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 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...
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...
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...
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...
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 COVID-19 coronavirus pandemic. Taxpayers who...
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...
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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