United States: The Administration and Congress are taking initial steps to produce legislation to regulate AI and using interim measures, such as the White House’s recently announced voluntary agreement with seven prominent...more
8/14/2023
/ Artificial Intelligence ,
China ,
Data Privacy ,
Data Protection ,
Disclosure Requirements ,
EU ,
Machine Learning ,
New Guidance ,
New Regulations ,
OECD ,
OSTP ,
Personal Information ,
UK
The interim administrative measures, which are the first comprehensive AI regulations in the People’s Republic of China (PRC or China), apply only to using generative AI technology to provide services to the public within the...more
With the amended Counter-Espionage Law, China has broadened its definition of “espionage” to give information related to “national security and interests” the same protections already given to state secrets.
The amended...more
On August 20, 2021, the Standing Committee of the National People’s Congress (NPC) of the People’s Republic of China (PRC or China) enacted the Personal Information Protection Law (PIP Law), which will come into effect on...more
The program guide addresses application requirements and eligibility criteria for prospective grantees as they prepare for the program’s announced May 3 launch.
On April 20, 2021, the Small Business Administration (SBA)...more
4/29/2021
/ American Rescue Plan Act of 2021 ,
Business Expenses ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Trade Commission (FTC) ,
Good Faith ,
Grants ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Restaurant Industry ,
SBA
The American Rescue Plan Act of 2021 permits Shuttered Venue Operators to apply for both Paycheck Protection Program loans and Shuttered Venue Operator Grants.
The American Rescue Plan Act, signed into law on March 11,...more
On January 19, 2021, the Small Business Administration (SBA) issued a new interim final rule on loan forgiveness and loan review procedures for the Paycheck Protection Program (PPP), as reinitiated by the Economic Aid to...more
1/26/2021
/ Business Expenses ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Economic Aid Act ,
Employee Retention ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Property Damage ,
Relief Measures ,
SBA ,
Suppliers ,
Tax Credits
The Economic Aid Act continues the CARES Act’s Paycheck Protection Program with an additional $284 billion to provide forgivable loans to eligible small businesses, including certain borrowers that already received...more
1/15/2021
/ Business Expenses ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Economic Injury Disaster Loans ,
Foreign Agents Registration Act (FARA) ,
Loan Forgiveness ,
NAICS ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Property Damage ,
Relief Measures ,
SBA ,
Small Business ,
Tax Deductions
New COVID-19 Relief Bill includes key changes to the Paycheck Protection Program (PPP), including making second loans available to certain businesses, and clarifies that forgiven PPP loans will be tax deductible.
The new...more
12/28/2020
/ Business Expenses ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
SBA ,
Tax Deductions
The Small Business Administration’s questionnaires request information related not only to the economic condition of the borrower at the time it received the PPP loan, but also about its economic experience after receiving...more
11/3/2020
/ Borrowers ,
CARES Act ,
Good Faith ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Publicly-Traded Companies ,
Questionnaires ,
SBA ,
Small Business ,
Small Business Loans ,
U.S. Treasury
The Small Business Administration’s latest guidance tells PPP lenders under what conditions they may approve changes of ownership involving PPP borrowers.
Standard PPP loan paperwork has required PPP borrowers to seek...more
10/6/2020
/ Borrowers ,
CARES Act ,
Change of Ownership ,
Escrow Accounts ,
Fair Market Value ,
Lenders ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
SBA
Potential merger partners of and investors in businesses that have received loans under the Paycheck Protection Program should be aware of particular risks and other diligence considerations.
Any potential merger partner or...more
9/2/2020
/ Audits ,
CARES Act ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Due Diligence ,
Investors ,
Liquidity ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
Small Business
The SBA has continued its wave of regulations and guidance as PPP borrowers begin to apply for loan forgiveness.
New regulations address nuanced, but important, issues such as “owner-employee” compensation and the...more
8/28/2020
/ C-Corporation ,
CARES Act ,
Full-Time Employees ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
New Guidance ,
New Regulations ,
Owner-Employee Compensation ,
Paycheck Protection Program (PPP) ,
Pending Legislation ,
S-Corporation ,
SBA ,
Small Business
Considerations for PPP borrowers as they apply for loan forgiveness -
As the Paycheck Protection Program (PPP) enters its forgiveness phase—where many borrowers have exhausted or are about to exhaust their loans and will...more
On Monday, July 6, the U.S. Small Business Administration (SBA) publicly disclosed the names and addresses of Paycheck Protection Program (PPP) borrowers that received loans of at least $150,000 each.
SBA has published a...more
The new Interim Final Rule amends SBA’s existing regulations to account for the provisions of the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act), signed into law on June 5, 2020.
Importantly, the...more
New law modifies the Paycheck Protection Program.
The President has signed into law the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act), which proposes to extend the period borrowers must spend the...more
The President has signed into law the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act), which proposes to extend the period borrowers must spend the forgivable Paycheck Protection Program (PPP) loans...more
On May 22, 2020, the Small Business Administration (SBA) issued its interim final rule on loan forgiveness. The rule describes, in a question-and-answer format, the mechanics of applying for and receiving loan forgiveness...more
On May 15, 2020, the Small Business Administration (SBA) published the application form that Paycheck Protection Program (PPP) borrowers will submit to their banks when they apply for forgiveness of their PPP loans. The...more
5/19/2020
/ Applications ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
FTEs ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
U.S. Treasury
COVID-19 stimulus payments come with restrictions and regulatory obligations.
Legal and compliance teams should be alert for the obligations organizations will assume through their acceptance of CARES Act relief....more
4/29/2020
/ CARES Act ,
Civil Liability ,
Compliance ,
Coronavirus/COVID-19 ,
Criminal Liability ,
Department of Justice (DOJ) ,
Economic Stimulus ,
Main Street Lending Programs ,
Paycheck Protection Program (PPP) ,
SBA ,
Small Business
The CARES Act provides $350 billion for small business Paycheck Protection Loans and an additional $10 billion for the existing Economic Injury Disaster Loan program.
Under the CARES Act, Congress has appropriated $350...more
Guidance on forgiveness of Paycheck Protection Loans used for eligible purposes -
Borrowers may receive forgiveness of Paycheck Protection Loan amounts spent on payroll expenses, rent, mortgage interest and utilities during...more
The CARES Act’s Paycheck Protection Program includes a short-term amendment to the Small Business Act’s definition of “small business” to include any business that has 500 employees or fewer across all “affiliates.”
To...more
As COVID-19’s impacts threaten to upend contractual relationships between parties doing business under Chinese law, it is critical to understand the legal landscape in China.
- China’s statutory laws allow contracting...more