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April 1, 2020Client Alerts
CARES Act: Business Tax Provisions

The Coronavirus Aid, Relief and Economic Security Act (the CARES Act) was signed into law on March 27, 2020. Included in this economic stabilization package are several business tax related provisions, including:

  • A payroll tax credit for employers affected by the coronavirus (COVID-19) pandemic;
  • A payroll tax deferral for all employers for the rest of 2020;
  • An expansion of the use of net operating losses;
  • An acceleration of refunds for unused corporate alternative minimum tax (AMT) credits;
  • A temporary increase on business interest deductions; and
  • Bonus deprecation status for qualified improvement property.
March 31, 2020Client Alerts
CARES Act Small Business Loan Program: Department of Treasury Releases Paycheck Protection Loan Fact Sheets and Application

Today, the U.S. Department of the Treasury released additional information regarding small business loans under the new $349 billion Paycheck Protection Program (“PPP”). The PPP was created by the Coronavirus Aid, Relief and Economic Security (“CARES”) Act enacted on March 27 and is being administered by the U.S. Small Business Administration (“SBA”). This alert includes a program overview, Treasury fact sheet, and application form for PPP loans.

March 30, 2020Client Alerts
CARES Act Small Business Loan Program: Update for Venture-Backed Companies and their Investors

The Coronavirus Aid, Relief and Economic Security Act (the “CARES” Act) was signed into law this past Friday, March 27, 2020. The CARES Act, estimated at approximately $2 trillion, is the largest and most comprehensive of the U.S. government stimulus packages passed to date in response to the COVID-19 pandemic.

The CARES Act sets aside $349 billion for loans to certain small businesses and nonprofits under a new “Paycheck Protection” loan program that will be administered by the Small Business Administration (SBA). The period to receive a loan under the program extends through June 30, 2020.

We expect the SBA to provide greater clarity on the affiliation rules and the process for applying for Paycheck Protection loans in the coming days.

March 30, 2020Client Alerts
Paid Sick and Family Leave Requirements Under the New Families First Coronavirus Response Act

On March 18, 2020, the federal government enacted the Families First Coronavirus Response Act (the “FFCRA”) in an effort to address the difficulties faced by employers and their employees during the COVID-19 pandemic. The FFCRA becomes effective on April 1, 2020 and applies to employers with fewer than 500 employees. This alert is a summary of the two employee leave components of the FFCRA, which will remain in effect until December 31, 2020.

March 26, 2020Client Alerts
SEC Provides COVID-19 Disclosure Guidance

On March 25, 2020, the SEC’s Division of Corporation Finance issued CF Disclosure Guidance: Topic 9 relating to the COVID-19 (the novel coronavirus) outbreak. The Division noted that it is monitoring how companies are reporting the effects and risks of the outbreak on their businesses, financial condition, and results of operations.

March 23, 2020Client News
Coefficient Capital Raises First Fund

Gunderson Dettmer client Coefficient Capital raised a $170 million initial fund focused on investing in digitally powered consumer brands.

March 20, 2020Client Alerts
Force Majeure in Contracts: What is it and does Coronavirus Qualify?

A “force majeure” provision in a contract describes the conditions under which a party’s obligations may be modified because of conditions beyond such party’s control. These provisions are especially important during the current COVID-19 pandemic because the occurrence of a force majeure event can result in an exemption from a party’s performance of its contractual obligations or, in some cases, the ability to terminate the contract completely.

March 17, 2020Client Alerts
COVID-19 Employment-Related Resources

We know that you have been trying to keep up with the latest news related to Coronavirus/COVID-19 and work through its impact on your business operations and your workforce. 

March 12, 2020Client Alerts
SEC Adopts Amendments to Accelerated and Large Accelerated Filer Definitions

On March 12, 2020, in an effort to reduce unnecessary burdens and compliance costs for certain smaller issuers, the Securities and Exchange Commission adopted amendments to the definitions of “accelerated filer” and “large accelerated filers” in Exchange Act Rule 12b-2. As a result of the amendments, “smaller reporting companies” with no revenues or revenues of less than $100 million will no longer be required to obtain a separate attestation of their internal control over financial reporting from their independent auditor. The requirement for companies to establish and maintain effective internal control over financial reporting and for management to provide certifications regarding such controls will not be effected by these amendments.

March 11, 2020Client News
Arctic Wolf raises $60M Series D

Gunderson Dettmer client Arctic Wolf, a security operations center as a service, raised $60 million in a Series D financing led by Blue Cloud Ventures and Stereo Capital.

March 5, 2020Client News
Netlify raises $53M Series C

Gunderson Dettmer client Netfliy, a web development platform, announced its $53 million Series C financing. The financing was led by EQT Ventures Fund and included Andreessen Horowitz, Kleiner Perkins and Preston-Werner Ventures. 

March 3, 2020Client News
Akouos raised Series B

Gunderson Dettmer client Akouos, a gene therapy company that focuses on restoring and preserving hearing announced its Series B financing. The company’s Series B financing, led by Pivotal bioVenture Partners totaled $105 million.

March 2020 – Client Alerts
VIDEO: In Depth: Indemnity Issues in M&A Transactions

In this video, Jonathan Pentzien, Singapore corporate partner, interviews John Olson, M&A partner, on indemnity issues in M&A transactions. This is the first in a multipart series following up on a program focused on cross-border financings and M&A for venture-backed companies and investor in India and Singapore.

February 27, 2020Client Alerts
New York to Require New Data Security Measures Under the SHIELD Act on March 21, 2020

The New York Stop Hacks and Improve Electronic Data Security Act (“SHIELD Act”) requires companies to adopt data security measures and notify New York residents in the event of a data breach. This client alert provides guidance on the scope and compliance requirements of the SHIELD Act's data security sections, which will take effect on March 21, 2020.

February 26, 2020Client News
Andreessen Horowitz leads Roblox’s Series G funding

Gunderson Dettmer client Andreessen Horowitz led the Series G investment in Roblox, an online game platform. The funding totaled $150 million and included participation from Temasek, Tencent, Tiger Global, Altos Ventures and Meritech Capital.

February 24, 2020Client News
Gunderson Dettmer Advises Theravance on Follow-on Public Offering

Gunderson Dettmer advised Theravance in a follow-on public offering of 5,500,000 shares at a price to the public of $27.00 per share for gross proceeds of approximately $148.5 million. Capital markets partner Jeff Vetter, corporate partner David Young, tax partner Jaime Narayan, and associates Colin Conklin and Tanya Tarczynski led the team advising Theravance.

February 19, 2020Client News
Omega Funds co-leads Spruce Biosciences' $88M Series B

Gunderson Dettmer client Omega Funds co-led the $88 million Series B financing of Spruce Biosciences, a bio-pharmaceutical company developing novel therapies for rare endocrine diseases. Abingworth Management also co-led the financing.