Emerging Markets Law

Treasury Market Guidance on Paycheck Protection Program Loans

Coronavirus

On Tuesday, the Treasury Department released guidelines to the market in the form of a Top-Line Overview of the Paycheck Protection Program (PPP), Lender Information Sheet, Borrower Information Sheet and Application Form, which can be found here: https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses. This guidance is not firmly established and we expect additional guidance, clarification or reconsideration of interpretations to come. For now, however, the market guidance is noteworthy for several reasons as it is informative, clarifies and even contradicts the statutory provisions contained in the CARES Act. Specifically, below are the notable points of information, clarification and contradiction:

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COVID-19 and Lease Obligations

Coronavirus

Rent Abatement Requests

In light of the COVID-19 pandemic, tenants are looking closely at leases to see if any relief can be found or what defenses a landlord may have for the nonpayment of rent.  Despite statewide, county or municipal orders that may restrict operations at leased premises, leases remain enforceable contracts. Generally speaking, both landlords and tenants are obligated to comply with lease terms by maintaining the property and paying rent. 

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Tax Provisions in the CARES Act

Coronavirus

The CARES Act, signed by President Trump March 28, 2020, legislates several amendments to the tax code in order to help businesses obtain higher levels of liquidity and give them cash. The relief is extended in hopes that employers who benefit from the emergency rules will be able to keep employees on the payroll during the COVID-19 pandemic. This article provides a top level summary of the various tax incentives targeted at businesses. Except where noted below, these provisions apply equally to companies regardless of how many employees they have.

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Coronavirus Aid, Relief, and Economic Security (CARES) Act Paycheck Protection Program and Loan Forgiveness

Coronavirus

On March 27, 2020, the bipartisan legislation, known as the Coronavirus Aid, Relief and Economic Security (CARES) Act, was signed into law and became the third aid package from Congress in the month of March to address the growing pandemic. Section 1102 of the CARES Act created a new loan product within the Small Business Administration’s 7(a) Loan Program known as the Paycheck Protection Program as discussed below. 

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SEC Temporarily Changes Rules for Form ID Filers

Coronavirus

With many businesses closed and many working from home, the Securities and Exchange Commission and its staff recognized that many applicants for EDGAR access were having difficultly getting signatures notarized on their Form ID applications.  Such notarization is required by Rule 10(b) of Regulation S-T.

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Business Continuity During Coronavirus Lockdowns: Am I an “Essential” Business?

Men talking at work

With at least one in four Americans living under lockdown orders due to the Covid-19 pandemic, a new question has started to affect many US companies: can my company stay open during a lockdown?

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How the Families First Coronavirus Response Act Could Impact Employers

Guy Looking at Buildings at Piedmont Park

On March 13, 2020, House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin, acting on behalf of the White House, reached a deal for a coronavirus economic relief deal, and the House passed it that evening. H.R. 6201, named the "Families First Coronavirus Response Act" could affect employers with less than 500 employees in a number of ways, including requiring paid FMLA and sick leave. (Employers with 500 or more employees will not be affected.)

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SEC Proposes Amendments to Crowdfunding Rules

SEC Proposes Amendments to Crowdfunding Rules

On March 4, 2020, the SEC proposed a series of amendments to several crowdfunding rules that are intended to broaden the available exemptions for crowdfund offerings and make it easier for growing business to raise capital.

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2020: The Year of Personal Privacy

2020 circuit board

In case you have not heard the news, 2020 ushered in a new law in California (the California Consumer Privacy Act, or CCPA) that gives consumers the right to know, upfront, what personal information companies collect about them. It also gives consumers the right to demand a copy of their information, to require that a company delete information it has collected, and to opt out of having their data sold to third parties.

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U.S. Companies Should Increase Cyber Awareness In Light Of U.S./Iran Posture

Posted In Cybersecurity

Global cyber security network

The Department of Homeland Security has issued a strong warning to U.S. businesses to pay close attention to their cyber security to guard against any attacks from Iran, which has a history of cyberattacks in the U.S.

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