The U.S. economic recovery plan: benefits, limits and risks for French companies in the United States

New York Partner Valérie Demont and Associate Karl Buhler authored an article about the CARES Act and its benefits and pitfalls for French companies doing business in the United States, which was published in the French leading legal review “Les Editions Legislatives.” Continue Reading

COVID-19–The 30-Day Mark – A Discussion by Companies on Navigating the New Reality

On April 14, 2020, the Sheppard Mullin French desk hosted a webinar on the impact of COVID-19 on various business sectors. The webinar was organized as a roundtable discussion with two business leaders, Christopher Mars, the U.S. COO of Marie Blanchere, a leading European traditional bakery brand, and Daniel H. Connor, the U.S. CEO of Sia Partners, a leading international independent management and AI consulting firm. The discussion was moderated by partner and Chair of the French Desk, Valérie Demont, and associate Karl Buhler and focused on the following: Continue Reading

Alternative Sources of Capital for Foreign-Owned Businesses in the US

A main focus for businesses in need of capital recently has been the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which expanded the criteria under which borrowers could apply for loans through the U.S. Small Business Administration (SBA), notably through the Paycheck Protection Program (PPP). The most significant change to the PPP has been the determination that US businesses owned by foreign companies are now eligible for loans. For an overview of the terms and conditions of the program, please see our prior alert. Continue Reading

Paycheck Protection Program Loan Applications are Opening Today – Eligibility for Small US Businesses Owned by Foreign Companies

The Small Business Administration (“SBA”) in its implementation of the CARES Act just released an updated loan application form for borrowers who want to avail themselves of Title I – Paycheck Protection Program (“PPP”) loans. This form may be found here. Continue Reading

Overview Of The Paycheck Protection Program Under The Cares Act (Title I)

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted, an economic relief package in response to the COVID-19 pandemic. The CARES Act provides economic support at the federal level to the business sector, employees, individuals and families, and specific industries that have been impacted, including air transportation, healthcare, and education.

Summarized below are key aspects of the Paycheck Protection Program, a $349 billion SBA-administered loan and loan forgiveness program described in Division A, Title I – Keeping American Workers Paid and Employed Act of the CARES Act. Continue Reading

The CARES ACT – Tax Relief

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, or the “CARES Act” to provide nearly 2 trillion dollars in aid and relief to individuals, businesses, and other entities in the wake of the spread of COVID-19.  Included in the CARES Act are tax and loan provisions intended to provide financial relief to people and businesses suffering as a result of the disease.

The following summarizes certain key tax-related provisions in the CARES Act. Continue Reading

COVID-19 Outbreak and Adjusted EU State Aid Control

The unique EU State aid control law requires, in principle, prior notification by Member States and approval by the Commission of all State aid. During a time of crisis, like the COVID-19 pandemic, EU law allows for a flexible approach for approving urgent State aid. In this post, we discuss the current state of play in the EU and offer some general items to consider for undertakings receiving State aid during this extraordinary time.

 Coronavirus, employers Continue Reading

Updated: Treasury and IRS Extend Time to both File and Pay Federal Income Taxes to July 15th; States Taking Their Own Approaches on Income and Similar Taxes

As part of the federal government’s efforts to soften the economic effects from the Covid-19 pandemic, on Wednesday the IRS issued Notice 2020-17 announcing that federal income tax payments for the 2019 tax year otherwise due on April 15th may be postponed until July  15th 2020 without incurring interest or penalties on the amount due.  In addition, the Notice also postponed to July 15th the due date for quarterly estimated federal income tax payments otherwise due on April 15th.  Earlier statements by government officials had not indicated that the due date for quarterly estimated tax payments would also be extended. Continue Reading

The U.S. Coronavirus Inbound Travel Ban Has Been Expanded to Flights from the U.K., Ireland, and Schengen countries, in Addition to the Previous Ban from China and Iran

On Monday, March 16th, 2020, the U.S. will be extending the March 13th, 2020 “European Travel Ban” to certain foreign nationals who have been in the United Kingdom and Ireland for 14 days prior to boarding.  These two countries were previously exempted from the Wednesday, March 11th Presidential Proclamation (the “First Proclamation.”)

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Coronavirus (COVID-19) Insights

With the growing Coronavirus (COVID-19) concerns, Sheppard Mullin has created a webpage dedicated to the issue.

It contains multiple information for those who work in or with the United States, including information regarding labor law, immigration law and other relevant issues.

Sheppard Mullin Coronavirus Insights

Supply Chain; CVOID 19; Coronavirus Continue Reading

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