The World in Brief ( April 1st Edition)

The World in Brief

This e-newsletter is provided courtesy of Reed CNY Business Law, P.C.


FINANCE – CARES Act by Small Business Administration (“SBA”)

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), signed into law on Friday March 27, 2020, introduces the Paycheck Protection Program (the “PPP”) with $349 billion in funding and the goal of preventing job loss and small businesses failure due to losses caused by the COVID-19 pandemic. The new PPP loan program is available for eligible small businesses, including sole proprietors, and non-profits, veterans organizations and tribal business concerns, to provide a forgivable loan to cover payroll and other costs. The CARES Act greatly expands the separate Economic Injury Disaster Loan Program (the “EIDL” Program) with $10 billion of additional funding for the SBA. Our firm greatly concerns small business clients, so consults them to proceed the application process with lenders (banks).


지난 3 월 27 일, 미국연방정부는 500 명이하의 종업업을 고용한 소상공인을 대상으로 금융지원법안인 CARES Act (코로나바이러스 지원, 구제와 경제안정화정책, Coronavirus Aid, Relief, and Economic Security Act) 에 서명했습니다. CARES Act 는 두가지 대출지원방안인 종업원임금에 대한 대출지원프로그램 (Paycheck Protection Program, PPP) 과 경제재앙손실에 대한 대출지원프로그램 (Economic Injury Disaster Loan, EIDL) 이 핵심인데, 정작 대출을 받는 소상공인들에게는 쉽게 접근할수 없는 부분들이 있습니다. 미국지사를 운영하고 있는 한국기업들도 해당 금융구제정책에 지원할수 있습니다. 저희 로펌에서는 본 대출지원프로그램을 적절히 이용할수 있도록 한국기업들에게 컨설팅해드리고 있습니다.


Related news: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options


BIO-PHARMA – THE FDA IS RELAXING STANDARDS

There are many aspects to the U.S. FDA’s response to the COVID-19 pandemic. All of them involve reducing barriers and speeding introduction of critical drugs and medical devices to the U.S. For years to come we can debate whether these actions are a net positive or negative for consumers; but today we can absolutely say they are a HUGE positive for companies in the healthcare industry, no matter where in the world they are located. Our firm is able to provide suitable legal consulting for foreign-based companies in bio-pharmaceutical industry.


FDA 는 적극적으로 COVID-19 사태에 대처하고 있습니다. 현재 FDA 의 방침은 필수의약품과 의료기기들의 수입에 대한 규제를 완화하고 검수기간을 단축하는 것입니다. 이러한 방침은 미국바이오시장진출을 계획하고있는 한국 바이오제약기업들에게 호재라고 할수있습니다. 저희 로펌은 FDA 의 의견과 방침에 대해 기업들에 적절한 법률서비스를 제공하고 있습니다.


Related news: https://www.fda.gov/news-events/press-announcements/coronavirus-covid-19- update-daily-roundup-march-30- 2020?utm_campaign=20200401%20MCMi&utm_medium=email&utm_source=Eloqua


IMMIGRATION – USCIS Offices closures extended until May 3, 2020

On March 18, U.S. Citizenship and Immigration Services temporarily suspended in-person services at its field offices, asylum offices, and application support centers (ASCs) to help slow the spread of coronavirus (COVID-19). USCIS offices will begin to reopen on May 4 unless the public closures are extended further. Employees in these offices are continuing to perform mission-essential services that do not require face-to-face contact with the public. Our firm’s immigration lawyer consults the immigrants and foreign clients who have difficulties with USCIS for on-going immigration status issues.



COVID-19 사태에 의해 잠정휴업을 한 미국대사관 및 영사관들의 영업이 5 월 3 일까지 지연될수있습니다. 한가지 다행스러운 점은 업무자체가 중단된것은 아니므로, USCIS 직원들은 재택근무를 통해 필수업무를 진행하고 있습니다. 저희 로펌은 현 상황에 적합한 비자, 이민관련컨설팅을 고객들에게 제공하고 있습니다.



Related news: https://www.uscis.gov/news/alerts/uscis-temporary-office-closure-extended-until- least-may-3



US POLICIES - Can Companies be Forced to Produce in the US?

US based companies, in pharmaceutical, medical device and other industries, have spent the past decades taking advantage of lower taxes, lower labor rates, lower utility costs and lower environmental standards found in Asia and South America. This has arguably stretched supply chains, caused increased product recalls, increased corporate profits and had little impact on the prices being paid by American consumers for health care products. Tariff announcements by the US led to foreign companies seeking our help on creating operating units in the US. The global disruption caused by COVID-19 precautions have caused US companies to re-examine their multi-national manufacturing networks. Stayed tuned for more - - or call us today!



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