16 Apr
Member News

EIB Group establishes EUR 25 billion guarantee fund to deploy new investments in response to COVID-19 crisis

April 16, 2020 | • Extraordinary Board of Directors meeting approves the EIB Group’s response to economic effects of COVID-19 crisis: a €25 billion European guarantee which aims to deliver up to €200 billion for the European economy • Board decision follows 9 April recommendation by Eurogroup to include EIB proposal into joint EU response package The EIB Group is set to play a key role in the fight against the economic consequences of the COVID-19 pandemic. Following a recommendation by the...

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16 Apr
Chapter News

Tax and fiscal policy should continue to support households and businesses through containment, then shift to bolstering recovery

April 15, 2020 Tax and fiscal policy responses are playing a critical role in limiting the hardship caused by containment measures, and should continue to do so as governments seek to support households and businesses, protect employment and pursue economic recovery from the global pandemic, according to new OECD analysis. Tax and Fiscal Policy in Response to the Coronavirus Crisis, a report requested of the OECD by the Saudi G20 Presidency, was presented today during a virtual meeting of G20 Finance...

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16 Apr
Chapter News

Federal Reserve announces its Paycheck Protection Program Liquidity Facility is fully operational and available to provide liquidity to eligible financial institutions

April 16, 2020 The Federal Reserve on Thursday announced that its Paycheck Protection Program Liquidity Facility is fully operational and available to provide liquidity to eligible financial institutions, which will help support small businesses. The Small Business Administration's Paycheck Protection Program, or PPP, guarantees loans extended by qualified lenders to small businesses so that those businesses can keep workers employed. The Federal Reserve's facility will support the effectiveness of the PPP by extending credit to financial institutions that make PPP loans,...

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16 Apr
Member News

WSGR: Director of FTC’s Consumer Protection Bureau Gives Guidance on Consumer Protection Risks Associated with AI and Algorithms

April 15, 2020 | These days, most companies are focused on the myriad of legal, health and safety, and financial issues caused by COVID-19. While the firm is actively monitoring these issues,1 we also want to keep you abreast of other developments that may be relevant to your business. Here, we provide an overview of guidance recently offered by Andrew Smith, the director of the Federal Trade Commission's (FTC) Bureau of Consumer Protection, on how to manage consumer protection risks associated...

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15 Apr
Member News

PepperHamilton: U.S. and U.K. Agencies Warn of Increased COVID-19 Related Cyber Threats

April 15, 2020 | As reported in March, the COVID-19 pandemic is being leveraged by malicious cyber actors to make various cybersecurity attacks. In a joint alert issued on April 8 by the U.S. Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) and the U.K.’s National Cyber Security Centre (NCSC), the agencies provided information on exploitation of the pandemic by cybercriminals and advanced persistent threat groups and provided guidance to help mitigate these threats. The alert identified several observed threats: •...

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15 Apr
Brexit News, Member News

OsborneClarke: Tax changes in the UK and the EU, An update for US businesses with European operations

April 15, 2020 | Covid-19 It is difficult at the moment to look beyond Covid-19 and the impact that it is having on our lives and the economy. Like all sections of the economy, taxes need to be considered when responding to this crisis. In the UK, the government has announced a range of emergency tax measures designed to help businesses deal with the fallout from the outbreak. These include a deferral of VAT payments and a relaxation of Time to...

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15 Apr
Member News

FaegreDrinker: CARES Act, Main Street Lending Program Summary for Small and Mid-Sized Businesses

April 14, 2020 | On April 9, 2020, the Federal Reserve released term sheets for a Main Street Lending Program, a new program intended to provide liquidity to small and medium-sized businesses to help withstand the coronavirus crisis. The Main Street Lending Program enables up to $600 billion in new financing of eligible term loans from eligible lenders to eligible businesses and consists of the Main Street New Loan Facility (the MSNLF) and the Main Street Expanded Loan Facility (MSELF)....

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15 Apr
Chapter News

Coronavirus: European roadmap shows path towards common lifting of containment measures

April 15, 2020 Today, the Commission, in cooperation with the President of the European Council, has put forward a European roadmap to phase-out the containment measures due to the coronavirus outbreak. While we are still in firefighting mode, the necessary extraordinary measures taken by Member States and the EU are working. They have slowed down the spread of the virus and saved thousands of lives. However, these measures and the corresponding uncertainty come at a dramatic cost to people, society and the economy,...

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14 Apr
Member News

ThompsonHine: Main Street Lending Program, New Relief for Small to Mid-Sized Businesses

April 14, 2020 • $600 billion Main Street Lending Program established under the CARES Act to help small and medium-sized businesses. • Businesses with up to 10,000 employees may be eligible. • Loan amounts range from $1 million to $150 million, based on eligibility. On April 9, the Treasury Department and Federal Reserve released details about the new $600 billion Main Street Lending Program, which is designed to help shore up the economy. The program will be implemented using funds appropriated under the...

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14 Apr
Chapter News

COVID-19 Crisis Poses Threat to Financial Stability

April 14, 2020 The COVID-19 pandemic has caused an unprecedented human and health crisis. The measures necessary to contain the virus have triggered an economic downturn. At this point, there is great uncertainty about its severity and length. The latest Global Financial Stability Report shows that the financial system has already felt a dramatic impact, and a further intensification of the crisis could affect global financial stability. Since the pandemic’s outbreak, prices of risk assets have fallen sharply. At the worst point of the recent...

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