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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.
Governor DeWine Lifts Curfew in Ohio
By Jennifer Hart Nearly three months after it was enacted, Ohio’s COVID-19 curfew has been lifted. During his afternoon press conference Thursday, Gov. Mike DeWine announced that because the state has reached a pre-determined benchmark on COVID-related hospitalizations, the curfew would no longer...
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,...
New Executive Order & OSHA Guidelines Geared Toward Worker Health & Safety
By Rob Gilmore & Lyndsay Ross On Jan. 21, 2021, President Biden signed the Executive Order on Protecting Worker Health and Safety. The Executive Order proclaims the Administration’s policy that “[e]nsuring the health and safety of workers is a national priority and a moral imperative.” In...
What Happens When Schools Require Vaccination?
By Janet Stewart Just as many employers are evaluating whether they can or should require that their employees receive the COVID-19 vaccine as a precondition to return, in person, to work (as further discussed in this article), this same type of analysis will also happen in connection with other...
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...
Update: EEOC Releases Guidance on COVID-19 Vaccine
By Rob Gilmore & Kirsten Mooney In November, prior to the release of the COVID-19 vaccination, we asked the question: What Does a COVID-19 Vaccine Mean For Employers? In the article, we discussed the intersection of various laws on the issue of mandated vaccinations and overall considerations...
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...
The Consolidated Appropriations Act and FFCRA
By Rob Gilmore & Alexis Preskar The new COVID-19 relief bill, the Consolidated Appropriations Act, eliminated the mandatory paid leave under the Families First Coronavirus Response Act (FFCRA). However, even though paid leave is voluntary in 2021, employers can continue to claim a tax credit...
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,...
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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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