Coronavirus (COVID-19)

President Trump signed a $484 billion stimulus bill into law today as part of the U.S. government’s ongoing efforts to contain the economic damage from the COVID-19.  The bill passed the House of Representatives and the Senate earlier this week with broad bipartisan support.

The measure is designed to supplement
Continue Reading SBA Paycheck Protection Program to Receive Additional Funding

On April 20, 2020, the UK Chancellor, Rishi Sunak announced a new £500 million scheme (delivered by the UK Government in partnership with the British Business Bank) to provide convertible loans (alongside private third party matched investors) as bridge funding to innovative companies facing financial difficulties due to the coronavirus
Continue Reading UK Announces £500 Million Convertible Loan Scheme for UK Start-ups Hit By Coronavirus (COVID-19)

We have published a new deck on the Small Business Administration’s Paycheck Protection Program, including information on the Federal Reserve’s liquidity facility.

Visit Davis Polk’s Government Support for Business page for more information on this and other federal programs.

View as a PDF
Continue Reading SBA Paycheck Protection Program: Key Provisions and Related Fed Secured Lending Facility

We have published an updated deck on what companies need to know about the Federal Reserve programs. This version is updated to cover the Federal Reserve program announcements from April 9, including the new Main Street programs. The deck also contains an updated summary chart of all Federal Reserve programs.
Continue Reading Updated Deck on Key CARES Act Provisions and Fed Programs for Corporates

Updated April 13, 2020

We have updated Davis Polk’s summary table of the Federal Reserve’s actions to address the coronavirus crisis, with embedded links to the primary materials on the Federal Reserve’s website.  This version is updated to cover the new, sweeping measures that the Fed announced on the morning
Continue Reading Fed Actions to Address the Coronavirus Crisis

The Federal Reserve announced on April 9 the creation of the Municipal Liquidity Facility (MLF), which will provide up to $500 billion of direct support to states and local governments to help them manage cash flow stress related to the COVID-19 pandemic.  Indirect support to states and local
Continue Reading Fed Moves to Shore up Municipal Funding Markets

The Federal Reserve yesterday announced the opening of the registration process, and issued registration instructions and revised FAQs, for its Commercial Paper Funding Facility (CPFF), originally announced on March 17, 2020, expanded on March 23, 2020 and further detailed in initial FAQs on March 25, 2020. 
Continue Reading Fed Opens Registration Process for Commercial Paper Funding Facility

The business and financial fallout of the coronavirus pandemic is hitting companies in all areas of the U.S. economy, and weighing on those from industry giants to small local businesses. For many businesses, survival will depend on accessing one or more of the numerous support programs announced by the Federal
Continue Reading Introducing Davis Polk’s Government Support for Business Resource

Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) this afternoon, and we cover it here in two memos. In one memo, we cover the economic stabilization, small business and bank regulatory sections of the legislation. In the other memo, we cover tax
Continue Reading Congress Passes the CARES Act: Economic Stabilization and Tax Relief

The Federal Reserve has issued updated FAQs regarding its money market mutual fund liquidity facility (MMLF), modifying the FAQs issued on March 21.

For more information on the MMLF, please see our memorandum and blog post describing the original MMLF announced on March 18, our blog post describing
Continue Reading Fed Updates FAQs for the Money Market Mutual Fund Liquidity Facility