05 May
Member News

WSRG: Federal Reserve Announces Details of Main Street Lending Program

May 4, 2020 | On April 30, 2020, the Federal Reserve announced details of its $600 billion Main Street Lending Program established under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The purpose of the Main Street Lending Program is to facilitate lending to businesses that were in sound financial condition prior to the COVID-19 pandemic and have either fewer than 15,000 employees or had less than $5 billion of revenue in 2019. The loans will be provided...

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04 May
Member News

GOP: Italian Law No. 27/20 (“Conversion Law”): the new provisions

On April 29, 2020, Law No. 27/20 (the "Conversion Law") has been published in the Official Journal of the Italian Republic No. 110, converting into law, with amendments, Law Decree No. 18/20 (the "Law Decree 18/20") providing for a package of measures and aids to face the COVID-19 emergency. The new provisions mainly affect the following areas: • Labour Law • Tax Law • Litigation Law Contact: FABIO ILACQUA Partner – Head of New York Office GOP USA, LLC – One Rockefeller Plaza, Suite 1610, New York, NY...

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04 May
Member News

PepperHamilton: Strategies to Identify and Mitigate the Risks Related to Whistleblower and Retaliation Claims Connected to COVID-19

May 4, 2020 | Health care professionals, hospitals and other health care facilities are critical to the nation’s efforts to address the COVID-19 pandemic, and they are under incredible strain caused by challenges such as widespread shortages of personal protective equipment (PPE) and other critical equipment, risks related to working with patients showing symptoms of COVID-19, and the need to redeploy personnel and resources in nontraditional ways. At the same time, the economic downturn related to the pandemic has blocked...

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04 May
Member News

Littler: SBA Releases New Guidance on Paycheck Protection Program Certifications, Announces Safe Harbor for Borrowers that Repay Their Loans

April 30, 2020 | Ahead of a second round of lending, the Small Business Administration (SBA) announced that businesses applying for loans under the Paycheck Protection Program (PPP) must consider other sources of liquidity before certifying that they need a PPP loan. The agency also announced a new “safe harbor” for businesses that received a loan before it released its new guidance. Businesses wanting to take advantage of the safe harbor must repay their loans by May 7, 2020. The PPP...

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04 May
Chapter News

The global response: Working together to help the world get better

May 3, 2020 | Op-ed co-authored by Giuseppe Conte, President of the Government of the Italian Republic, Emmanuel Macron, President of the French Republic, Angela Merkel, Federal Chancellor of the Federal Republic of Germany, Charles Michel, President of the European Council, Erna Solberg, Prime Minister of the Kingdom of Norway, Justin Trudeau, Prime Minister of Canada* and Ursula von der Leyen, President of the European Commission. “Chance favours the prepared mind”. This was the mantra of Louis Pasteur, one of the world's greatest scientists and a mastermind behind...

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04 May
Chapter News

Covid-19: EU recovery plan should include climate crisis action

May 4, 2020 | As the EU looks at how best to recover from the impact of the Covid-19 pandemic, MEPs say the Green Deal must be at the centre of any reconstruction package. The current health crisis and its consequences remain the immediate priority, but the European Parliament is also focusing on a strategy for the post-crisis period. In a resolution adopted on 17 April, MEPs said the EU needs a massive recovery and reconstruction package with the Green Deal, a series of initiatives...

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04 May
Member News

H&K: Federal Departments Jointly Extend Employee Benefit Timeframes for COVID-19 Outbreak

May 1, 2020 | • The U.S. Department of Labor and the U.S. Department of the Treasury Department, in consultation with the U.S. Department of Health and Human Services issued new final rules that, effective March 1, 2020, extend various timeframes applicable to employee benefit plans (Final Rules). • A stated purpose of the Final Rules, issued on April 29, 2020, is to minimize the possibility of individuals losing benefits because of a failure to comply with an applicable timeframe. • The...

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01 May
Chapter News

EACCNY #COVID19 Impact Stories from Our Members – FlenHealth

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 Philippe Sollie, CEO, @FlenHealth a EACCNY member. The questions we asked our members for this series are: 1) What are some challenges you, personally and your organization have faced? 2) What are...

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01 May
Chapter News

Federal Reserve expands access to its Paycheck Protection Program Liquidity Facility (PPPLF) to additional lenders, and expands the collateral that can be pledged

April 30, 2020 | The Federal Reserve on Thursday expanded access to its Paycheck Protection Program Liquidity Facility (PPPLF) to additional lenders, and expanded the collateral that can be pledged. The changes will facilitate lending to small businesses via the Small Business Administration's (SBA) Paycheck Protection Program (PPP). As a result of the changes, all PPP lenders approved by the SBA, including non-depository institution lenders, are now eligible to participate in the PPPLF. SBA-qualified PPP lenders include banks, credit unions, Community...

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01 May
Member News

MarksPaneth: IRS Announces Expenses Paid with Forgiven PPP Funds are not Deductible

May 1, 2020 | On  April 30, 2020, the IRS Released Notice 2020-32 which provides guidance on the deductibility of expenses paid with Paycheck Protection Program (PPP) loan proceeds that are partially or completely forgiven and excluded from a taxpayer’s income. Specifically, the IRS has determined that otherwise deductible expenses that are paid with PPP funds and forgiven may not be deducted for federal income tax purposes.  Under the PPP provisions of the CARES Act, borrowers who pay certain covered expenses (payroll costs,...

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