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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.
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...
Treasury Issues Payroll Tax Deferral Guidance to Employers
By Demetrius Robinson Late Friday night, the Treasury Department released guidance to employers on implementing the payroll tax deferral under President Trump’s Presidential Memorandum. On Aug. 8, 2020, the President directed the Secretary of the Treasury to defer the withholding, deposit and...
SBA Updates Rules for Owner-Employees and Related Party Rent
By Kevin O'Connor & Jennifer Hart This week, the Small Business Administration (SBA) and Treasury Department issued an interim final rule that once again updated the parameters for forgiveness of Paycheck Protection Program (PPP) loans. Specifically, the new rule provided that: Owner-employees...
Status Check: Second Round of Stimulus
By Scott Norcross A next round of stimulus is imminent. The questions is, when it will come? It seems there is universal agreement that there will be a second round of $1,200 stimulus checks, and this round will be more direct for Americans. In March, stimulus checks included up to $1,200 per...
Main Street Lending Program Expanded & Extended
By Demetrius Robinson Recently, the Federal Reserve announced an expansion of the Main Street Lending Program (MSLP) and an extension of the program through Dec. 31, 2020. The Main Street Lending Program was originally established under the CARES Act in order to support lending to small and...
When Should You File Your PPP Forgiveness Application?
By Jennifer Hart The Paycheck Protection Program was a lifeline for many businesses during the early weeks of the COVID-19 pandemic. And while the application for forgiveness was released back in May (and revised in June), the SBA didn’t open its portal to lenders to start accepting forgiveness...
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...
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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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