Business, Contracts, Finance & Business Insolvency

AUGUST 2020 DEVELOPMENTS:

• Delaware Enacts Amendments to its General Corporation Law in Response to COVID-19

• PPP Loan Forgiveness Set to Begin August 10

• Governor Lamont Announces Connecticut Will Receive Presidential Emergency Declaration in Response to Tropical Storm Isaias

• Justice Department Files Suit to Enjoin Acquisition of Minority Share of Community Hospital; Shows Pitfalls of a Merger “Plan B” and Provides Roadmap of What Not to Say During Deal Negotiations

• Senate Bill Would Prohibit Private Companies from Collecting Biometric Data without Individuals’ Written Consent, and from Profiting Off of the Biometric Data

• IRS and Treasury Issue Proposed Regulations Providing Guidance on Section 1061 of the Code, Commonly Referred to as the Tax Cuts and Jobs Act

• SBA Releases Guidance to Lenders Related to Borrower’s Change in Ownership:
  • Procedural Notice
  • Servicing and Liquidation Matrix
  • Standard Operating Procedure

• Department of Commerce Publishes FAQs in Light of the Court of Justice of the European Union’s (“CJEU’s”) Recent Decision to Invalidate the EU-U.S. Privacy Shield in Schrems II

• Massachusetts U.S. Attorney’s Office Enters into a Memorandum of Understand with the Office of the Special Inspector General to Investigate and Prosecute Fraud in the Distribution of Funds Authorized by the CARES Act

JULY 2020 DEVELOPMENTS:

• Senate Republicans Propose HEALS Act as Next Round of COVID Legislation

• Proposed Legislation Regarding Business Interruption Insurance for COVID-19 Claims

• CARES Act Paycheck Protection Program (PPP) July 7, 2020 Update

• FTC and DOJ Jointly Issue Vertical Merger Antitrust Guidelines
  

JUNE 2020 DEVELOPMENTS:

• IRS Publishes Final Regulations on the Application of the Passthrough Deduction under Revenue Code Section 199A(1) to Regulated Investment Companies

• FDIC Publishes Final Rule Regarding the “Valid When Made” Doctrine

• United Kingdom Issues Corporate Insolvency and Governance Act of 2020

• CARES Act Paycheck Protection Program (PPP) June 26, 2020 Update

• COVID-19 Executive Orders Affecting Business, Labor, and Housing
  

• IRS Issues Proposed Regulations on Section 1031 Like-Kind Exchanges

• DOL, HHS and Treasury Release Joint FAQs Regarding FFCRA and CARES Act Implementation

• CARES Act Paycheck Protection Program (PPP) June 22, 2020 Update

• NYSE Proposes Rule Changes Regarding the Partial Re-Opening of the Trading Floor

• SBA Releases Revised Loan Forgiveness Application Along with EZ Form

• USPTO Prioritizes Petitions for COVID-19 Trademarks and Service Marks 

• 14 U.S. Passport Agencies Enter First Phase of Three-Phase Reopening Plan

• SBA’s Economic Injury Disaster Loans and Advance Program Reopened to All Eligible Small Businesses and Non-Profits Impacted by COVID-19 Pandemic
  • See our previous Alert: SBA Economic Injury Disaster Loans (EIDL) & Advances

• SBA Issues Interim Final Rule Providing Guidance for New PPP Legislation

• Treasury Releases Proposed Regulations Regarding Section 4960 Excise Tax on Certain Remuneration or Separate Amounts Paid to Tax-Exempt Organization Employees

• CARES Act Paycheck Protection Program (PPP) June 12, 2020 Update

• Consumer Financial Protection Bureau Issues Proposed Amendment to Regulation Z and Guidance to Deal with LIBOR Transition

• IRS Issues Final Regulation on Nonprofit Donor Disclosure Requirements

• PPP Flexibility Act of 2020 Signed Into Law

• President Trump Orders Expanded Use of Emergency Powers to Streamline Infrastructure

• IRS Publishes Proposed Rule Granting Tax Credits for Carbon Capture

• IRS Provides Relief on Opportunity Zone Program (for deferring capital gains tax payments) Deadlines

• CARES Act Paycheck Protection Program (PPP) June 4, 2020 Update

• Senate Passes PPP Flexibility Act of 2020 (House Bill 7010)

• USPTO Extends and Modifies CARES Act Deadline Relief

• U.S House of Representatives passes bill to provide greater flexibility for PPP borrowers

• Treasury Extends Four-Year Continuity Safe Harbor to Five Years, Provides Safe Harbor for 3.5 Month Rule

• CARES Act Paycheck Protection Program (PPP) June 1, 2020 Update

MAY 2020 DEVELOPMENTS: 

• SBA Issues Interim Final Rule on PPP Loan Forgiveness

• SBA Issues Interim Final Rule on the SBA’s Process for Reviewing PPP Loans and Loan Forgiveness Applications

• SBA Issues Interim Final Rule Providing Additional Guidance on PPP Eligibility Requirements

• NYSE Provides Additional Temporary Relief From Shareholder Approval Requirements During COVID-19 Pandemic

• Massachusetts Adopts Four-Phase Approach to Reopening

• IRS Announces New Health Savings Accounts and High Deductible Health Plan Limits

