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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.
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...
IRS Doubles Down on Taxing PPP Loans
By Demetrius Robinson & Jennifer Hart The US Treasury Department and the Internal Revenue Service (IRS) released new guidance late Wednesday related to the tax treatment of expenses paid with Paycheck Protection Program (PPP) loans. Specifically, Revenue Ruling 2020-27 provides that regardless...
Ohio Lawmakers Consider Reducing Small Business Tax Deduction Amid Budget Shortfalls
By Stephanie Mercado Due to the COVID-19 pandemic, Ohio's estimated state budget will have a $2 billion shortfall for the current fiscal year, according to House Majority Floor Leader Bill Seitz. Seitz suggested dipping into Ohio's $2.7 billion rainy-day fund and scaling back the small business...
Judge Rules SBA Must Release Information for All PPP Borrowers
By Demetrius Robinson A federal judge has ruled the Small Business Administration (SBA) must release detailed information for all Paycheck Protection Program (PPP) loans. This includes both the identities of loan recipients and loan amounts. The underlining case was brought by a number of media...
Tax Policy Overview: Trump v. Biden
By Samir Dahman Tax policies are always a hot topic in presidential elections. Below, we provide side-by-side comparisons of where the presidential candidates stand on income (corporate and individual) and estate taxes. In short, President Trump’s plan seems to be to extend the 2017 tax policies,...
What Will Post-Election Stimulus Look Like?
By Scott Norcross & Paige Rabatin There’s no need for suspense; a new federal stimulus package will not be passed before the November 3rd election. That became clear once the announcement was made that the Senate will be recessed until November 9th. However, the consensus seems to be that a...
DeWine Requests $5 Billion From BWC for Employers
By Rob Gilmore & Alexis Preskar Ohio Governor Mike DeWine has requested the Bureau of Worker’s Compensation send employers an additional $5 billion in dividends to mitigate losses due to the ongoing pandemic. This is the third major dividend request the Governor has submitted this year,...
Gov. DeWine Announces COVID-19 Relief for Small Businesses, Individuals
By Stephanie Mercado With a year-end deadline looming to spend Coronavirus Aid, Relief and Economic Security (CARES) Act funding provided by the Department of Treasury, Gov. Mike DeWine announced several new programs Friday aimed at helping Ohio residents and businesses recover from the pandemic....
SBA Issues Guidance for Changes of Ownership of PPP Borrowers
By Kevin O'Connor & Jennifer Hart The Small Business Administration (SBA) recently released a Procedural Notice concerning changes of ownership for Paycheck Protection Program (PPP) loan borrowers (the “Notice”). Since the first days of the PPP loan program, borrowers and their advisors have...
M&A in the COVID-19 Era
By Demetrius Robinson We are now two-thirds of the way through 2020 with a majority of the year being spent navigating through the coronavirus pandemic. Not only has COVID-19 affected the health of people across the United States, but it has also had a major impact on our economy. From wage...
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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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John Archer
Chair
Steven Marrer
Partner
Anne Corrigan
Partner
Scott Norcross
Partner
Samir Dahman
Partner
Peggy Beistel
Associate
Justine Lara Konicki
Partner
Paige Rabatin
Associate