Relief on Substantial Presence and Treaty Day-Count Tests.
On May 30th, the IRS issued Revenue Procedure 2020-20 which provides non-U.S. individuals present in the U.S. some limited relief from the day-count tests for U.S. tax residency and for eligibility for certain treaty benefits. The relief comes in the form of the “COVID-19 Medical
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The U.S. Congress has passed a series of laws for easing the economic suffering due to COVID-19, including the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act. The CARES Act and other relief bills have appropriated about $3 trillion for assistance to companies. As companies receive these funds, attention is now turning to
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The US Federal Reserve has confirmed in its frequently asked questions about the Main Street lending program (the “FAQ”) that US subsidiaries of foreign companies can be eligible borrowers under the various loans available under the program so long as they otherwise meet the other conditions to eligibility for the loans.
As a reminder, the
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New York Partner Valérie Demont and Associate Karl Buhler authored an article about the CARES Act and its benefits and pitfalls for French companies doing business in the United States, which was published in the French leading legal review “Les Editions Legislatives.”
See the article here: https://bo.actuel-direction-juridique.fr/content/le-plan-de-relance-economique-americain-avantages-limites-et-risques-pour-les-societes
As you are aware, things are changing quickly
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On April 14, 2020, the Sheppard Mullin French desk hosted a webinar on the impact of COVID-19 on various business sectors. The webinar was organized as a roundtable discussion with two business leaders, Christopher Mars, the U.S. COO of Marie Blanchere, a leading European traditional bakery brand, and Daniel H. Connor, the U.S. CEO
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A main focus for businesses in need of capital recently has been the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which expanded the criteria under which borrowers could apply for loans through the U.S. Small Business Administration (SBA), notably through the Paycheck Protection Program (PPP). The most significant change to the PPP has been
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The Small Business Administration (“SBA”) in its implementation of the CARES Act just released an updated loan application form for borrowers who want to avail themselves of Title I – Paycheck Protection Program (“PPP”) loans. This form may be found here.
In this updated form, the SBA removed the indication which was included in
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The unique EU State aid control law requires, in principle, prior notification by Member States and approval by the Commission of all State aid. During a time of crisis, like the COVID-19 pandemic, EU law allows for a flexible approach for approving urgent State aid. In this post, we discuss the current state of play
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On Monday, March 16th, 2020, the U.S. will be extending the March 13th, 2020 “European Travel Ban” to certain foreign nationals who have been in the United Kingdom and Ireland for 14 days prior to boarding. These two countries were previously exempted from the Wednesday, March 11th Presidential Proclamation (the
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With the growing Coronavirus (COVID-19) concerns, Sheppard Mullin has created a webpage dedicated to the issue.
It contains multiple information for those who work in or with the United States, including information regarding labor law, immigration law and other relevant issues.
Sheppard Mullin Coronavirus Insights
For more information, you can also consult these three articles
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