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Banking, Finance & Tax
Though the Federal Reserve has taken immediate measures to mitigate the damage the pandemic may cause to the economy, our experience tells us that businesses need to be prepared to deal with a multitude of issues, including drawing on lines of credit, refinancing fixed rate debt to take advantage of lower interest rates, avoiding defaults and covenant violations, non-renewals of revolving lines, appointment of receivers and loan workouts. Whatever you face, KJK’s Banking & Finance Coronavirus Response Team is here to help.
Biden Releases $1.9 Trillion COVID Relief Plan
By Stephanie Mercado President-elect Joe Biden has released the details of a proposed $1.9 trillion COVID-19 relief package aimed at supporting businesses and individuals impacted by the pandemic. Dubbed the American Rescue Plan, the package comes on the heels of the $900 billion pandemic relief...
Second PPP Loan Allocates More to Those Who Need It Most
By Demetrius Robinson The Economic Aid Act, a part of the Consolidated Appropriations Act, 2021, updated the Paycheck Protection Program (PPP) to provide an additional allocation of PPP funding to businesses that were hardest hit by the economic devastation of the COVID-19 pandemic. Under the...
Paycheck Protection Program Relaunches With Expanded Eligibility
By Demetrius Robinson The Small Business Administration (SBA) has reopened the Paycheck Protection Program (PPP) for applications for either a first initial draw of PPP funds (First Draw) or a second allocation (Second Draw), authorized under the Economic Aid to Hard-Hit Small Businesses,...
IRS Rescinds IRS Notice 2020-32: PPP Expenses Now Deductible
By Demetrius Robinson The IRS has issued official guidance rescinding IRS Notice 2020-32 and Rev. Rul. 2020-27 concerning the deductibility of eligible expenses used under the Payroll Protection Program (PPP). Last year, the Internal Revenue Service issued IRS Notice 2020-32 and Rev. Rul. 2020-27,...
Does the New Stimulus Package Include Relief for Student Loans?
By Justine Lara Konicki As part of the CARES Act, Congress provided certain relief for student loans. Among other things, the bill suspended the payment on all student debt owned by the U.S. Department of Education, set a 0% interest rate on these loans and paused collection activities on...
Pandemic Relief: Congress Reaches Deal After Months-Long Stalemate
By Scott Norcross, Demetrius Robinson & Stephanie Mercado Congressional leaders have agreed to a $900 billion pandemic relief bill outlined over more than 5,500 pages of text. A vote is imminent this evening approving the package, which will provide relief to struggling businesses and...
Restaurants: Dying for COVID Relief
By Jim Sammon & Kyle Stroup [12/21/2020 UPDATE: Congress has brokered a deal on a more than $900 billion coronavirus economic relief bill, expected to be passed by the House and Senate on Monday. President Trump is expected to sign it.] Food preparation and service is the second most common...
COVID-19 Bipartisan Relief Update
By Justine Lara Konicki In a chaotic week on Capitol Hill, a bipartisan group of legislators has proposed a compromise: $908 billion in coronavirus relief, dubbed the “Bipartisan Emergency COVID Relief Act of 2020.” The bipartisan proposal is wide-ranging and includes money for COVID testing,...
Attempts at New Stimulus Take Shape as Pandemic Rages
By Scott Norcross & Kyle Stroup Optimism about delivering long-sought COVID-19 relief is building after the rank-and-file lawmakers voiced support for a bipartisan, middle-of-the-road plan taking shape in the Senate and as top congressional leaders connected on the topic for the first time in...
PPP Borrowers Must Justify Need for Loans Over $2 Million
By Demetrius Robinson & Kevin O'Connor PPP borrowers who received more than $2 million through the forgivable loan program may be in for a surprise request from their lender in the next few weeks. In late October, the Small Business Administration (SBA) quietly requested comments on two new...
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If you have specific questions about any of the information in our articles, please reach out directly to the author or contact the Chair of the Banking & Finance Response Team, John Archer.
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