Category Archives: Coronavirus

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IRS Provides Some Relief to Offset COVID-19 Related Travel Restrictions

Relief on Substantial Presence and Treaty Day-Count Tests. On May 30th, the IRS issued Revenue Procedure 2020-20 which provides non-U.S. individuals present in the U.S. some limited relief from the day-count tests for U.S. tax residency and for eligibility for certain treaty benefits.  The relief comes in the form of the “COVID-19 Medical Condition Travel … Continue Reading

U.S. Government Assistance in Response to COVID-19: Investigations Are Coming

The U.S. Congress has passed a series of laws for easing the economic suffering due to COVID-19, including the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act.  The CARES Act and other relief bills have appropriated about $3 trillion for assistance to companies.  As companies receive these funds, attention is now turning to … Continue Reading

Main Street Loan Program – US Subsidiaries of Foreign Companies Can Apply

The US Federal Reserve has confirmed in its Main Street Loans frequently-asked-questions-faqs about the Main Street lending program (the “FAQ”) that US subsidiaries of foreign companies can be eligible borrowers under the various loans available under the program so long as they otherwise meet the other conditions to eligibility for the loans.… Continue Reading
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