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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.
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...
Ohio At-Home Workers May Get a COVID Income Tax Refund… Eventually
By Demetrius Robinson & Melissa Yasinow Thanks to a recent lawsuit, Ohioans who have worked from home during the COVID-19 pandemic can now request a refund on local income taxes from the Regional Income Tax Agency (RITA). The only hitch: they may never get it. Background In March of last year,...
Cleveland Court Finds in Favor of Restaurants on COVID-19 Business Interruption Claims
By Jim Sammon & Brett Krantz In a matter decided this week, a judge in the Northern District of Ohio granted summary judgment in favor of the insureds, Plaintiff Henderson Road Restaurants (a group that includes the Hyde Park Prime Steakhouses). The Court found that the Zurich business...
Biden Releases $1.9 Trillion COVID Relief Plan
By Stephanie Mercado President-elect Joe Biden has released the details of a proposed $1.9 trillion COVID-19 relief package aimed at supporting businesses and individuals impacted by the pandemic. Dubbed the American Rescue Plan, the package comes on the heels of the $900 billion pandemic relief...
Second PPP Loan Allocates More to Those Who Need It Most
By Demetrius Robinson The Economic Aid Act, a part of the Consolidated Appropriations Act, 2021, updated the Paycheck Protection Program (PPP) to provide an additional allocation of PPP funding to businesses that were hardest hit by the economic devastation of the COVID-19 pandemic. Under the...
Paycheck Protection Program Relaunches With Expanded Eligibility
By Demetrius Robinson The Small Business Administration (SBA) has reopened the Paycheck Protection Program (PPP) for applications for either a first initial draw of PPP funds (First Draw) or a second allocation (Second Draw), authorized under the Economic Aid to Hard-Hit Small Businesses,...
IRS Rescinds IRS Notice 2020-32: PPP Expenses Now Deductible
By Demetrius Robinson The IRS has issued official guidance rescinding IRS Notice 2020-32 and Rev. Rul. 2020-27 concerning the deductibility of eligible expenses used under the Payroll Protection Program (PPP). Last year, the Internal Revenue Service issued IRS Notice 2020-32 and Rev. Rul. 2020-27,...
Does the New Stimulus Package Include Relief for Student Loans?
By Justine Lara Konicki As part of the CARES Act, Congress provided certain relief for student loans. Among other things, the bill suspended the payment on all student debt owned by the U.S. Department of Education, set a 0% interest rate on these loans and paused collection activities on...
Pandemic Relief: Congress Reaches Deal After Months-Long Stalemate
By Scott Norcross, Demetrius Robinson & Stephanie Mercado Congressional leaders have agreed to a $900 billion pandemic relief bill outlined over more than 5,500 pages of text. A vote is imminent this evening approving the package, which will provide relief to struggling businesses and...
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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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