Sanctions on PDVSA Need Not Be Permanent

Articles & Publications

On April 3, 2020, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued General License 13E extending the deadline established by General License 13D for Nynas AB, a subsidiary of Petroleos de Venezuela S.A. (“PDVSA), to conduct certain transactions and activities otherwise prohibited under the Venezuela-related Sanctions. Originally, these transactions and activities had to be conducted before April 13, 2020. With General License 13E, OFAC’s authorization is extended through 12:01 a.m. eastern daylight time, May 14, 2020.

Guía financiera elaborada por Diaz Reus

Articles & Publications, COVID 19

Para muchas personas el comienzo del mes es un punto de referencia para pagar sus facturas. Sin embargo, la crisis del Coronavirus, como bien sabemos, nos ha puesto todo al revés. Por eso Díaz Reus publica esta guía con el propósito de ayudar a nuestros clientes en Estados Unidos a navegar por el mundo del COVID-19 a medida que las facturas están por vencerse, así como otras obligaciones.

The CARES Act Provides for an Emergency Grant and an Economic Injury Disaster Loan

Articles & Publications, COVID 19

Under the CARES Act, a small business can receive financial assistance by obtaining a loan under the Paycheck Protection Program (“PPP”) or by obtaining an Economic Injury Disaster Loan (“EIDL”). While a loan under the PPP may be preferable due to the forgiveness component, an EIDL still provides substantial relief to businesses economically affected by COVID-19.

The Force Majeure Clause and COVID 19 in Pakistan Jurisdiction

COVID 19

The outbreak of Coronavirus is having a significant impact of the global economy, as it has severely disrupted the demand-and-supply balance of the world and continues to paralyse businesses and economies worldwide. In light of this, this article will discuss the impact of Coronavirus on contracts and contractual arrangements between parties, with special emphasises on how it is viewed under Pakistani Law.

Peruvian report in the emergency declaration

COVID 19

Due to the Emergency condition declaration and the suspension of all private and public economic activities, with the exception of the ones that are related to health and primary needs, and the quarantine for all the population in country, in order to prevent the propagation of the COVID-19, commercial and contractual relations have been affected. Companies and individuals have inevitably incurred in contractual breaches that would not occur in other circumstances.

Corporate annual report filing extended until June 30, 2020

COVID 19, News & Events

The Florida Department of State has extended the timeline for filing corporate annual reports until June 30, 2020:
Pursuant to Executive Order No. 20-52 and Department of State Emergency Order 2020-01, the time requirements for business entities to file annual reports are suspended and tolled until June 30, 2020. Any profit corporation, limited liability company, limited partnership or limited liability limited partnership annual report filing will have until 12:01 am Eastern Time on July 1, 2020, before a $400 late fee is assessed. Nonprofit corporations are not subject to the late fee.