On June 26, the Federal Reserve Bank of Boston (“FRBB”) released new guidance on compensation restrictions for Main Street Lending Program (“MSLP”) borrowers. This new guidance defines for borrowers “total compensation” pursuant to restrictions on all programs established through Title IV of the CARES Act (§ 4004), including the MSLP. Additionally, the FRBB updated the […]
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Countries across the globe instituted lockdown measures to reduce the spread of COVID-19, the novel coronavirus. From the economic perspective, these measures have had a disruptive impact on all organizations, including banks and insurers. While authorities have taken steps to mitigate the worst effects of the pandemic, the risks persist. In terms of an outlook, […]
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Summary On June 12, 2020, the IRS updated its FAQs for Nonresident Alien Individuals and Foreign Businesses with Employees or Agents Impacted by COVID-19 Emergency Travel Disruptions. The FAQ provides that a nonresident alien, foreign corporation, or a partnership in which either is a partner (Affected Person) may choose an uninterrupted period of up to 60 […]
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