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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.
DeWine Signs Bill Providing Business Immunity From COVID Claims
By Rob Gilmore & Alexis Preskar Gov. Mike DeWine has signed a bill providing significant protection to Ohio businesses for COVID-related claims. H.B. 606, passed by the legislature at the beginning of this month, is now law and eliminates civil lawsuits for “damages for injury, death, or loss...
M&A in the COVID-19 Era
By Demetrius Robinson We are now two-thirds of the way through 2020 with a majority of the year being spent navigating through the coronavirus pandemic. Not only has COVID-19 affected the health of people across the United States, but it has also had a major impact on our economy. From wage...
Law to Protect Ohio Businesses From COVID Claims on DeWine’s Desk
By Rob Gilmore & Alexis Preskar The Ohio Legislature has passed substantial protection for businesses from COVID-19 claimed damages. H.B. 606, which has gone to Gov. Mike DeWine for signature, eliminates civil lawsuits for “damages for injury, death, or loss to person or property” caused by...
Treasury Issues Payroll Tax Deferral Guidance to Employers
By Demetrius Robinson Late Friday night, the Treasury Department released guidance to employers on implementing the payroll tax deferral under President Trump’s Presidential Memorandum. On Aug. 8, 2020, the President directed the Secretary of the Treasury to defer the withholding, deposit and...
SBA Updates Rules for Owner-Employees and Related Party Rent
By Kevin O'Connor & Jennifer Hart This week, the Small Business Administration (SBA) and Treasury Department issued an interim final rule that once again updated the parameters for forgiveness of Paycheck Protection Program (PPP) loans. Specifically, the new rule provided that: Owner-employees...
It’s All Fun and Games Until Someone Loses an Eye (or Gets COVID-19)
By Susan Stone & Kristina Supler Ah, predictions. This past May and June, the Student & Athlete Defense group wrote a blog and recorded a podcast about how colleges will implement and enforce social distancing rules. Fast forward, we’re here. Just this week, Florida Gulf Coast University...
Status Check: Second Round of Stimulus
By Scott Norcross A next round of stimulus is imminent. The questions is, when it will come? It seems there is universal agreement that there will be a second round of $1,200 stimulus checks, and this round will be more direct for Americans. In March, stimulus checks included up to $1,200 per...
Main Street Lending Program Expanded & Extended
By Demetrius Robinson Recently, the Federal Reserve announced an expansion of the Main Street Lending Program (MSLP) and an extension of the program through Dec. 31, 2020. The Main Street Lending Program was originally established under the CARES Act in order to support lending to small and...
SBA Releases Guidance on PPP Loan Decision Appeals Process
By Demetrius Robinson & Justine Lara Konicki The Small Business Administration (SBA) has officially begun accepting Paycheck Protection Program (PPP) forgiveness applications from lenders. While it is unknown how many applications have already been submitted, we do know that more than 4.9...
When Should You File Your PPP Forgiveness Application?
By Jennifer Hart The Paycheck Protection Program was a lifeline for many businesses during the early weeks of the COVID-19 pandemic. And while the application for forgiveness was released back in May (and revised in June), the SBA didn’t open its portal to lenders to start accepting forgiveness...
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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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