News & Analysis as of

U.S. Treasury Good Faith

WilmerHale

OFSI Encourages Self-Reporting of Sanctions Breaches

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Companies faced with the decision of whether to voluntarily self-report sanctions breaches to law enforcement or sanctions enforcement agencies in the UK and the US can take some measure of comfort from recent comments made...more

Vinson & Elkins LLP

Treasury Issues Proposed Regulations for IRA Labor Requirements

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On August 29, 2023, the Department of Treasury (the “Treasury”) and the Internal Revenue Service (the “IRS”) issued proposed regulations (the “Proposed Regulations”) providing proposed rules governing the prevailing wage and...more

Foley & Lardner LLP

RxDC Reporting Relief for Plans, Issuers, and Plan Service Providers

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On December 23, 2022, the Departments of Labor, Health and Human Services and the Treasury (collectively, the “Departments”) provided welcome relief in the form of an FAQ regarding the Prescription Drug Data Collection (RxDC)...more

Verrill

A Last-Minute Gift – Prescription Drug Reporting Grace Period and Good Faith Relief

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In a move akin to last-minute gift-giving, the Departments of Labor, Health and Human Services, and the Treasury (the “Departments”) released FAQ 56 on December 23, 2022, which provides relief regarding the Prescription Drug...more

Dechert LLP

Russia Sanctions: Where Are We Now and What Could Be Next?

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Since February 2022, the United States, United Kingdom, and European Union have imposed unprecedented economic sanctions on Russia and various Russian entities and individuals in response to the war in Ukraine. Actions have...more

King & Spalding

Treasury Publishes First-Ever CFIUS Enforcement and Penalty Guidance

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Publication indicates a more robust enforcement posture - On October 20, 2022, the U.S. Department of the Treasury (“Treasury”) released the first-ever Enforcement and Penalty Guidelines (the “Guidelines”) for the...more

Stevens & Lee

2022 Guidance on No Surprises Act Compliance

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The No Surprises Act (NSA) went into effect Jan. 1, 2022, but since the effective date, there have been numerous updates and changes regarding the NSA and compliance with it. We examine the key NSA 2022 changes and details of...more

Moore & Van Allen PLLC

Health Care Client Update: No Surprises Act

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On January 1, 2022, two Interim Final Rules (the “Rules”) that implement key aspects of the No Surprises Act (“NSA”) became effective. The first Interim Final Rule was initially issued by the U.S. Departments of Health and...more

McDermott Will & Emery

Telemedicine Providers Take Note – The No Surprises Act Is Effective January 1, 2022

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On December 27, 2020, the No Surprises Act was signed into law as part of the Consolidated Appropriations Act, 2021. In July and October 2021, respectively, the Department of Health and Human Services, the Department of...more

ArentFox Schiff

No More Surprise Medical Bills: Second ‘No Surprises Act’ Rule Issued, But More Remains to Be Done

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The Departments of Health and Human Services, Labor, and Treasury, and the Office of Personnel Management issued this Fall their second long-awaited interim final rule implementing the federal No Surprises Act (the “Act”),...more

Foley & Lardner LLP

Government Issues No Surprises Act Interim Final Rule with Comment Period (Part II)

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On September 30, 2021, the U.S. Departments of Health and Human Services (HHS), Labor and Treasury (collectively, the Departments) along with the Office of Management and Budget released “Requirements Related to Surprise...more

King & Spalding

Biden Administration Issues Additional No Surprises Act Guidance in New Interim Final Rules

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On September 30, 2021, the Biden Administration issued the second set of implementing regulations under the No Surprises Act. The interim final rules, issued by the Departments of Health and Human Services, Labor, and...more

Pillsbury Winthrop Shaw Pittman LLP

New SBA Questionnaires Ask Borrowers to Justify PPP Loan Necessity

The Small Business Administration’s questionnaires request information related not only to the economic condition of the borrower at the time it received the PPP loan, but also about its economic experience after receiving...more

Schwabe, Williamson & Wyatt PC

CARES Act Questions for the Transportation, Ports, and Maritime Industries - Update #5

Congress recently passed the economic stimulus package referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act1”), the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCE Act”),...more

McDermott Will & Emery

False Claims Never Die in California

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Recently, AB 2570 has cleared the Assembly Appropriations Committee, which authorizes tax-based false claims actions—allowing private, profit-motivated parties to bring punitive civil enforcement lawsuits. The bill is now on...more

Schwabe, Williamson & Wyatt PC

CARES Act Questions for the Transportation, Ports, and Maritime Industries - Update #2

Congress recently passed the economic stimulus package referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act1”) and the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCE...more

Woods Rogers

PPP Loan Forgiveness Application

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This Article is based on information available as of May 18, 2020.  The information is subject to change as additional guidance is provided. The SBA has now published its PPP Loan Forgiveness Application (SBA Form 3508) which...more

Woods Rogers

Additional guidance from the SBA on "available liquidity" element of certifications for PPP Loans – Safe Harbor extended to May...

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Since the passage of the CARES Act and the SBA completing the first round of PP Loans, companies have been dealing with an ever changing set of guidelines interpreting the eligibility requirements for a PPP Loan and the...more

Lathrop GPM

Paycheck Protection Program (PPP) update, with our own “Frequently Asked Questions”

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Anyone closely considering or utilizing the PPP has undoubtedly heard about the U.S. Small Business Administration’s (SBA’s) so-called “Frequently Asked Questions” (FAQs) that the agency has been issuing and updating on a...more

Holland & Knight LLP

SBA Provides Safe Harbor for PPP Borrowers Receiving Less than $2 Million

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The U.S. Small Business Administration (SBA) has released guidance just one day before its safe harbor repayment deadline of May 14, 2020, to help a Paycheck Protection Program (PPP) borrower determine whether it lacked a...more

McCarter & English, LLP

SBA Issues Guidance On Good Faith Necessity Certification Safe Harbor, Limits PPP Funds To $20 Million For Corporate Groups

The SBA has provided a good faith necessity certification safe harbor for certain PPP borrowers with loans less than $2 million and also has limited PPP funds to $20 million for corporate groups...more

Porter Hedges LLP

Alert: "SBA Issues Additional Guidance On Good Faith 'Necessity' Certification Of PPP Loans"

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On May 13, 2020, the Small Business Administration (SBA) announced additional guidance regarding the good faith “necessity” certification for Paycheck Protection Program (PPP) loans in the form of a new Frequently Ask...more

Fisher Phillips

Businesses That Obtained PPP Loans Under $2M Will Not Be Audited (UPDATED)

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One long week after the U.S. Treasury announced that it was extending the Paycheck Protection Program Loan “safe harbor” deadline to May 14, the U.S. Treasury announced this morning that borrowers whose loan amount (combined...more

Jackson Walker

SBA Offers Safe Harbor on PPP Good Faith Certifications of Necessity

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When submitting a Paycheck Protection Program (PPP) loan request, medical providers and all other borrowers must certify in good faith that “[c]urrent economic uncertainty makes this loan request necessary to support the...more

Dentons

PPP Money: Demonstrating You Meet the SBA Requirements

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The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created the Paycheck Protection Program (PPP), authorizing certain businesses to apply for loans, a portion of which was eligible for forgiveness through the...more

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