Coronavirus (COVID-19)

April 10, 2020August 31, 2020 by Duane Morris

Fed Provides Guidance on Main Street Lending Program

The Federal Reserve on April 9, 2020, released anxiously awaited guidance regarding the Main Street Lending Program that was authorized under the Coronavirus Economic Stabilization Act (Title IV of the CARES Act). Two releases were provided: the Main Street Expanded Loan Facility, dealing with additional loan tranches under existing credit facilities; and the Main Street New Loan Facility, dealing with origination of new lending facilities. Each facility under the lending program, authorized under section 13(3) of the Federal Reserve Act, is intended to promote lending to small and medium-sized businesses, but has slightly different eligibility requirements. Though the Main Street Lending Program is backstopped by the Federal Reserve, the loans thereunder will be made directly by U.S. banks and savings and loan companies.

To read the full text of this Duane Morris Alert, please visit the firm website.

April 10, 2020 by Duane Morris

FEMA Approval Required for Export of Certain Personal Protective Equipment

As of April 10, 2020, Federal Emergency Management Agency (FEMA) approval will generally be required for the export of certain kinds of personal protective equipment (PPE) from the United States, pursuant to a FEMA temporary final rule.

To read the full text of this Duane Morris Alert, which discusses the parameters and procedures established by the temporary final rule and their implications for U.S. and foreign entities, please visit the firm website.

April 10, 2020August 31, 2020 by Duane Morris

Deferral of Tax and Land Rental Payment: COVID-19 Guidance for Businesses in Vietnam

The Government on 8 April 2020 issued Decree 41/2020/ND-CP on extension of deadlines for taxes and land rental payment (“Decree 41”) with immediate effect to support businesses, among other subjects, affected by COVID-19 pandemic.

To read the full text of this post by Duane Morris Vietnam partner GIles Cooper, please visit the Duane Morris Vietnam Blog.

April 10, 2020September 1, 2020 by Duane Morris

Determining Immigrants’ Tax Status under the CARES Act

The CARES Act of March 27, 2020, provides $2 trillion in direct financial assistance, including paid leave, unemployment insurance benefits, and rebates to eligible individuals. Immigrants and foreign nationals in the United States may be eligible for some or all of these benefit, depending on the circumstances.

To read the full text of this post by Duane Morris attorney Teodora Purcell, please visit the Duane Morris Immigration Law Blog.

April 10, 2020September 4, 2020 by Duane Morris

COVID-19 in Vietnam: Implementation of Laws Not Unified in All Provinces

The COVID-19 outbreak has been declared a public health emergency of international concern by the World Health Organization, causing huge impact on people’s lives, families and communities. Organizations are under certain concerns about the continuity of their business as how long the pandemic lasts for, a possible suspension order, unwanted contract terminations, force majeure issues, reduction of price, etc.

To read the full text of this blog post explaining the latest update on the Government’s instruction on the business continuity by Duane Morris Vietnam partner Oliver Massmann, please visit the Duane Morris Vietnam Blog.

April 10, 2020September 1, 2020 by Duane Morris

Vietnam’s Renewable Energy Industry Amid Covid-19: Facts, Force Majeure and (Patchy) Government Support

Vietnam’s renewable energy development over the past three or so years can variously be described as frenetic, chaotic and heartening. Look past all the noise about non-bankable agreements, insufficient transmission infrastructure and bureaucratic black holes, and it’s clear the market has spoken. Vietnam currently has the largest installed solar capacity in Southeast Asia and is taking strides on wind too. Between May and July 2019, an incredible 82 ground mounted solar plants were connected to the national grid (total of 4,464 MW), more than 400% the target that had been set for 2020. The Ministry of Industry and Trade recently announced that the country is aiming to boost power output produced by renewable energy to about 23% by 2030.

The sector as a whole is also poised on the brink of a new phase. Feed in tariffs are coming to an end, low hanging fruit projects have been developed and local banks’ capacity to continue to finance development is stressed. Meanwhile, energy demand rises steadily and right-minded global citizens are clamoring for an end to coal and a rapid transition to renewable energy sources.

Into this heady mix arrived a novel corona virus and the disease known as COVID-19.

To read the full text of this post by Duane Morris Vietnam partner Giles Cooper, please visit the Duane Morris Vietnam Blog.

April 9, 2020August 31, 2020 by Duane Morris

FINRA Makes Changes to Its Rules and Guidance Due to COVID-19

The Financial Industry Regulatory Authority (FINRA) has issued new guidance and changes in response to the COVID-19 pandemic.

To read the full text of this Duane Morris Alert, which contains some of the updates, please visit the firm website.

April 9, 2020September 3, 2020 by Duane Morris

New Guidelines for New Jersey Construction, Retail, Warehouse and Manufacturing Sectors

New Jersey Governor Phil Murphy announced Executive Order 122 on April 8, 2020, which will impact business operations across the state.

To read the full text of this Duane Morris Alert, please visit the firm website.

April 9, 2020 by Duane Morris

SEC Regulation Best Interest and Form CRS Compliance Deadline Unchanged Despite COVID-19 Pandemic

Regulation Best Interest (Reg BI)—which sets forth a new standard of conduct for broker-dealers and their associated persons when making investment recommendations—was adopted by the SEC on June 5, 2019, and is scheduled to take effect on June 30, 2020. There was some question as to whether the SEC would push back the effective date due to the COVID-19 pandemic, but on April 2, SEC Chairman Jay Clayton issued a public statement that the SEC will hold to the June 30 deadline despite the ongoing emergency.

To read the full text of this Duane Morris Alert, please visit the firm website.

April 9, 2020 by Duane Morris

San Francisco Enacts Emergency Ordinance: Public Health Emergency Leave

On April 7, 2020, the San Francisco Board of Supervisors unanimously approved an emergency ordinance requiring private employers with 500 or more employees to provide public health emergency leave consistent with the federal Families First Coronavirus Response Act (FFCRA). The Public Health Emergency Leave ordinance (PHELO) follows San Francisco Mayor London Breed’s proclamation of a state of emergency, state and local shelter-in-place orders and Bay Area school closures in response to the spread of the novel coronavirus COVID-19. The ordinance will go into effect as soon as it is signed by Mayor Breed.

To read the full text of this Duane Morris Alert, please visit the firm website.