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Price gouging enforcement and litigation is front and center for company counsel and business managers nationwide. Our weekly round up highlights some of the most relevant news and information to our clients and friends. House Holds Hearing on Increased Risks Faced by Consumers During COVID-19 On July 9, 2020, the Subcommittee on Consumer Protection and Commerce of the Committee on Energy and Commerce held a hearing titled “Consumers Beware: Increased Risks During the COVID-19 Pandemic.” The hearing addressed the increased risks that consumers are facing due to COVID-19 related scams, including price gouging. According to Chairman Frank Pallone, Jr., “[w]ith…
Originally published on May 4, 2020. Last updated as of July 10, 2020. The Federal Reserve Bank of Boston recently published information in anticipation of the launch of the Main Street Lending Program under the CARES Act, including updated frequently asked questions and term sheets related to the Program. This updated alert describes and analyzes the main terms of the Program, and highlights remaining open issues and questions.
CARES Act, Payroll Protection, and Medicare Advance Payment Programs This document was last updated on July 7, 2020 to reflect changes made by the Department of Health and Human Services to its existing guidance. In response to widespread cash flow issues resulting from the COVID-19 public health emergency, Congress enacted two key pieces of legislation: the CARES Act and the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCEA”). This guide details the compliance and oversight implications stemming from health care providers’ receipt of COVID-19-related grants and loans through the various CARES Act and PPPHCEA funding programs. The terms and…
Price gouging enforcement and litigation is front and center for company counsel and business managers nationwide. Our weekly round up highlights some of the most relevant news and information to our clients and friends. Price Gouging Update in Oregon According to the Oregon Department of Justice, the Attorney General’s consumer hotline and price gouging hotline have received over 900 complaints relating to price gouging and other pandemic consumer issues. Oregon’s price gouging law states that “[a] merchant or wholesaler may not sell or offer to sell essential consumer goods or services for an amount that represents an unconscionably excessive price…
Originally published on May 6, 2020. Last updated as of June 29, 2020. On June 29, 2020, the Federal Reserve Bank of New York (the “New York Fed”) published an updated set of Frequently Asked Questions (“FAQs”) concerning the Primary Market Corporate Credit Facility (the “PMCCF”) and the Secondary Market Corporate Credit Facility (the “SMCCF,” and together with the PMCCF, the “CCFs”) established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The New York Fed also published a revised term sheet for the PMCCF, which updates the previous PMCCF term sheet issued on April 9, 2020.…
Many employers have reduced the size of their workforce as a result of shelter-in-place and business-closure orders that have been issued around the country. With a double-digit unemployment rate, laid-off workers are seeking new employment wherever they can find it, which often means in the same industry where they last worked. Assuming they find new employment with a competitor, employers are tasked with the unenviable question of whether, at this unprecedented time, to seek enforcement of restrictive covenants like noncompetition and customer nonsolicitation provisions to effectively put their former employees back out of a job. Relaxing enforcement of restrictive covenants…
Originally posted March 31, 2020. Last updated July 2, 2020. In response to the novel coronavirus (COVID-19) pandemic, the Securities and Exchange Commission and its Staff have provided temporary regulatory relief and guidance to assist a variety of market participants. This document summarizes the SEC’s actions that affect public companies, registered investment companies and registered investment advisors. The SEC Staff is monitoring developments closely and will consider additional relief and guidance from other regulatory requirements for those affected by the coronavirus as conditions warrant. We will update this summary as the SEC takes additional actions. The guide linked below should…
Originally published on May 1, 2020. Updated as of July 1, 2020. Proskauer’s antitrust practice group has developed a State Price Gouging Laws: A Coast-to-Coast Reference Guide to help your business manage price gouging compliance during the COVID-19 emergency. State price gouging measures cast a wide and varied range of coverage, such that compliance at the national level means knowing each state’s covered products and services, permitted price increases, if any, and available defenses such as cost increases. Many price gouging state laws presently in effect reach upstream players in the supply chain and some include private rights of action,…
Price gouging enforcement and litigation is front and center for company counsel and business managers nationwide. Our weekly round up highlights some of the most relevant news and information to our clients and friends. Pennsylvania Pharmacy Enters into Assurance of Voluntary Compliance After Allegations of Price Gouging On June 22, 2020, Pennsylvania Attorney General Josh Shapiro announced that his office entered into an Assurance of Voluntary Compliance (AVC) with a Lancaster pharmacy accused of price gouging. Pennsylvania’s price gouging statute prohibits a price increase of more than 20 percent. According to AG Shapiro, “Pennsylvanians need security and financial protection right…
Originally published on April 14, 2020. Last updated as of June 24, 2020. Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, the U.S. Small Business Administration (the “SBA”) and the U.S Treasury Department (“Treasury”) have issued a sizable number of rules and additional guidance to implement the CARES Act’s marquee small business loan component – the Paycheck Protection Program (the “PPP”). This up-to-date guide summarizes the key terms of the PPP, including with respect to the forgiveness aspect of the program, and addresses various issues and frequently asked questions…
Originally published on May 6, 2020. Last updated as of June 22, 2020. On June 15, 2020, the Federal Reserve Bank of New York (the “New York Fed”) published an updated set of Frequently Asked Questions (“FAQs”) concerning the Primary Market Corporate Credit Facility (the “PMCCF”) and the Secondary Market Corporate Credit Facility (the “SMCCF,” and together with the PMCCF, the “CCFs”) established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The New York Fed also published a revised term sheet for the SMCCF, which updates the previous SMCCF term sheet issued on April 9, 2020.…
Price gouging enforcement and litigation is front and center for company counsel and business managers nationwide. Our weekly round up highlights some of the most relevant news and information to our clients and friends. Utah Lawmakers Consider Clarifications and Updates to Price Gouging Law In a June 15, 2020 discussion on Utah’s price gouging law, State Representative Patrice Arent said “[i]t was the one bill I passed that I hoped would never have to be used, and here we are today and we’ve had to use it, and it’s a very serious situation.” According to Utah’s Division of Consumer Protection,…
The COVID-19 pandemic has created significant challenges, as well as significant opportunities for both hedge fund managers and investors. Hedge fund managers are launching new funds and attracting new investor capital, seeking to capitalize on investment opportunities arising in a dislocated market. How has the world changed, and what advice can be given to new or existing managers trying to launch a new hedge fund or raise new capital in this environment? Read on for practical considerations on launching a new fund. Download the full article here.
The ongoing COVID-19 crisis is presenting fund managers with numerous challenges. One key challenge is to make sure that their portfolio companies have sufficient capital available to weather this particular storm. But how can fund managers ensure the liquidity required by their funds and portfolio companies is available? Proskauer’s leading Private Investment Funds team examines the ‘recycling’ options available in the market and outlines the main considerations fund managers should keep in mind when considering liquidity options. Fund recycling explained When fund managers find their portfolios in need of additional funding they can seek financing from multiple sources of alternative…