In the largest emergency spending measure in U.S. history, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) passed the house, senate, and was signed into law today by President Trump within hours of receiving it to his desk. The measure became law in lightening speed looking to deliver emergency relief in the form of a tidal wave of cash to individual Americans, businesses and health care facilities all reeling from the coronavirus pandemic across the United States. The new law will deliver a massive $2 trillion in emergency spending to Americans and many of their companies. Here are the details! See if your family and company are able to benefit.
Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
What is it? A $2 trillion stimulus bill to respond to the pandemic, including cash and assistance for regular Americans as well as businesses hit hard by the virus. Its purpose is to provide emergency relief due to the coronavirus pandemic.
When does it take effect? The Senate and House have passed the bill and President Trump have signed it into law within 48 hours.
What are the key details?
Direct payments to individuals: tax credit
Unemployment Benefits Extended
$500 billion lending program. The Treasury Department provides $500 in loans: $25 billion for passenger air carriers, $4 billion for cargo air carriers and $17 billion for businesses that work in national security, the remaining $454 billion, are given wide latitude to provide loans to businesses, states and municipalities
Mid-size businesses between 500-10,000 employees, as well as non-profit organizations, do not have payments due on loans for the first six months after issuance.
Federally elected officials receive no benefits. Businesses that are owned or partly owned by “the President, the Vice President, the head of an Executive department, or a Member of Congress; and the spouse, child, son-in-law, or daughter-in-law” will not receive benefits. The provision applies to anyone with 20% or greater stake in a business.
Foreclosures and evictions’ protection
Hospitals and airlines receive benefits
Article By Nouvelle L. Gonzalo Esq. and Brittany George
Nouvelle L. Gonzalo, Esq. is a U.S. and international corporate lawyer who works with companies across the globe. She is the managing attorney of Gonzalo Law LLC, a U.S. and international corporate law firm with offices in Florida and Ohio. In addition to the active practice of law, she has served as adjunct faculty of international corporate law for several years. She was recognized as a rising star by the national organization, Super Lawyers, in 2019 and 2020. Her practice areas include: international corporate law, intellectual property law, and nonprofit law. You can contact her with any questions or for a complimentary consult at firstname.lastname@example.org.
Brittany George. Brittany is a student associate with Gonzalo Law. She has a sharp mind and an eye for detail. Brittany focuses on our corporate and legislative research.
If you have recently started a business or are in the process of growing it, it is likely that you are looking for additional businesses and organizations in which to work with and from which to purchase goods. With over 300,000 wholesale distributors in the United States, the question arises, “Where are the best places to look for additional business?”
There is a serious confidence that comes from having sound legal counsel for your business legal matters. This piece of mind cannot be replaced.
Three main reasons legal counsel will always outperform online templates are as follows:
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As the accuracy and precision of technology improves, tech companies struggle to answer unavoidable and complex questions. Whether they want to or not, companies face the challenge to find a balance between the privacy rights of individual users and the national security interest of the entire public. This is most clearly demonstrated in the current stand-off between the federal bureau of investigation (FBI) and leading tech company, Apple, due to Apple’s encryption software.
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The story of Cuba and the United States is headed for yet another historic chapter in its history. When President Barack Obama gave his final State of the Union Address on January 12, 2016, he announced his plans to lift the 50-year embargo on Cuba. President Obama has worked to improve relations with Cuba since December 2014. On January 27, 2016, new regulations that expanded the list of exports to Cuba were issued by the Office of Foreign Assets Controls (OFAC) and the Department of Commerce’s Bureau of Industry and Security (BIS). In addition, there were also amendments to how U.S. entities can finance its exports to Cuba, air carrier services, and travel to the island. These are part of the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR).
In the United States today, the majority of Americans use credit and debit cards and students are no different. Often times students receive their first card when they enter a college or university. These cards are school sponsored credit cards. The schools are required by law to comply with the consumer protection laws when offering school sponsored credit cards. In December of 2015, the Federal Consumer Financial Protection Bureau (CFPB) sent warning letters notifying 17 higher education institutions that they have to improve disclosure of credit card agreements as required by law.
All colleges and universities are required to comply with the Credit Card Accountability Responsibility and Disclosure Act (CARD). Rule 15 U.S.C. § 1650(f)(1), known as the CARD Act, necessitates that all institutions of higher education must disclose publicly any contract or agreement made with a credit card issuer or a creditor whose intent is to market a credit card. 12 CFR § 1026.57(b); Comment 1026.57(b)-1 sets forth the guidelines for compliance:
For those new to our series, let us tell you a bit more! Our View from the Top series is when we take a scheduled departure from our regular blog content. We sit-down and talk with individuals who are having a local, national, or global impact in our community. We ask these individuals to share a bit about the challenges they faced on the road to success and advice they would give others. This a chance for Gonzalo Law to reach out to “game changers” and allow them to share their insights with our business and institutional clients. Our goal is to help clients maximize their success by implementing key insights.
Technological advancements have given rise to new issues regarding privacy in health care. It is very important that organizations understand and comply with these frequenty changing health care rules. Failure to comply can lead to hefty fines for your organization. The three important rules that your organization should be aware of are the Security Rule, The Privacy Rule, and the Breach Notification Rule.