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.
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...
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...
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...
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...
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...
By Jon Groza & Kyle Stroup Amazon’s e-commerce merchants can now receive lines of credit up to $1 million from Goldman Sachs’ Marcus brand. Marcus is one of Goldman’s forays into main street lending. Here, they’ve teamed up with Amazon to extend lines of credit to e-commerce merchants at fixed...
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,...
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...
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...
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...
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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