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June 17, 2020Client Alerts
Mandatory Form BE-10 Reporting Requirement for All U.S. Persons with Foreign Investments - Due Dates Extended to August 31, 2020

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).

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June 17, 2020Client Alerts
Mandatory Form BE-10 Reporting Requirements for All U.S. Persons with Latin American Investments – Due Date Extended to August 31, 2020

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).

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June 11, 2020Client Alerts
CARES Act: Small Business Loan Program Update

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”).

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May 21, 2020Client Alerts
California Consumer Privacy Act: “Notice at Collection” and Privacy Policy Requirements

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.

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May 13, 2020Client Alerts
CARES Act: Small Business Loan Program Update

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.”

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April 23, 2020Client Alerts
CARES Act: Small Business Loan Program Update

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.”

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April 22, 2020Client Alerts
California Consumer Privacy Act: California-Based Employees and Job Applicants

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.

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April 6, 2020Client Alerts
California Consumer Privacy Act – April 2020 Update

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.

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April 3, 2020Client Alerts
CARES Act: Small Business Loan Program Update

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%.

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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.
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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.

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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.

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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.

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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.

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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.

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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. 

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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.

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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.

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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.

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January 16, 2020Client Alerts
Schedule 13G / Schedule 13F Filings, Form 13H Annual Update Filings and Reminder of Form ADV Annual Updating Amendment Requirements

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.
 

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