April 13, 2020 • The COVID-19 crisis has revealed the extent to which the United States and other countries are dependent upon a well-functioning global supply chain of critical medical supplies, including Personal Protective Equipment (PPE) essential to protecting doctors, nurses, EMTs and others on the front lines of the pandemic. • As with many goods, the supply chain, from raw material to manufacturing to delivery, is global and depends on "just-in-time" supply chains. In normal times, this degree of global...

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April 10, 2020 | On April 8, the Securities and Exchange Commission (SEC) adopted amended securities offering rules for business development companies1 (BDCs) and registered closed-end funds as mandated by Congress.2 The amendments largely extend the 2005 securities offering reform for operating companies to BDCs and closed-end funds. The amended rules are intended to streamline the registration, offering and investor communications processes for BDCs and closed-end funds. According to the SEC, these changes should enable BDCs and closed-end funds to respond more...

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April 10, 2020 | On April 9, 2020, in further response to the economic effects of the Coronavirus Disease 2019 (COVID-19) pandemic, the Board of Governors of the Federal Reserve System took actions to pump an additional $2.3 trillion in liquidity into the U.S. credit and capital markets. According to the Federal Reserve, this new $2.3 trillion – which complements the $849 billion in funding authorized by the U.S. Congress under Titles I and IV of the CARES Act —...

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April 12, 2020 I. It is truly a global crisis. Old animosities and hostilities should be put aside to deal with this pandemic. A coordinated effort by the US and China marshal the resources to combat the virus and help the world economy recover from this body blow. Countless op-ed pieces in the traditional media and internet have cried, "Can't we just get along, for the common good?". And who can disagree? The problem is two-fold. It is naive and dangerous. It is naive...

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The Department of Treasury and the Internal Revenue Service issued a notice yesterday that allows additional tax deadline delays for individuals and businesses in the wake of the COVID-19 pandemic.   Notice 2020-23 expands the July 15, 2020 deferred deadline to additional federal tax filings or payments due on or after April 1, 2020 and before July 15, 2020.   The relief previously provided for applied only to federal income taxes, gift taxes and estimated taxes due on April 15, 2020.   This new relief is available to...

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