• €5 billion for COVID-19 business resilience and medical technology • Includes €3 billion for companies in Spain and Italy impacted by economic shocks • Additional flexibility to extend existing loans to mitigate economic impact of the crisis The European Investment Bank today approved €5 billion of new financing for businesses hit by the economic shock and for medical technology. The financing is part of the EIB’s quick response to the coronavirus crisis and its economic effects. It includes €3 billion dedicated...

April 23, 2020 | An internal working group made up of Troutman Sanders Strategies, Troutman Sanders, and Pepper Hamilton attorneys have been working closely together on SBA lending matters and will be providing further analysis as guidance and actions continue. On Thursday, the House of Representatives passed the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266), by a vote of 388 – 5, to provide supplemental funding for federal coronavirus (COVID-19) response programs and activities, sending the bill to...

April 23, 2020 | On April 23, the Treasury Department and the Small Business Administration (SBA) updated an FAQ document addressing borrower and lender questions concerning implementation of the Paycheck Protection Program (PPP). The FAQ document provides answers to many commonly asked questions relating to payroll cost calculations, eligible businesses (including small business concerns), the exclusion of compensation in excess of $100,000, affiliations and certain SBA application requirements. This most recent updated FAQ provides noteworthy guidance relating to the following question: Do businesses...

April 23, 2020 | In two recent joint statements, the federal banking agencies have encouraged banks to make short-term loans to consumers and small businesses impacted by the COVID-19 crisis. In their March 30 “Joint Statement Encouraging Responsible Small-Dollar Lending in Response to COVID-19,” the agencies noted that “the important role that responsibly offered small-dollar loans can play in helping customers meet their needs for credit due to temporary cash-flow imbalances, unexpected expenses, or income short-falls during periods of economic...

April 23, 2020 | 1. INTRODUCTION This news update is a follow-up to our news update of 25 March 2020 regarding the first reactions of the European competition agencies to the coronavirus (COVID-19) outbreak. The competition agencies acknowledge the effects of the coronavirus outbreak on businesses. They emphasised that they will not intervene if companies temporarily cooperate, if these forms of cooperation are necessary to ensure the supply and fair distribution of scarce products to consumers. The authorities however also warned that competition...

April 22, 2020 | Carbon Neutrality, 100% of electricity from renewables and CO2 reduction. These are a few of the targets that Pirelli has set itself to contribute to the protection of planet Earth. The 50th anniversary of Earth Day, the day established in 1970 by the United Nations for the world to celebrate the environment and the protection of planet Earth, falls at a critical moment, one in which the world has stopped, blocked by the Covid-19 pandemic. With human...

April 15, 2020 | On April 10, 2020, the president issued a new memorandum, Memorandum on Visa Sanctions, focused on immigration compliance measures and enforcement. This new memorandum instructs the secretary of homeland security to notify the secretary of state if any government of a foreign country “denies or unreasonably delays the acceptance of aliens who are citizens, subjects, nationals, or residents of that country after being asked to accept those aliens, and if such denial or delay is impeding operations...

On April 19, 2020, President Trump issued an Executive Order allowing importers “suffering significant financial hardship because of COVID-19” a 90-day extension to pay certain U.S. Customs duties. The Order applies to goods entered in March or April of 2020. No interest will accrue on the postponed payments during the 90-day period. The changes do not allow for the return of any deposits that have already been paid.  There are some limitations on eligibility for this relief. Entries containing goods subject to...