The plethora of economic policy commitments to support business in the UK and the US in the face of COVID-19 can be difficult to navigate. Our lawyers recently held a webinar in conjunction with PLI to provide an overview of the various support schemes implemented in the UK and the US, focusing on UK schemes such as the Coronavirus Business Interruption Loan Scheme (“CBILS”); UK Coronavirus Job Retention Scheme (aka Furlough Scheme); the COVID Corporate Financing Facility (“CCFF”); and on Financial Conduct Authority (“FCA”) reforms and working capital assistance for UK listed companies. It also considered emergency relief measures in the US, including the Federal Reserve’s Paycheck Protection Program Liquidity Facility.

Continue Reading COVID-19: UK and US Economic Support Mechanisms

Successive governments have announced a plethora of mechanisms to support businesses though the effects of COVID-19. To date, this has been done primarily on a country-by-country basis, leading to an array of different schemes across the EU and in other jurisdictions.

This is a summary of the economic support mechanisms currently available in various jurisdictions

The UK Government today introduced emergency legislation to strengthen the UK’s response to the COVID-19 situation by way of the Coronavirus Bill (the “Bill”).

The new powers under the Bill are “temporary” (effective for a period of two years). However, it should be noted that this period can be extended by regulation from the Secretary of State for multiple six-month periods. This is likely to prove controversial. The Government envisages that the Bill will be passed by Parliament in the next few days, which means that the opportunities for debate and amendment by Parliament are very limited.


Continue Reading Covid 19 – UK Emergency Legislation