Inflation Reduction Act
CARES Act Update: IRS Issues Guidance for Amending Partnership Tax Returns
On April 8, 2020, the IRS released Revenue Procedure 2020-23 (the Revenue Procedure), which provides guidance for partnerships subject to the centralized partnership audit regime under the Bipartisan Budget Act of 2015 (the BBA Audit Rules) to claim retroactive benefits...
Pandemic-Related OSHA Complaints: Return to Workplaces Only Escalates the Risks
Employees coping with health-related anxieties as workplaces reopen are commonly turning to OSHA for help. Resulting legal risks for employers can take several forms. This webinar will succinctly explain those OSHA-related legal concerns and how to avoid potential claims and...
Keeping Your Plant Safe From COVID-19
If you’re a plant owner, you should be concerned about the health and safety not only of your employers but of your contractors’ workers. Bob Nichols, a partner in Bracewell’s labor and employment team, discusses why you need to be...
Green Loans and Sustainability Linked Loans: New Guidance to the Green Loan Principles and Sustainability Linked Loan Principles jointly issued by the LMA, the LSTA and the APLMA
The present and future impact of climate change, human rights violations, corruption, environmental, labour and regulatory violations and poor corporate governance on the quality of investments and the associated credit risks has spurred widespread recognition by the finance community of...
New Rules Issued Clarifying PPP Loan Forgiveness, Lender Responsibilities and SBA Review
On May 22, the SBA and Treasury released two additional interim final rules (IFRs) on PPP loan forgiveness, providing specific guidance to borrowers and lenders regarding their responsibilities, as well as information on the SBA’s process for reviewing loans for...
FERC Proposes To Limit Availability Of Tariff Waivers
At its May 21, 2020 meeting, the Federal Energy Regulatory Commission (“FERC” or “Commission”) issued an order soliciting comments on a proposed policy statement respecting the waiver of tariff requirements. [1] As discussed further below, the proposed policy statement represents...
SEC Adopts Amendments to Improve Financial Disclosures related to Acquisitions and Dispositions of Businesses, Update “Significant Subsidiary” Test
On May 21, 2020, the Securities and Exchange Commission adopted amendments to the rules that govern the financial disclosures registrants must make upon the acquisition or disposition of certain businesses. The Commission also amended the definition of “significant subsidiary” in...
LNG lockdown lessons: what next for the LNG industry post-COVID?
Despite the current challenges of the COVID-19 pandemic and low LNG prices, the future is bright for LNG. Bracewell considers the impact of the COVID-19 pandemic, the lessons for the LNG sector and how the LNG SPAs of the future...
Guide to Federal Reserve Main Street Loan Facilities and Primary Market Corporate Credit Facility
The Federal Reserve has created a number of programs to provide loans and other credit facilities to support the economy in response to COVID-19. Several of these programs provide for new extensions of credit for small, medium and large businesses...
The Commodity Futures Trading Commission Guidance
The Commodity Futures Trading Commission (“CFTC” or “Commission”) Division of Enforcement (“Division”) today issued “ Civil Monetary Penalty Guidance ” regarding factors staff will consider when recommending civil monetary penalties to the Commission. The guidance tracks with prior guidance and...
SBA Releases Long-Awaited PPP Forgiveness Application and Instructions
On May 15, the SBA and Treasury released the long-awaited PPP loan forgiveness application and related guidance , providing much-needed clarity and ending weeks of speculation about how borrowers will obtain loan forgiveness. The application and instructions confirm that if...
IRS Eases Restrictions on Cafeteria Plans and FSAs in Response to COVID-19
On May 12, 2020, the Internal Revenue Service issued Notice 2020-29, which allows employers to make temporary changes to section 125 cafeteria plans. The permitted changes include giving employees more flexibility to make mid-year election changes, and extending the claims...
SBA Revises Certification Rules: Safe Harbor for Loans Under $2 Million, Larger Loans Still Subject to Audit
The Small Business Administration has issued new guidance regarding the certification of necessity under the Paycheck Protection Program. Now, borrowers who received loans for less than $2 million -- roughly 98% of PPP loans to date -- will automatically “be...
VAT to increase to 15% in KSA – what does this mean for PPPs?
Saudi Arabia’s Minister of Finance, Mohammed Al-Jadaan, announced on 11 May 2020 that VAT in the Kingdom (currently at 5%) will be increased to 15% from 1 July 2020. While this move is undoubtedly a sound fiscal step in the...
Renewables Update: Treasury Expresses Intent to Modify Continuity Requirements for PTC and ITC
On May 7, 2020, in response to a letter from a consortium of U.S. Senators dated April 23, 2020 (the Senate Letter), the Treasury Department stated that it intends to modify rules related to the Continuity Safe Harbor (as defined...