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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.
The Implications of the Payroll Tax Holiday
By Scott Norcross & Demetrius Robinson Last week, after Congress couldn’t reach an agreement on a Phase 4 “stimulus” bill, President Trump took matters into his own hands by executive action on Saturday. The executive actions included the extension of federal assistance for unemployment,...
President Trump Signs Executive Actions After Stimulus Talks Stall on Capitol Hill
By Scott Norcross Following the breakdown of stimulus talks on Capitol Hill, President Trump signed four executive actions Saturday, Aug. 8 aimed at providing economic relief to Americans struggling amid the ongoing COVID-19 pandemic. The actions would provide $400 per week in supplemental...
HEALS Act Business Meal Deduction Could Help Save Restaurants
By Jim Sammon & Kyle Stroup It’s our American duty to patronize restaurants right now—and Congress is trying to give businesses incentive. As lawmakers in Washington continue to negotiate the Health, Economic Assistance, Liability protection, and Schools Act (HEALS Act), one provision that...
SBA Releases Updated PPP FAQ
By Stephanie Mercado The Small Business Administration (SBA) has released new guidance on its Paycheck Protection Program (PPP) through an updated FAQ addressing 23 questions related to loan forgiveness. The new FAQs come as lawmakers negotiate a new COVID-19 relief package, which is expected to...
August 8: Deadline for PPP Loan Applications
By Justine Lara Konicki & Kyle Stroup The Paycheck Protection Program (PPP) will expire on Saturday, Aug. 8, 2020. After this deadline, businesses in need of funds to continue to pay their employees during the COVID-19 pandemic will need to explore other options. Indeed, while the SBA has a...
COVID Stimulus Updates: July 2020
By Cary Zimmerman We’re now many months into the COVID-19 pandemic and the fate of the U.S. economy remains largely uncertain, with unemployment remaining in double digits and many businesses still struggling to survive. The federal government is expected to formulate a new stimulus bill in the...
Can Force Majeure Provide the Relief Restaurants Need?
By Scott Norcross & Paige Rabatin The restaurant industry has been hit particularly hard by the COVID-19 shutdowns, forcing some restaurant owners to look for any additional relief available. Specifically, lease payments are one area they are looking for some leniency. Could there be some...
PPP Loans of $150k or Less May Get Easier Path to Forgiveness
By Cary Zimmerman On June 30, 2020, a bill was introduced in the U.S. Senate that would create a dramatically simpler forgiveness process under the Paycheck Protection Program (PPP) for certain smaller PPP loans. Entitled the “Paycheck Protection Small Business Forgiveness Act” and introduced by...
Responsible Person Liability: Avoiding the Risk of Trust Fund Tax Liability
By Demetrius Robinson According to a recent report, more than 100,000 small businesses are expected to close due to the COVID-19 coronavirus pandemic. A number of companies, although not closing their doors, are experiencing significant disruptions in their operations. Companies have taken drastic...
President Signs Extension for PPP Loan Applications
By Cary Zimmerman [UPDATE: On Saturday, July 4, 2020, President Trump signed a bill extending the deadline to apply for the Paycheck Protection Program (PPP).] As an update to our earlier alert, as expected, President Trump signed legislation Saturday extending the deadline for small...
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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
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Samir Dahman
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Peggy Beistel
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Justine Lara Konicki
Partner
Paige Rabatin
Associate