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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.
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...
Co-Parenting and the COVID-19 Vaccine for Children
By John Ramsey & Janet Stewart The roll-out for the COVID-19 vaccine is upon us. The sense that there may be a light at the end of this tunnel is growing. But as with all things surrounding the pandemic, nothing is simple and nothing seems to be without controversy. Thus far, the expressed...
Restaurants: Dying for COVID Relief
By Jim Sammon & Kyle Stroup [12/21/2020 UPDATE: Congress has brokered a deal on a more than $900 billion coronavirus economic relief bill, expected to be passed by the House and Senate on Monday. President Trump is expected to sign it.] Food preparation and service is the second most common...
Ohio BWC Begins Distributing $5 Billion in Dividends to Employers
By Alexis Preskar The Ohio Bureau of Worker’s Compensation (BWC) began distributing $5 billion in dividends to employers Thursday that Governor Mike DeWine requested in late October. As we originally reported here, this is the third major dividend request the Governor has requested this year,...
CDC Offers Shorter Quarantine Options
By Rob Gilmore & Melissa Yasinow Earlier this month, the CDC recommended possible alternatives to the 14-day quarantine period for those who have had “close contact” with individuals who are COVID-19 positive. While affirming that the 14-day quarantine period is still the safest option, the...
COVID-19 Bipartisan Relief Update
By Justine Lara Konicki In a chaotic week on Capitol Hill, a bipartisan group of legislators has proposed a compromise: $908 billion in coronavirus relief, dubbed the “Bipartisan Emergency COVID Relief Act of 2020.” The bipartisan proposal is wide-ranging and includes money for COVID testing,...
Attempts at New Stimulus Take Shape as Pandemic Rages
By Scott Norcross & Kyle Stroup Optimism about delivering long-sought COVID-19 relief is building after the rank-and-file lawmakers voiced support for a bipartisan, middle-of-the-road plan taking shape in the Senate and as top congressional leaders connected on the topic for the first time in...
HB 404 Extends License Deadlines and Permits Virtual Meetings into 2021
By Melissa Yasinow When Governor Mike DeWine declared a State of Emergency in Ohio on March 9, 2020, few anticipated that the COVID-19 pandemic would persist into 2021. As a result, when the General Assembly passed HB 197, Ohio’s Emergency COVID-19 Response Law, in late March, its provisions...
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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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