financial support initiatives for businesses (finance and funding) throughout Europe. On People: What support have governments offered for employers, employees and the self-employed? On Finance and […]

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 […]

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 […]

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 […]

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 […]