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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. 

     

    Senate Passes PPP Loan Extension

    By Justine Lara Konicki & Cary Zimmerman [UPDATE: On Saturday, July 4, 2020, President Trump signed the bill extending the deadline to apply for the Paycheck Protection Program (PPP).] [UPDATE: The House passed an identical version Wednesday night of the Senate's bill to extend the Paycheck...

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    IRS Tax Extension (Not Extended)

    By Demetrius Robinson The IRS announced this week that it would not extend the tax filing deadline beyond July 15, 2020. As you may recall, the IRS had previously extended the tax filing deadline from April 15, 2020, to July 15, 2020 in response to the coronavirus pandemic. Taxpayers who have not...

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    Last Call for PPP Loan Applications

    By Cary Zimmerman On June 30, 2020, the Small Business Administration (SBA) will stop accepting new Paycheck Protection Program (PPP) loan applications. As of June 22, 2020 (counting approvals through June 20, 2020), over $100 billion remained for lending through the program, and a staggering $515...

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    SBA & Treasury Update PPP Forgiveness Application

    By Cary Zimmerman On June 16, 2020, the Small Business Administration (SBA) issued a revised forgiveness application for its Paycheck Protection Program (PPP). The original application, on Form 3508, included several components designed to assist a borrower in calculating its forgiveness amount,...

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    Childcare Facilities Partial Property Tax Reduction

    By Demetrius Robinson COVID-19 has had a drastic impact on many different sectors of the economy, from hospitals to auto repair shops. However, a sector that has been significantly impacted is childcare facilities. On May 31, 2020, childcare facilities in Ohio were allowed to reopen for the first...

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    New SBA Rule Clarifies PPP Flexibility Act Changes

    By Cary Zimmerman In a new Interim Final Rule issued by the Small Business Administration (SBA) on Thursday, June 11, 2020, the SBA revised its April 2, 2020 Interim Final Rule for the Paycheck Protection Program (PPP) to conform it to the new requirements under the Paycheck Protection Program...

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    Paycheck Protection Flexibility Act Passes Senate

    By Jennifer Hart Borrowers who are struggling with the rigidity of the Paycheck Protection Program’s forgiveness rules will soon see changes from new legislation that just passed the US Senate after passing the House last week. The Paycheck Protection Program Flexibility Act now heads to the...

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    Contact Us

    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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    Meet our Team

    John Archer

    John Archer

    Chair

    Steven Marrer

    Steven Marrer

    Partner

    Anne Corrigan

    Anne Corrigan

    Partner

    Scott Norcross

    Scott Norcross

    Partner

    Samir Dahman

    Samir Dahman

    Partner

    Peggy Beistel

    Peggy Beistel

    Associate

    Justine Lara Konicki

    Justine Lara Konicki

    Partner

    Paige Rabatin

    Paige Rabatin

    Associate

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