Monthly Archives: August 2020

Trade chief promises concessional lending terms for tourism sector

THE tourism sector in difficulty will be able to benefit from concessional loan conditions under the Small Business Corp. (SBCorp). This was assured by the Secretary of Commerce and Industry, Ramon Lopez, when asked about the funding of P 10 billion that the government financial institution will receive under the recently ratified Bayanihan 2 bill. […]

PPP: Can the reimbursable salary costs exceed the loan amount? | Bryan Cave Leighton Paisner

Yes, by completing a Paycheck Protection Program loan forgiveness request, we believe that a borrower can appropriately report actual labor costs during the applicable covered period in excess of the original PPP loan amount. While the actual discount is ultimately limited to the PPP loan amount, the calculations provided in the loan forgiveness request allow […]

Royal Caribbean Group modifies loan conditions

Extensions until 2021 These changes extend RCL’s waiver of quarterly tested fixed charge coverage and net capitalization covenants in each credit facility until 2021 and increase the monthly tested minimum liquidity covenant for the duration of the extended waiver period. . With these changes, the restrictions on the payment of cash dividends and share redemptions […]