May 26, 2020 | The Lower Chamber of the Dutch Parliament voted in favour of the proposed Act on Confirmation of an Extrajudicial Restructuring Plan ("CERP"), commonly referred to as a 'Dutch scheme' or WHOA (after its Dutch name 'Wet Homologatie Onderhands Akkoord'), on Tuesday 26 May. The bill, which was earmarked by the Dutch government as urgent in view of the impact of COVID-19 on many businesses, will now be sent to the Upper Chamber of Parliament for its...

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May 11, 2020 | Key Insights: • There are three loan facilities available as part of the Main Street Lending Program. • The three facilities have some similarities, but also some key differences to consider. • Organizations can start preparing their strategy for application to the program now. On April 30, 2020, the Federal Reserve released term sheets and a frequently asked questions (FAQ) document as it announced an expanded scope for its Main Street Lending Program (MSLP). In response to more than 2,200...

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May 29, 2020 | In a bipartisan vote, the House of Representatives passed the Paycheck Protection Program Flexibility Act on May 28, loosening some restrictions on borrowers and making it easier to qualify for loan forgiveness. Under the bill, businesses would be given more time to use the loans and greater flexibility to make needed expenditures and still qualify for forgiveness. The bill was approved, 417-1, and now goes to the Senate. Where the program stands Almost 4.5 million loans totaling $511 billion had...

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June 03, 2020 | On June 3, 2020, Congress passed the PPP Flexibility Act to loosen requirements for loan forgiveness for CARES Act Paycheck Protection Program (PPP) borrowers. The new forgiveness rules will allow borrowers to extend the period for spending the loan proceeds to 24 weeks from the date of disbursement, an increase from the eight-week period originally required. The PPP program will be extended from June 30, 2020, to Dec. 31, 2020. The loan application cutoff date, however, remains...

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June 05, 2020 | With the EU’s economy slowly reopening after months of hibernation, and the European Commission’s Next Generation EU stimulus package still several months away, the European Central Bank, on Thursday significantly stepped up its €750 billion pandemic bond-buying program. The ECB’s Governing Council’s decision to step up the institution’s Pandemic Emergency Purchase Program (PEPP) by an additional €600 billion comes as eurozone economies begin to reopen, but the European Commission’s proposed Recovery Fund faces an uphill political battle in the...

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