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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.
Cleveland Court Case Could Bring Relief to Businesses Whose COVID Claims Were Denied
By Jim Sammon Since the start of the COVID-19 pandemic governmental lockdowns in mid-March 2020, commercial property and business owners across the country have been suffering extreme financial losses and have experienced difficulties maintaining the very basics of their business. Seeking the...
Amended Order Clarifies Ohio Mask Mandate, Other COVID-19 Guidelines
By Jennifer Hart A modified version of last week’s coronavirus order was signed Thursday by Ohio Department of Health Director Stephanie McCloud. The amended order condenses coronavirus guidelines and provides clarification on certain rules for restaurants and others. The previous order lifted...
Paycheck Protection Program Application Deadline Extended
By Anne Corrigan On Tuesday, March 30, 2021, President Joe Biden signed the Paycheck Protection Program Extension Act of 2021, which extends the deadline for small businesses to apply for forgivable loans. Now, instead of the earlier March 31 deadline, businesses have until May 31 to apply for...
Restaurants, Hospitality Businesses Eligible for $28.6 Billion in Federal Grants
By Jim Sammon A long-awaited and welcome piece of the recent stimulus package is directly pointed at the restaurant and hospitality industries. Billions of dollars in federal grant money will be available to privately owned hospitality businesses through the $1.9 trillion COVID relief bill signed...
American Rescue Plan: Employers Must Provide COBRA Subsidies to Qualifying Employees
By Alan Rauss & Melissa Yasinow The American Rescue Plan, which was signed into law on March 11, 2021, contains significant changes to COBRA. The biggest change is that employers must now provide assistance-eligible individuals with a 100% subsidy for COBRA premiums from April 1, 2021 to Sept....
Ohio to Receive $11 Billion From American Rescue Plan, Including $541 Million for Cleveland
By Jon Pinney & Melissa Yasinow The American Rescue Plan Act of 2021, passed by the House on Wednesday and signed into law Thursday by President Joe Biden, will bring a flood of much-needed funds into the state of Ohio – and Cleveland, in particular. The $1.9 trillion COVID relief bill...
CDC Issues Public Health Recommendations for Fully Vaccinated People
By Melissa A. Yasinow & Rob Gilmore On March 8, 2021, the CDC issued its first set of Interim Guidelines for fully vaccinated people, recommending how they can have social gatherings and what they need to do if they are exposed to COVID-19. “Fully vaccinated people” are those who are at least...
Senate Passes $1.9 Trillion Stimulus Package
By Jennifer Hart [Updated 03/12/2021] President Biden signed the American Rescue Plan Act into law on Thursday, March 12. Stimulus checks are expected to start being distributed by the end of the month. [Updated 03/10/2021] On Wednesday, the House passed a $1.9 trillion amended version of the...
Changes to the Paycheck Protection Program Benefit Small Businesses
By Demetrius Robinson & Melissa Yasinow On Monday, Feb. 22, 2021, the Treasury Department announced that it will be making temporary changes to the Paycheck Protection Program to benefit small businesses. Starting on Wednesday, Feb. 24, 2021, and continuing through March 9, 2021, only...
Franchise Industry Poised for Post-COVID Growth
By Jim Sammon & Melissa Yasinow After experiencing pandemic-induced disruption, the franchise industry expects a strong economic rebound for a post-COVID 2021. According to the International Franchise Association (IFA), the franchise industry is likely to bounce back to pre-pandemic levels by...
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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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