Non-profit organizations are facing challenges similar to those being faced by for-profit businesses as a result of the coronavirus crisis. Fortunately, the CARES Act contains provisions that may be beneficial to your non-profit organization. READ MORE
Among other temporary revisions to unemployment assistance programs, the recently passed CARES Act includes provisions aimed at expanding the effectiveness of state “short-time compensation” programs, also known as “work share” programs. READ MORE
The CARES Act waives the 2020 minimum distribution requirement for many retirement plans and IRAs. You can take the distribution if you prefer, of course, but you will not be penalized if you do not. This will be welcome relief for people who do not want to liquidate investments in a down market in order to satisfy the minimum distribution requirement. READ MORE
On March 31, 2020, the Decree of Necessity and Urgency No. 329/2020 was published in the Official Gazette, which prohibits dismissals without just cause and on the grounds of lack or reduction of work and force majeure for a period of 60 days from the date of its publication (that is, May 30, 2020).
Likewise, said decree prohibits suspensions for reasons of force majeure or lack or reduction of work for a period of 60 days from the date of its publication.
In furtherance of its previous corporate governance reliefs, the Ministry of Corporate Affairs (“MCA”) has introduced the Companies Fresh Start Scheme, 2020 (“CFS Scheme”) and amended the LLP Settlement Scheme, 2020 vide its circular dated March 30, 2020 (“LLP Modified Scheme”) to allow defaulting companies and limited liability partnerships (“LLPs”) an opportunity to file belated documents, returns etc. without charging of additional fees with respect to the delay in filing and grant immunity from prosecution with respect to such delay.
U.S. Treasury Department Issues Preliminary Guidance for Paycheck Protection Loans Under the CARES Act
On March 31, 2020, the U.S. Department of the Treasury (“Treasury”) issued preliminary guidance regarding implementation of the Paycheck Protection Program (“PPP”), which is the $349 billion program contained in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) that provides forgivable loans to eligible small U.S. businesses to help them weather the coronavirus (“COVID-19”) crisis. The guidance consists of three advisory documents: (i) an overview of the program; (ii) information for lenders about the PPP; and (iii) information for potential borrowers. Additionally, the Treasury released a copy of the PPP application form.
The Ministry of Corporate Affairs (“MCA”) vide its circular dated 30th March 2020 has issued “Companies Fresh Start Scheme, 2020” (“CFSS 2020”) and revised the “LLP Settlement Scheme, 2020” (“LLP Scheme 2020”) to promote defaulting companies/LLPs to make a fresh start on a clean slate and waive the additional fees for delayed filings by the companies/LLPs with the Registrar of Companies (“ROC”) during the currency of the Schemes i.e. from 1st April 2020 to 30th September 2020. Both the schemes incentivize compliance and reduce compliance burden during the unprecedented public health situation caused by the outbreak of COVID-19.
By Patricia Baram, from our Insurance Law Practice Group
In a judgment rendered on February 10, 2020, Loue Froid inc. c. Ville de Longueuil, 2020 QCCS 447, the Superior Court dismisses the City of Longueuil’s demand [the “City”] that Compagnie d’assurance AIG du Canada [the “insurer”] take up its defence against a legal action instituted by Plaintiff Loue Froid Inc. [“Loue Froid”].
Canada’s COVID-19 Emergency Response Act came into force on March 25, 2020. Perhaps overlooked amongst emergency relief, health care and financial effects is Part 12 of the Act which makes changes to the Patent Act.
Why should the general public care about this? I’m glad you asked.
We complete our “FLASH INFOS” of 20 March 2020 to inform you about the latest news:
- Adoption and publication in the Official Journal of the emergency law n°2020-290
of 23 March 2020 to face the epidemic of Covid-19;
- Draft decree on partial activity (pending its adoption and publication).