On Thursday, April 30, 2020, the Internal Revenue Service (the “IRS”) issued Notice 2020-32 (the “Notice”).[1] The Notice clarifies that, in the IRS’s view, expenses funded using the proceeds of Small Business Administration (“SBA”) loans extended pursuant to the Paycheck Protection Program are not deductible if the loan is forgiven.
The COVID-19 pandemic has resulted in unprecedented governmental actions at the federal, state, and local levels. Those actions have raised substantial constitutional questions.
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on May 1, 2020.
In this webinar recorded May 4, 2020, part of a weekly series, Gibson Dunn lawyers in London provide highlights on the latest COVID-19 related changes to UK law and government policy.
On 20 April 2020, the UK Government announced the launch of an investment fund intended to deliver up to £500 million of investment and liquidity to high-growth companies impacted by the Covid-19 pandemic (the “Future Fund”). The Future Fund will provide UK-based companies with convertible loans ranging from £125,000 to £5 million, provided that the amount loaned by the UK Government is matched by third party investors.
In recent weeks, legal commentators have predicted that employers will face an “explosion” of employee lawsuits for tort claims relating to the COVID-19 pandemic.
As governments contemplate lifting COVID-19 restrictions, businesses looking to reopen their doors face numerous questions about the legal risks of operating in the midst of a pandemic. Some of the most pressing concerns include identifying the precautions needed to avoid transmission of the virus to employees, customers, or others in proximity to their operations and the potential for liability if individuals become severely ill or die from a COVID-19 infection.
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on May 4, 2020.
As the COVID-19 global pandemic continues to devastate economies, trading prices for many bank loans have fallen significantly. Private equity sponsors are looking at debt buybacks as a potential opportunity to de-lever their portfolio companies at a significant discount.
The Federal Reserve issued revised guidance on May 4, 2020, with respect to the Primary Market Corporate Credit Facility (PMCCF) and noted that it expects the PMCCF to be operational sometime in early May 2020.
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on May 5, 2020.
Gibson Dunn lawyers in London provide a summary and compendium of English law legal developments during the current COVID-19 pandemic as of May 6, 2020.
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on May 6, 2020.
The world of sports betting, like many other industries, has been impacted by the COVID-19 pandemic in significant ways. One major disrupting force has been the widespread cancellation of live sporting events.
On May 7, 2020, New York Governor Andrew Cuomo announced that the state’s moratorium on residential and commercial COVID-19-related evictions will be extended through August 20 and that new rent relief measures will be imposed.
As COVID-19 continues to spread throughout the globe, the ultimate effect on businesses and financial markets remains uncertain. This alert offers practical guidance for the managers of private equity and real estate funds weighing such considerations.
Gibson Dunn provides an overview of various tendencies and trends that will influence the German transaction business beyond and partially irrespective of the specific legislative steps taken in response to the pandemic.
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on May 7, 2020.
The UK Financial Conduct Authority (“FCA”) has issued statements to financial services firms outlining its expectations on: (i) financial crime systems and controls; and (ii) information security, during the COVID-19 pandemic. These are further examples of the FCA requiring firms to take steps to prevent and/or limit harm to consumers and the market more generally in this challenging period.
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on May 11, 2020.
In this webinar recorded May 11, 2020, part of a weekly series, Gibson Dunn lawyers in London provide highlights on the latest COVID-19 related changes to UK law and government policy.
On May 8, 2020 the First Department rescinded the March 17, 2020 Order and reinstated “the deadlines for the remaining 2020 terms of the Court (September through December 2020 terms).” The First Department is in all material respects now back open for business for new appeals.
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on May 12, 2020.
Gibson Dunn lawyers in London provide a summary and compendium of English law legal developments during the current COVID-19 pandemic as of May 13, 2020.
In this webcast, join a panel of Gibson Dunn lawyers in a discussion of ways for financial services businesses to manage legal and regulatory risks during the COVID-19 pandemic.
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on May 13, 2020.
Gibson Dunn reports on the steady pace of patent litigation and patent review filings during the COVID-19 pandemic, and notes that some aspects of ongoing patent litigation are also proceeding as usual.
Areas of regulatory focus provide a helpful roadmap for companies and financial institutions, and reinforce the guidance we provided in our prior alert, to reduce the risk of drawing scrutiny.
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on May 14, 2020.
On May 15, 2020, the U.S. Small Business Administration (SBA) released the much anticipated loan forgiveness application for loans issued under the Paycheck Protection Program (PPP).
Gibson Dunn identifies some of the key considerations for UK-based businesses when taking steps to comply with their health and safety obligations once certain groups of employees return to the workplace.
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on May 18, 2020.
Gibson Dunn lawyers describe some of the Spring 2020 cases challenging COVID-19-related governmental actions on constitutional grounds.
In the wake of closures and cancellations, consumer frustration has mounted, and scores of class action lawsuits have followed. Gibson Dunn examines the industries facing these lawsuits, describes the theories that plaintiffs are asserting, and provides some practical considerations and potential defenses for these lawsuits.
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on May 19, 2020.
Gibson Dunn lawyers in London provide a summary and compendium of English law legal developments during the current COVID-19 pandemic as of May 20, 2020.
On May 19, 2020, President Trump signed an executive order entitled “Regulatory Relief to Support Economic Recovery,” which seeks “to combat the economic consequences of COVID-19.” The Order instructs agencies to “rescind[], modify[], waiv[e], or provid[e] exemptions from regulations and other requirements that may inhibit economic recovery.”
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on May 20, 2020.
In this webcast, Gibson Dunn and Cornerstone Research discuss the potential implications of the COVID-19 pandemic for securities and derivative litigation.
This Gibson Dunn update outlines the current state of these measures as they stand in the legislative process, but these bills are constantly changing and will likely continue to evolve in the days and weeks ahead.
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on May 21, 2020.
In this webinar recorded May 18, 2020, part of a weekly series, Gibson Dunn lawyers in London provide highlights on the latest COVID-19 related changes to UK law and government policy.
Given the circumstances surrounding the COVID-19 pandemic, valuations and stock prices of Indian companies have witnessed precipitous declines. The government of India has revised the country’s investment laws to check “opportunistic takeovers/acquisitions” of Indian companies.
Issuers in the United States and their auditors have related, but distinct, obligations to evaluate on a periodic basis whether there is substantial doubt about the issuer’s ability to continue as a going concern.[1] In normal times, this evaluation, conducted with an appropriate level of diligence, results as to almost all major public companies in the conclusion that there is no substantial doubt about the entity’s ability to meet its obligations in the months to come.
Since the U.S Environmental Protection Agency (EPA) issued its “Temporary COVID-19 Enforcement Policy” on March 26th, many regulated entities have successfully obtained extensions of consent decrees and other deadlines.
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on May 27, 2020.
On 27 May 2020, the UK Financial Conduct Authority (the “FCA”) published Market Watch 63 (“MW63”). MW63 highlights that market participants (including issuers, their advisers and all other market participants) may be subject to new and emerging market conduct risks as a result of the current increase in primary market activity and working from home arrangements widely mandated as a result of public policy to deal with the COVID-19 pandemic. It then sets out the FCA’s expectations on market participants in terms of identifying and mitigating those risks in the current environment.
Gibson Dunn lawyers report on recent intellectual property law developments relating to the COVID-19 pandemic, as of May 28, 2020.
In this webinar recorded June 1, 2020, part of a weekly series, Gibson Dunn lawyers in London provide highlights on the latest COVID-19 related changes to UK law and government policy.
On May 27, 2020, the Federal Reserve Bank of Boston released additional information on the three lending facilities the Federal Reserve is creating under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).