Form BE-10 is part of a recurring 5-year benchmark survey designed by the U.S. Department of Commerce’s Bureau of Economic Analysis (“BEA”) to gather current economic data on the foreign investment operations of U.S. multi-national enterprises and their foreign affiliates. All “U.S. reporters” with one or more foreign affiliates during their 2019 fiscal year must make Form BE-10 filings regardless of whether they were contacted by the BEA.
The deadlines for filing Form BE-10 with the BEA have been, in both cases, extended to August 31, 2020 (originally May 29, 2020 for filers with less than 50 foreign affiliate filings and June 30, 2020 for filers with 50 or more foreign affiliate filings).
Form BE-10 is part of a recurring 5-year benchmark survey designed by the U.S. Department of Commerce’s Bureau of Economic Analysis (“BEA”) to gather current economic data on the foreign investment operations of U.S. multi-national enterprises and their foreign affiliates. All “U.S. reporters” with one or more foreign affiliates during their 2019 fiscal year must make Form BE-10 filings regardless of whether they were contacted by the BEA. Latin American venture-backed businesses that include U.S. holding companies in their corporate structure may be U.S. reporters.
The deadlines for filing Form BE-10 with the BEA have been, in both cases, extended to August 31, 2020 (originally May 29, 2020 for filers with less than 50 foreign affiliate filings and June 30, 2020 for filers with 50 or more foreign affiliate filings).
SBA Issues First Guidance Following Passage of the PPP Flexibility Act
Following the enactment on June 5, 2020 of the bipartisan Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”), the U.S. Small Business Administration (“SBA”) has issued new guidance interpreting and implementing the act. As discussed in our previous client alert on the subject, the Flexibility Act amended the Small Business Act and the CARES Act to significantly modify the forgiveness and other provisions of the SBA’s Paycheck Protection Program (“PPP”).
New Law Improves SBA’s Paycheck Protection Program for Borrowers
On June 5, 2020, the President signed the bipartisan Paycheck Protection Program Flexibility Act of 2020 (the “PPP Flexibility Act”) into law. The new law amends the Small Business Act and the CARES Act to significantly modify the forgiveness and other provisions of the SBA’s Paycheck Protection Program (“PPP”).
This alert is the second in our series of Privacy Topics: Practical Guidance from Gunderson Dettmer – a collection of practical privacy and data security guidance and accompanying materials designed to facilitate your company’s compliance efforts. Today’s alert focuses on notices that must be presented to California consumers under the California Consumer Privacy Act (CCPA) as it stands on May 21, 2020. For an overview of the CCPA, including guidance on which companies must comply, click here. Please click here for a questionnaire to help you gather and organize information your attorney will need to create your CCPA-compliant privacy policy.
On May 13, 2020, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, issued additional guidance (including a new safe harbor) regarding the certification required of all PPP borrowers that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”
Gunderson Dettmer capital markets partner Jeff Vetter recently spoke on a panel with Skadden attorneys about public companies and financing options in the currently unpredictable capital markets.
ID Ventures, with lead support from the Michigan Economic Development Corporation (“MEDC”), has launched the Tech Startup Stabilization Fund (“TSSFund”) to help stabilize Michigan startups impacted by the economic downturn caused by the COVID-19 pandemic.
These frequently asked questions are intended to provide a high level overview of questions we have been receiving from private company clients in light of the COVID-19 pandemic.
SBA and Treasury Provide Additional Guidance on Necessity Certification for Paycheck Protection Program (PPP)
On April 23, 2020, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, issued new guidance on the certification required of all PPP borrowers that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”
Andy Bradley spoke on a live webinar with Carta discussing term sheets, three terms to avoid, and what will change with COVID-19.
This alert is the first in our series of Privacy Topics: Practical Guidance from Gunderson Dettmer – a collection of practical privacy and data security guidance and accompanying materials designed to facilitate your company’s compliance efforts. Today’s alert focuses on the rights of CA-based employees (including job applicants) under the California Consumer Privacy Act (CCPA) as it stands on April 22, 2020.
This client alert provides an update about the California Consumer Privacy Act (CCPA) as it stands on April 6, 2020. As of this date, the California Attorney General’s office has indicated that it does not plan to delay the July 1, 2020 enforcement date due to the current COVID-19 pandemic. We recognize that many companies are currently busy dealing with the impact of COVID-19. With the CCPA enforcement date fast approaching, we can help make sure you have the resources you need to keep your compliance efforts on track and in line with current best practices. Please note that this is not a comprehensive review of the CCPA and its requirements – for information tailored to your specific circumstances, please contact your Gunderson attorney.
Greg Lemmer, Claudia Renert and Chelsea Raiten presented a COVID-19 employment law webinar.
Department of Treasury Releases Updated Paycheck Protection Program Fact Sheet and Loan Application; SBA Publishes Interim Final Rule on Paycheck Protection Program
Yesterday, the U.S. Department of the Treasury released an updated application for small business loans under the new $349 billion Paycheck Protection Program (“PPP”), as well as an updated fact sheet reflecting an increase in the interest rate of the loans from 0.5% to 1.0%.
Tim Erlich participated in this panel alongside Locust Walk discussing COVID-19's strategic implications for biopharma.
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.
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.
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.
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.
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.
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.
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.
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.
The California Consumer Privacy Act (CCPA) came into effect on January 1, 2020. Enforcement by the California Attorney General is set to begin on July 1, 2020, and in the interim, the Attorney General has issued a set of proposed regulations that include additional requirements.
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.
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.
This Alert highlights annual reporting requirements applicable to equity-based compensation that may need to be addressed by clients in early 2020.
The annual deadline for filing certain initial Schedules 13G, an amendment to a previously filed Schedule 13G, an initial Schedule 13F filing, and an annual update to a previously filed Form 13H with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2019 is Friday, February 14th. As you may remember from prior years, all Schedule 13G and 13F filings, including amendments, and Form 13H filings, including annual updates, must be filed electronically through EDGAR. As a result, we will be working with a financial printer in connection with these Section 13 filings. Finally, we would like to give our clients who have previously filed a Form ADV with the SEC a reminder that your firm will be required to file an annual updating amendment to such Form ADV by the deadline of Monday, March 30th.
The New York Stock Exchange LLC (“NYSE”), on December 11, 2019, filed a revised rule change proposal which would permit companies to sell shares in connection with its direct listing as well as make the direct listing process easier for more companies.
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