On April 3, 2020, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued General License 13E extending the deadline established by General License 13D for Nynas AB, a subsidiary of Petroleos de Venezuela S.A. (“PDVSA), to conduct certain transactions and activities otherwise prohibited under the Venezuela-related Sanctions. Originally, these transactions and activities had to […]
On March 27, 2020, the Federal Council approved the government’s relief package for the corona crisis. It will allow the federal government to take on new debt of EUR 156 billion to support the health system, businesses, and employees. Corona aid for larger companies Several hundred billion euros will be made available via the “Economic Stabilization Fund” […]
In March, the International Chamber of Commerce (ICC) updated its model Force Majeure and Hardship Clauses. In times of the corona crisis, such clauses, hardly ever relevant in the past, are getting more attention and it makes sense to review own contracts to see whether they can be optimized for the future. The ICC offers […]
Under the CARES Act, a small business can receive financial assistance by obtaining a loan under the Paycheck Protection Program (“PPP”) or by obtaining an Economic Injury Disaster Loan (“EIDL”). While a loan under the PPP may be preferable due to the forgiveness component, an EIDL still provides substantial relief to businesses economically affected by COVID-19. […]
The Small Business Administration along with the U.S. Department of the Treasury recently determined the dates that eligible businesses are able to apply for loans under the Paycheck Protection Program. DRT is here to help businesses apply for a loan under the Paycheck Protection Program. The Paycheck Protection Program loan application can be found here. 1. […]
Our labour law expert Bettina-Axenia Bugus will answer important questions about short-time work in the context of the Corona crisis. Question: What is short-time work? Answer: Short-time work is a temporary reduction in the number of working hours that are normally worked in a company. It is intended to enable companies to overcome financially difficult times and […]
For many, the beginning of the month is a benchmark to pay their bills. However, the coronavirus has flipped the world as we all know it upside down. Diaz Reus is here to assist our clients to navigate the COVID-19 world as bills and other obligations become due. Housing Several mortgage lenders across the country […]
The Florida Department of State has extended the timeline for filing corporate annual reports until June 30, 2020: Pursuant to Executive Order No. 20-52 and Department of State Emergency Order 2020-01, the time requirements for business entities to file annual reports are suspended and tolled until June 30, 2020. Any profit corporation, limited liability company, […]
In a press release, which has remained altogether quiet, the Quebec’s occupational health and safety agency (CNESST) has announced it will offer employers relief measures, to help them face the COVID-19 crisis. Some of these involve a rather significant measure to help businesses with cash flow. In effect, employers now have until August 30, 2020 to settle […]
In response to the economic shock caused by the numerous public health measures to control the spread of COVID-19, the provincial government announced, on March 19, 2020, the creation of a $2.5 billion program to assist Quebec businesses. In a matter of days, thousands of Quebec workers were confined to their homes, creating unprecedented logistical […]
Foreword by Andrew Chilvers Global commerce is by its nature a complex beast and it is inevitable that sometimes disputes arise between companies doing business across the world. As more international deals are signed off – often in greater degrees of complexity than will have been done in the past – it has also led […]
As we collectively navigate the unfolding Coronavirus pandemic, we want to assure our clients and colleagues that our firm will remain open for business regardless of the challenges ahead. We have implemented a contingency plan that allows our lawyers and staff to continue to operate remotely, if necessary, in a seamless, non-disruptive manner. We have planned […]
