Showing 6 posts in Corporate and Business.
Treasury Market Guidance on Paycheck Protection Program Loans
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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Coronavirus Aid, Relief, and Economic Security (CARES) Act Paycheck Protection Program and Loan Forgiveness
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.
SEC Temporarily Changes Rules for Form ID Filers
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?
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
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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Business Roundtable Endorses Corporate Stakeholder Duties
The Business Roundtable, a who’s who of corporate and legal business leaders, issued a statement endorsing the idea that corporate boards should not only serve their shareholders but should also make decisions to benefit all of the “stakeholders” of the corporation.
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