19 May
Member News

EIB: What investment does Europe need to recover from COVID-19?

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 economy that stem from long-term underinvestment in areas critical for the continent’s future competitiveness. At the onset of the COVID-19 crisis, some EU countries had still not fully...

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19 May
Member News

H&K: New PPP Interim Final Rule Clarifies That Foreign Employees Count for Size

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 of size limitations. • The SBA will not deem a business that applied for a PPP loan prior to May 5, 2020, ineligible based on the exclusion...

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19 May
Chapter News

Unprecedented collapse in CLIs in most major economies

May 12, 2020 | Composite leading indicators (CLIs) in most major economies collapsed by unprecedented levels in April as containment measures for Covid-19 continued to have a severe impact on production, consumption and confidence.  In China, however, where containment measures have already been eased, the CLI for the industrial sector is tentatively pointing towards a positive change in momentum, with April’s CLI and a large upward revision for March both pushing the CLI upwards. Some care is needed in interpretation, as...

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19 May
Chapter News

Federal Reserve Board issues Report on the Economic Well-Being of U.S. Households

May 14, 2020 | Financial circumstances were generally positive for most adults at the end of 2019. However, the Federal Reserve Board's latest Report on the Economic Well-Being of U.S. Households, Featuring Supplemental Data from April 2020, found that financial conditions changed dramatically for people who experienced job loss or reduced hours during March 2020 as the spread of COVID-19 intensified in the United States. The report draws from the Board's seventh annual Survey of Household Economics and Decisionmaking (SHED), which examines...

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19 May
Chapter News

Coronavirus: Commission boosts urgently needed research and innovation with additional €122 million

May 19, 2020 | The Commission has mobilised another €122 million from its research and innovation programme, Horizon 2020, for urgently needed research into the coronavirus. The new call for expressions of interest contributes to the Commission's €1.4 billion pledge to the Coronavirus Global Response initiative, launched by President Ursula von der Leyen on 4 May 2020. The new call is the latest addition to a range of EU-funded research and innovation actions to fight the coronavirus. It complements earlier actions to develop diagnostics, treatments and vaccines by strengthening capacity...

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19 May
Member News, New York Related News

Littler: An Unemployment Insurance Roadmap for New York Employers

May 18, 2020 | During the current COVID-19 crisis, over one million New Yorkers have applied for unemployment insurance (UI) and New York State has paid out over $7 billion in benefits. Despite these numbers, many employers do not understand the ins and outs of UI. Because of the COVID-19 UI enhancements, UI can be beneficial to both employers and employees. The following Insight provides information for New York employers trying to understand UI benefits in general, as well as the...

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19 May
Member News

BennettJones: The Stakes Are High in Global Trade, and Canada Should Help

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 of liberalized trade, nor abandon hard-earned benefits. As a country that depends on international trade for our prosperity, the stakes for Canada are alarmingly high. In...

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18 May
Chapter News

EACCNY #COVID19 Impact Stories from Our Members – Consulate General of Finland

Together with our members we are creating a Video series of first-hand accounts of the Pandemic’s impact, both personally & professionally. We invite you to join us today for a first-hand look at the impact of the global shutdown following the Coronavirus (COVID-19) outbreak – Today we are featuring Mika Koskinen , Consul General, Consulate General of Finland a EACCNY member. The questions we asked our members for this series are: 1) What are some challenges you, personally and your organization have...

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18 May
Member News

OsborneClarke: COVID-19 Government initiatives

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 Funding: Governments across the world have offered financial assistance to help businesses cope with the economic effects of COVID-19. This might be in the form of loans, grants,...

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18 May
Chapter News

Making Economies More Resilient to Downturns

May 18, 2020 | The world is in the grip of the COVID-19 pandemic and the ensuing Great Lockdown has pushed many countries into deep recessions—worse than during the 2008–09 global financial crisis. In response, governments and central banks all over the world have introduced strong discretionary (one-off and specific) fiscal and monetary measures to counteract the economic fallout caused by the spread of the coronavirus. Existing automatic stabilizers (such as income-based taxes and unemployment and household benefits), which differ across countries, have generally operated...

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