Noteworthy developments affecting our firm, industries and clients.
DOES NEW GUIDANCE MAKE PPP LOANS VIABLE FOR U.S. SUBSIDIARIES (OF FOREIGN PARENTS)?
Under the paycheck protection program (“PPP”) of the CARES Act, approximately $670 billion in loan assistance was allocated to small businesses in the United States. The program is administered by the U.S. Small Business Administration (“SBA”) and is intended to fund payroll for employees whose principal place of residence is the United States. The PPP “loans” are intended to be forgiven assuming that loan proceeds are spent predominantly on employee compensation.
May 15, 2020
Last week, the Securities and Exchange Commission (SEC) published guidance to the COVID-19 Order (Order) it issued in March in which it granted relief to certain filing deadlines for companies that were affected by COVID-19 (link to the Order here) and as a result were unable to make timely filings of their periodic reports, schedules or forms. The new guidance also addresses the effects on extended filing deadlines on the use of Form S-3 for the offer and sale of securities.
May 11, 2020
The Coronavirus Aid, Relief, and Economic Security (CARES) Act and Aid for Businesses
March 27, 2020
Geoffrey R. Morgan appointed to Financial Accounting Standards Board (FASB) Small Business Advisory Committee
March 26, 2020
Client Brief | SEC Proposes Amendments to Increase Access to Private Capital Markets
December 23, 2019
Client Brief | SEC Expands “Testing-the-Waters” Rule Beyond Emerging Growth Companies
October 30, 2019