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 Melissa Yasinow On May 12, 2020, the IRS issued new guidelines in Notice 2020-29 and Notice 2020-33 that give greater flexibility to employers that provide benefits through §125 cafeteria plans, including employer-sponsored health coverage, health Flexible Spending Accounts (FSAs), and...
City Of Cleveland Releases Applications for New Economic Development Recovery Programs By Stephanie Mercado Earlier this month, Mayor Frank Jackson announced the City of Cleveland’s plan for recovery including the announcement of new forgivable loan and working capital programs. On Wednesday, May...
By Cary Zimmerman & Demetrius Robinson In the second of two Interim Final Rules issued by the Small Business Administration (SBA) on Friday, May 22, 2020 (read our alert covering the first rule here), the SBA addressed more about how Paycheck Protection Program (PPP) loan forgiveness will...
By Scott Norcross & Paige Rabatin As the world reopens from its COVID-19 hibernation, businesses have continued anxiety as they recognize their customers are facing similar hardships. Businesses start by finalizing cash management plans, but are left with the realization that there’s no cash...
By Cary Zimmerman and Demetrius Robinson Late on Friday, May 22, 2020, the Small Business Administration (SBA) issued a long-overdue interim final rule providing guidance on how forgiveness will work for Paycheck Protection Program (PPP) loans. We will publish a comprehensive review of the new...
...It’s Possible, But Not Necessarily Advisable By Melissa Yasinow [UPDATE:] Late on Friday, May 22, 2020, the SBA issued new guidelines confirming that bonuses and increased compensation, including hazard pay, are forgivable “payroll costs” under the Payroll Protection Program. The guidelines...
By Jennifer Hart Small businesses that have expressed concerns over loan terms for COVID-19 relief may soon have less of a burden on their shoulders. A bipartisan group of senators reached an agreement Thursday on a bill that would ease restrictions to the government-backed loans, which can be...
By Cary Zimmerman & Jennifer Hart The U.S. Small Business Administration (SBA) released a new Interim Final Rule Monday creating a new safe harbor for applicants with foreign affiliates whose eligibility certifications were technically incorrect. Specifically, it states that while all...
By Demetrius Robinson & Kyle Stroup On May 1, 2020, the Roman Catholic Church of the Archdiocese of Santa Fe (“Archdiocese”) persuaded a federal judge to overrule the Small Business Association’s (SBA) denial of a Paycheck Protection Program (PPP) loan. The PPP is a small business loan program...
By Cary Zimmerman Overview The application walks borrowers step-by-step through the process of calculating forgiveness and includes worksheets and tables that borrowers must complete, including a list of all employees and their cash compensation during the eight weeks after receipt of the loan....
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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