18 Aug
Member News

Marks Paneth | Main Street Lending – Now Available for Nonprofit Organizations

As a part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, the Federal Reserve created the Main Street Lending Program to provide a total of $600 billion in financing for small and medium-sized businesses including not-for-profit organizations. The program provides loans to eligible organizations — those that were financially sound before the COVID-19 crisis but now need financial help to run their operations smoothly. Nonprofit organizations were not included in this program in the original CARES Act....

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18 Aug
Chapter News

IMF | Aging Economies May Benefit Less from Fiscal Stimulus

In the midst of the current COVID-19 pandemic, policymakers around the world are undertaking fiscal stimulus—a combination of spending increases and tax reductions—to support their economies. Even before the present crisis, the importance of fiscal policy has been increasing, with monetary policy constrained by near-zero interest rates. Our new staff research finds that age also matters when considering fiscal stimulus. Specifically, we find that fiscal policy isn’t as effective in boosting growth in economies with older populations, compared to economies with younger...

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17 Aug
Member News

Troutman Pepper | Federal Unemployment Insurance Assistance is Back (For Now) – What Employers Need to Know

The CARES Act’s federal unemployment insurance supplement has expired, and a new executive order from the President has taken its place – for now. Amid the uncertainty, employers should be aware of the impact on benefits eligibility for employees who refuse or are unwilling to return to work. Who Needs to Know Employers attempting to recall or hire employees currently receiving unemployment insurance benefits, and employers who may conduct future furloughs, layoffs, or job eliminations. Why It Matters The CARES Act’s additional...

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17 Aug
Member News

FTI Consulting | Your Network Goes Dark. What Should You Do?

Kyung Kim, Head of Cybersecurity for FTI Consulting’s APAC region, looks at the three steps you can take today to reduce the chances of the unthinkable: a paralyzed network and an IT team that can’t be reached. Companies around the world have seen their workforces relocate en masse from office spaces to home. With this decentralized workforce comes a vast set of new concerns for IT departments. They’re tasked with maintaining the integrity of internal networks and firewalls while a...

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17 Aug
Chapter News

FSB Continuity of Access to FMIs for firms in resolution: streamlined information collection to support resolution planning

This questionnaire provides common template for gathering information about continuity of access to financial market infrastructures (FMIs) for firms in resolution. The template takes the form of a questionnaire that all FMIs are encouraged to complete. The responses to the questionnaire should be published or made available in other ways to firms that use the FMI services and their resolution authorities to inform their resolution planning. The use of a common questionnaire should reduce the “many to one” nature...

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17 Aug
Member News, Trade & TTIP Related

GDLSK | USTR Revises List of EU Goods Subject to Large Aircraft SEC. 301 Retaliatory Tariffs

On August 12, 2020, the United States Trade Representative (“USTR”) issued the modified list (Annex 2, section 2) of European Union (“E.U.”) goods subject to Sec. 301 retaliatory tariffs in connection with the World Trade Organization (“WTO”) case against E.U. large aircraft subsidies. While approximately 24,000 comments were filed in response to the USTR’s request for comment regarding changes to the list, only minor changes were implemented. The USTR removed certain products from Greece and the United Kingdom and added an...

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14 Aug
Chapter News, COVID-19 News

Coronavirus: Commission reaches first agreement on a potential vaccine

Today, the European Commission has reached a first agreement with the pharmaceutical company AstraZeneca to purchase a potential vaccine against COVID-19 as well as to donate to lower and middle income countries or re-direct to other European countries. This is following the positive steps regarding the conclusion of exploratory talks with Sanofi-GSK announced on 31 July and with Johnson & Johnson on 13 August. Once the vaccine has proven to be safe and effective against COVID-19, the Commission now has agreed the basis...

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14 Aug
Member News

Vulcan Insight | U.S. upholds tariffs on European goods in long-running state aid dispute

In a blow to transatlantic trade this week, the United States announced it will maintain a 15% tariff on aircraft and 25% tariff on other European goods, despite efforts by the European Union to resolve a long-running dispute over state aid subsidies. The US will not, however, impose a threatened increase in tariffs on new European products, ahead of expected EU retaliatory tariffs on American goods this Autumn. Following a landmark ruling by the World Trade Organisation (WTO) in October 2019, certain...

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13 Aug
Member News

Troutman Pepper | Federal Reserve Adds Nonprofit Loan Facilities and Other Updates to the Main Street Lending Program

MSLP Facilities for For-Profit Businesses Since mid-July, the Boston Fed has updated the business MSLP FAQs twice (releases on July 15 and July 31) with additional details and clarifications. Significant changes and additions to the existing FAQs for MSLP facilities to for-profit Eligible Borrowers include: A new FAQ was added confirming that when a Borrower is acquired or merged into another business, the acquiring or resulting entity must also comply with the certifications and covenants applicable to such Borrower’s Main...

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13 Aug
New York Related News

Governor Cuomo Announces $15.1 Million in Federal Funding to Support Emergency Planning and Response

Funding Supports Emergency Planning Efforts and Operational Readiness Deadline for Applications is August 31, 2020 Governor Andrew M. Cuomo today announced $15.1 million in federal funding is being made available to New York State and county emergency management agencies to support planning and operational readiness for any type of disaster New York may experience. Through the federal Emergency Management Performance Grant, an annual grant program, awardees are able to access funding to support efforts ranging from the development and implementation of...

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