07 May
Member News

FaegreDrinker: Expanded Unemployment Insurance Access and Benefits – 4 Key Takeaways From the CARES Act

Updated May 6, 2020 | On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law, providing an estimated $2 trillion stimulus package to address the COVID-19 pandemic. Although the CARES Act has a number of employment-related provisions (as discussed here), a central piece of the legislation expands existing unemployment insurance programs, making far more individuals eligible and providing greater benefits than existing programs. As employers consider workplace actions during this time of...

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06 May
Member News

MarksPaneth: SBA Extends FAQ #31 Loan Repayment Date to May 14

May 5, 2020 | On May 5, the Treasury Department and SBA released FAQ #43 extending the Paycheck Protection Program (PPP) safe-harbor repayment date from May 7 to May 14. Thus, any PPP borrower who repays their loan by May 14, 2020 will be deemed to have made the required economic need certification on the SBA loan application in good faith. On the loan application, borrowers certify that “urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”...

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06 May
Member News

OsborneClarke: Taking Alternative Residential (AR) mainstream in the UK and Europe: Key opportunity areas for US investors and operators

May 5, 2020 | Osborne Clarke has just released its most recent thought leadership piece titled: “Transforming the way we live – A roadmap for taking Alternative Residential mainstream“. The report is based on interviews of real estate industry experts, combined with the views of Osborne Clarke clients. The ways in which we live are changing and Alternative Residential (AR) assets have an important role in delivering this change. AR assets include multifamily (known as ‘build-to-rent’ in the UK and referenced...

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06 May
Chapter News

Coronavirus Global Response: €7.4 billion raised for universal access to vaccines

May 4, 2020 | Today, the Commission registered €7.4 billion, equivalent to $8 billion, in pledges from donors worldwide during the Coronavirus Global Response pledging event. This includes a pledge of €1.4 billion by the Commission. This almost reaches the initial target of €7.5 billion and is a solid starting point for the worldwide pledging marathon, which begins today. The aim is to gather significant funding to ensure the collaborative development and universal deployment of diagnostics, treatments and vaccines against coronavirus. President of the European Commission, Ursula von...

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06 May
Chapter News

Spring 2020 Economic Forecast: A deep and uneven recession, an uncertain recovery

May 6, 2020 | The coronavirus pandemic represents a major shock for the global and EU economies, with very severe socio-economic consequences. Despite the swift and comprehensive policy response at both EU and national level, the EU economy will experience a recession of historic proportions this year. The Spring 2020 Economic Forecast projects that the euro area economy will contract by a record 7¾% in 2020 and grow by 6¼% in 2021. The EU economy is forecast to contract by 7½%...

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06 May
Member News

GDLSK: USTR Seeking Comments on the Extension of Certain Expiring China 301 List 3 Exclusions

The Office of the U.S. Trade Representative (“USTR”) has issued a notice requesting comments on whether certain soon to expire China 301 tariff exclusions should be extended. The exclusions at issue are those described in the 11 List 3 product exclusion notices issued as of March 26, 2020.  These exclusions are scheduled to expire on August 7, 2020. Links to each of the 11 product exclusion notices at issue can be found below: Exclusions Granted August 7, 2019 Exclusions Granted September 20,...

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05 May
Chapter News

Regulatory Scrutiny Board – Annual Report 2019

The Regulatory Scrutiny Board (RSB) has released their 2019 Annual Report. The Regulatory Scrutiny Board is part of the process of policy-making based on evidence. It provides quality assurance of impact assessments, fitness checks and major evaluations to the political level of the Commission. It helps ensure that initiatives take due account of data and stakeholder groups’ views before political decision-makers consider what action to take. The Board scrutinises all impact assessments and fitness checks and a selection of evaluations. To...

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05 May
Chapter News

EACCNY #COVID19 Impact Stories from Our Members – Norwegian Consulate

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 Harriet Berg, the Consul General of Norway here in New York and a EACCNY member. The questions we asked our members for this series are: 1) What are some challenges you, personally and...

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05 May
Chapter News, New York Related News

Federal Reserve System Report: COVID-19’s Impact on Communities

“Perspectives from Main Street: The Impact of COVID-19 on Communities and the Entities Serving Them,” (CLICK HERE) summarizes a nationwide survey of nonprofit organizations, financial institutions, government agencies and other community organizations. The survey was conducted in April 2020 with nearly 3,900 respondents serving rural, suburban and urban communities. Key findings include: • Nearly 7 out of 10 respondents indicated that COVID-19 was a significant disruption to the economic conditions of the communities they serve and that recovery is expected to be...

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05 May
Member News

Four Takeaways From April 2020’s LIBOR Transition Developments

May 4, 2020 | Despite the ongoing coronavirus pandemic (COVID-19), the United Kingdom’s Financial Conduct Authority (FCA) reiterated that the London Interbank Offered Rate (LIBOR) will still not be available as a reference rate after the end of 2021. Accordingly, your organization must continue completing the substantial task of transitioning all LIBOR-linked contracts to an alternate rate no later than December 31, 2021, and, if applicable, to disclose all material information related thereto in your United States Securities and Exchange Commission...

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