Udall, Congress Successfully Push Treasury To Correct Exclusion Of Tribally-Owned Businesses From Paycheck Protection Program

first_imgU.S. Sen. Tom UdallU.S. SENATE News:SANTA FE — U.S. Sen. Tom Udall (D-N.M.) issued the following statement Friday after the U.S. Department of Treasury, Small Business Administration (SBA) reversed its initial CARES Act Paycheck Protection Program (PPP) eligibility rule that excluded Tribally-owned small businesses with revenue from gaming operations.Many Tribes depend on the businesses they own and operate to fund essential services in Indian Country because Tribal governments, unlike state and local governments, do not have a traditional tax base. Udall and Senate Democrats have pressed for Treasury and SBA to reverse this position: Udall sent a letter on April 8th to Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza, and spoke with Mnuchin by phone April 18, urging Treasury and SBA to adhere to congressional intent and include Tribally-owned businesses in the PPP.“I am relieved that the SBA is correcting its harmful initial guidance which unfairly excluded a significant number of Tribally-owned businesses from the Paycheck Protection Program. I personally urged Secretary Mnuchin to change this policy, and I am glad that Treasury is listening to our calls and adhering to Congress’ unambiguous intent,” Udall said. “Tribal businesses are some of the biggest employers and income generators for both the Tribal and non-Tribal communities they serve, and these government-owned enterprises fund essential services to their communities, like health care, education, and public safety needs. Because Tribes do not have a traditional tax base to generate government revenue for essential services, it is absolutely critical that all Tribal business under 500 employees – including gaming enterprises –  are deemed eligible for PPP loans.“Unfortunately, the delay in reversing SBA’s erroneous guidance has already put Tribal businesses at a disadvantage at a time of immense need. Once again, the Trump administration’s inability or unwillingness to understand the unique needs of Native communities has set Indian Country back. The entire Trump administration must make a greater effort to listen to and include Tribes in the COVID-19 response moving forward – and the administration must be more cognizant of congressional intent, more effective in distributing funding in an equitable and competent way to Native communities, and better-educated about our shared federal trust responsibility to Indian Country.”last_img read more

Petrobras Signs Agreement in Principle to Settle Class Action in the…

first_img Author: Priyanka Ann Saini Petrobras announced yesterday that it has signed an agreement in principle to settle the securities class action lawsuit filed in the United States District Court for the Southern District of New York.The agreement, which is subject to approval by the court, is intended to resolve all pending and prospective claims by purchasers of Petrobras securities in the United States and by purchasers of Petrobras securities that are listed for trading in the United States. It eliminates the risk of an adverse judgment which, as Petrobras has previously reported, could have a material adverse effect on the company and its financial situation, and puts an end to the uncertainties, burdens and costs of protracted litigation.Under the proposed settlement, Petrobras has agreed to pay USD 2.95 billion to resolve claims in two installments of USD 983 million and a last installment of USD 984 million. The first installment will be paid within 10 days of preliminary approval of the settlement by the court. The second installment will be paid within 10 days of final approval of the settlement. The third installment will be paid by the later of (i) six months after final approval, or (ii) January 15, 2019.  The total settlement amount will be recognised in the fourth quarter of 2017.The agreement does not constitute any admission of wrongdoing or misconduct by Petrobras. In the agreement, Petrobras expressly denies liability. This reflects its status as a victim of the acts uncovered by Operation Car Wash, as recognised by Brazilian authorities including the Brazilian Supreme Court.  As a victim of the scheme, Petrobras has already recovered R$1.475 billion in restitution in Brazil and will continue to pursue all available legal remedies from culpable companies and individuals.The agreement is in the company’s best interest and that of its shareholders, given the risks of a verdict advised by a jury, particularities of US procedure and securities laws, as well its assessment of the status of the class action and the nature of such litigation in the United States, where only approximately 0.3% of securities-related class actions proceed to trial.The agreement will now be submitted to the district court in the SDNY for review. If preliminary approval is granted, the court will notify the members of the class of the terms of the proposed settlement. After considering any objections and a hearing on the fairness of the proposed settlement, the court will decide whether to grant final approval.As a result of the agreement, the parties will ask the United States Supreme Court to defer consideration of Petrobras’s petition for a writ of certiorari, which was scheduled for January 5, 2018, pending final approval of the proposed settlement.Sea News, January 4last_img read more