• Businesses Must Submit a Self-Certification Prior to Reopening on May 20

• CARES Act Paycheck Protection Program (PPP) May 18, 2020 Update

• SBA Releases PPP Loan Forgiveness Application

• House of Representatives Passes HEROES Act

• Federal Reserve Releases Updated Term Sheet and FAQs for Asset-Backed Securities Loan Facility

• IRS Updates FAQs to Expand Eligibility for Employee Retention Credits Under the CARES Act

• CARES Act Paycheck Protection Program (PPP) May 13, 2020 Update

• United States Patent and Trademark Office Announced COVID-19 Prioritized Examination Pilot Program for Small and Micro Entities

• Commerce Secretary Announces Allocation of $300 Million in CARES Act Funding for Coastal and Marine Fishery Participants

• SBA Issues Updated FAQs Regarding PPP Loans

• CARES Act Paycheck Protection Program (PPP) May 6, 2020 Update
  • Safe Harbor Extended Until May 14, 2020

• Treasury Issues Updated PPP FAQs Addressing Layoffs and Rehires for Loan Forgiveness; Hints at Interim Final Rule

• IRS Issues Guidance on Denying Deductions Related to PPP Loans

• IRS Issues Guidance Regarding the Public Approval Requirement Under § 147(f) of the Internal Revenue Code (Code) for Tax-Exempt Qualified Private Activity Bonds

• IRS Issues Guidance Regarding Expanded Temporary Rule Allowing Governmental Issuers to Purchase Certain of Their Own Tax-Exempt Bonds

• IRS Issues Guidance on Proposing Revenue Procedure Updating Group Exemption Letter Program

• IRS Issues Guidance Regarding the Treatment of Certain Stock Distributions by Publicly Offered Real Estate Investment Trusts and Publicly Offered Regulated Investment Companies Under the Internal Revenue Code

• IRS Issues FAQs Regarding COVID-19 Relief for Retirement Plans and IRAs

• CARES Act Paycheck Protection Program (PPP) May 1, 2020 Update

APRIL 2020 DEVELOPMENTS:  

• The Federal Reserve’s Main Street Lending Program April 30, 2020 Update
  

• SBA Publishes Guidance on How to Calculate Maximum Loan Amounts

• SBA Updates FAQs on PPP

• SBA Publishes Interim Final Rule on Disbursements

• SBA Publishes Interim Final Rule for Promissory Notes, Authorizations, Affiliation and Eligibility

• SBA Publishes Interim Final Rule on Additional Criterion for Seasonal Employers

• Treasury Secretary Mnuchin Issues Statement Regarding Review Procedure for PPP Loans

• IRS Issues Revenue Ruling 2020-29 Modifying Electronic Submission Process for Various Letter Rulings, Determinations, and Closing Agreements

• Additional Funding Allocated to Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) 

• CARES Act Paycheck Protection Program (PPP) April 24, 2020 Update
  • The SBA resumed accepting PPP loan applications from approved lenders on April 27, 2020 at 10:30 a.m. EDT

• Treasury Issues PPP Eligibility Guidance via FAQs

• President Signs Paycheck Protection Program and Health Care Enhancement Act Into Law on April 24, 2020

• Connecticut Insurance Department to Partner with Accounting Firms to Expand the State’s Captive Insurance Market

• CARES Act Paycheck Protection Program (PPP) April 23, 2020 Update

• Senate Passes $484 billion COVID-19 Relief Package
  • Senate Legislation 

• CARES Act Paycheck Protection Program (PPP) April 16, 2020 Update

• SBA No Longer Accepting New PPP Applications Due to Lack of Available Funding

• SBA No Longer Accepting New EIDL Applications Due to Lack of Available Funding

• PPP FAQs

• The Federal Reserve’s Main Street Lending Program

• Federal Bank Regulators Issue Interim Final Rule for Paycheck Protection Program Facility

• IRS Extends the Due Date for the Second 2020 Quarterly Estimated Federal Income Tax Payment Until July 15, 2020

• CARES Act Paycheck Protection Program (PPP) April 9, 2020 Update

• Federal Reserve Takes Additional Actions to Provide up to $2.3 trillion in Loans to Support the Economy

• Paycheck Protection Program FAQs

• Text Instructions for IRS Form 7200: Advance Payment of Employer Credits Due to COVID-19

• CARES Act Paycheck Protection Program (PPP) April 3, 2020 Update

• CARES Act Paycheck Protection Program (PPP) Goes Live Friday, April 3^rd

• The Coronavirus Aid, Relief, and Economic Security (CARES) Act Summary

• The Small Business Owner’s Guide to the CARES Act

• SBA Economic Injury Disaster Loans (EIDL) Live Now

• IRS Issues Warning Regarding COVID-19 Scams

• COVID-19 Emergency Loans Small Business Guide and Checklist

MARCH 2020 DEVELOPMENTS:

• State of Connecticut Insurance Department Issues COVID-19 Business Interruption Insurance FAQs

• Insurance Coverage: Business Interruption Coverage May Require Creativity

• Governor Lamont Issues Executive Order 7H - "Stay Safe, Stay Home"

• Business Exemptions for Coronavirus - Executive Order 7H

• Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus