COVID-19 Coronavirus: Global Governmental Responses - CARES Act, etc.

April 02, 2020

Both the German Federal Government and the German Federal States have enacted a variety of key government financial support programs available to private equity and venture capital-financed companies in Germany as they seek to mitigate the economic impact of COVID-19.

Read our guidance: German Government COVID-19 Stimulus Package for Private Equity and Venture Capital-financed Companies (Germany) - April 20, 2020

The CARES Act provides several ways for nonprofits to receive financial support during the pandemic. This OnPoint provides an overview of the Paycheck Protection Program, the Economic Injury Disaster Loan Program and the Mid-Sized Business Loan Program and provides an FAQ for nonprofit organizations as to the differences between the programs.

Read our guidance: Financial Support for Nonprofit Organizations Pursuant to the U.S. CARES Act (U.S.) - April 7, 2020

The US$2 trillion CARES Act is the third of three legislative initiatives responding to the COVID-19 coronavirus pandemic, and is focused primarily on providing economic stimulus and relief from the effects of the pandemic. This OnPoint covers a variety of topics, including an SBA program, unemployment insurance and economic stabilization for distressed industries.

Read our guidance: Overview of Selected Provisions of the U.S. Coronavirus Aid, Relief, and Economic Security (CARES) Act (U.S.) - April 2, 2020

As each of us copes with the ongoing challenges posed by COVID-19, we hope this finds you and your families safe and healthy. We wanted to reach out to let you know we are here to help ensure you are comfortable with your current estate planning documents – and to call attention to opportunities and relief that are currently available.

Read our guidance: Estate Planning in a COVID-19 Environment and Relevant CARES Act Relief Provisions (U.S.) - March 30, 2020

On March 25 and March 27 the U.S. Senate and House of Representatives, respectively, passed the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The President signed the CARES Act into law shortly after and without hesitation. The CARES Act contains numerous tax-related provisions directed at both individuals and businesses. Additionally, the CARES Act contains a number of amendments to provisions found in the Tax Cuts and Jobs Act of 2017.

Read our guidance: Global Tax Update (U.S.) - March 27, 2020

On March 25, 2020, the Senate passed the stimulus bill known as the Coronavirus Aid, Relief and Economic Security Act, which contains provisions that (i) relax rules governing certain early distributions, loans and required minimum distributions from tax-qualified retirement plans and individual retirement accounts, (ii) makes adjustments to the rules relating to the funding of tax-qualified single-employer defined benefit plans, and (iii) limits compensation paid by employers to certain officers and other employees where those employers seek to qualify for loans under the Act.

Read our guidance: Congress Formulates Retirement-Related and Executive Compensation Provisions for the COVID-19 Stimulus Bill (U.S.) - March 26, 2020

The following provides an overview on the protective measures enacted (or expected to be enacted) by the German government to address and mitigate the impact of COVID-19 on German companies and their employees.

Read our guidance: Protective Shield to Mitigate Impact for Companies and Employees (Germany) – March 18, 2020