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

From CFIUS, With Love: The FIRRMA Regulations

The most pressing question around the new FIRRMA regulations is “Will my transaction be covered?” To provide a bit of guidance on that point, we present an illustration from our upcoming Second Edition of The CFIUS Book due out in March of this year. Continue Reading

Getting Prepared for a Decade of Privacy

As we get settled into the reality of living with both CCPA and GDPR, companies are looking for new approaches for keeping their privacy houses in order. CCPA reminds us that there is no end to new legislation: proposals are already coming in from states as varied as Nebraska, New Hampshire and Virginia. Similar legislative trends exist around the globe. How can companies be prepared to address this ever shifting legislative landscape? There are a few essential steps privacy officers can take, including (1) aligning the privacy team’s efforts with the underlying corporate mission, (2) having a clear understanding of both the company’s data and its use practices, and (3) having infrastructure in place that will allow for updates to notices and rights. Continue Reading

Potential Impact of U.S.-France Trade Tension on U.S. Imports of French Products and Luxury Goods

On December 2, 2019, the U.S. Trade Representative (USTR) announced that in response to a digital services tax law passed in France, it would be retaliating with stringent tariffs on luxury products coming from France. The potential tariffs could target up to $2.4 billion worth of French imports into the United States, with duties as high as 100%.[1] Continue Reading

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