Banking Finance Law Report | Current developments in banking and finance lawTime 2021-05-27 18:14:57
Description:Banking Finance Law ReportCurrent developments in banking and finance lawThe American Rescue Plan Act: What employers need to knowBy Grant Stephenson on March 24, 2021President Joseph Biden signed The American Rescue Plan Act earlier this month. The measure provides $1.9 trillion in funds for individuals and businesses in response to the COVID-19 pandemic. For employers, there are many key provisions to be aware of. My colleague Jyllian Bradshaw explains in this Employer Law Report blog.Federal Corporate Transparency Act requires companies to disclose beneficial ownerBy Grant Stephenson on March 3, 2021Most companies established or registered to do business in the U.S. do not have to disclose or report their ownership information—but that is about to change. The recently-enacted Corporate Transparency Act, which went into effect Jan. 1, 2021, requires certain companies to report their beneficial owner(s) to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Continue ReadingBetter late than never? COVID-19 appropriations package addresses key issues in Paycheck Protection Program reduxBy Grant Stephenson on January 8, 2021On Dec. 20, 2020, U.S. Congress authorized a second wave of COVID-19 relief by way of a second significant stimulus package. The bill was in limbo until it was finally signed into law a week later. The 5,593-page bill features enhanced unemployment payments and direct cash payments to Americans nationwide, and it also makes several adjustments to the Paycheck Protection Program (PPP).My colleagues Jack Beeler and Cat Rice explain the second wave of this program, what differs from the first wave, eligibility, forgiveness and much more in this Porter Wright Law Alert.Paycheck Protection Program loan necessity questionnaireBy Grant Stephenson on November 4, 2020Borrowers of Paycheck Protection Program (PPP) loans – together with their affiliates – who have loans in excess of $2 million and seek loan forgiveness will potentially need to complete necessity questionnaires according to the Small Business Administration. There are separate forms for for-profit and non-profit businesses and will likely affect 52,000 borrowers.My colleagues Jack Beeler, Cat Rice and Jack Meadows explain the purpose and questions asked in these questionnaires in this law alert.SEC proposes exemptions from registration for findersBy Grant Stephenson on October 19, 2020The Securities and Exchange Commission (SEC) has proposed a limited and conditional exemption from broker registration for natural persons, referred to as “finders,” who seek to help non-reporting, private companies raise capital from accredited investors in exempt offerings, subject to certain conditions. Generally, persons who effect transactions in securities for the account of others cannot do so through interstate commerce unless the person is registered with the SEC. There has long been ambiguity about when or if finders, who seek to bridge the gap between businesses and investors by identifying potential investment opportunities, must register as broker-dealers with the SEC.My colleagues Emily Cunningham and Ryan Steele explain the proposed exemption in this Federal Securities Law Source blog.Changes of ownership and PPP loansBy Grant Stephenson on October 7, 2020The U.S. Small Business Administration (SBA) has released a long-anticipated procedural notice related to changes of ownership in an entity that has received a Paycheck Protection Program (PPP) loan. While this guidance was released to all SBA employees and PPP lenders, it is relevant for PPP borrowers looking to undergo a change of ownership, as well as for buyers and sellers of PPP borrowers. My colleagues Jack Beeler and Jack Meadows explain the notice in this Porter Wright Law Alert.New spending bill extends repayment, lowers interest on Medicare advance payment loansBy Grant Stephenson on October 5, 2020H.R. 8337, the stopgap government spending bill that was passed by Congress and signed into law by President Trump on Oct. 1, 2020, includes various amendments to the Medicare Accelerated and Advance Payment (AAP) program. The AAP was expanded under the CARES Act and has allowed health care providers, namely hospitals, to receive an advance on their Medicare claims payments in light of the COVID-19 pandemic.In this Porter Wright Law Alert, my colleagues John Green and Kyle Schrodi explain the changes to the program and impact on providers.Ohio passes law granting temporary civil immunity to businesses from COVID-19 lawsuitsBy Grant Stephenson on September 17, 2020Ohio Gov. Michael DeWine signed House Bill 606 into law recently that addresses whether businesses reopening due to COVID-19 are subject to tort liability if an employee, customer, vendor or other person contracts COVID-19 while on the premises. My colleague Arslan Sheikh explains the law and what businesses it impacts in this blog on the Employer Law Report. Porter Wright Morris Arthur LLP offers this blog for general informational purposes only. The content of this blog is not intended as legal advice for any purpose, and you should not consider it as such advice or as a legal opinion on any matters. This blog does not necessarily reflect the views of the firm as to any particular matter or those of its clients. The information provided herein is subject to change without notice, and you may not rely upon any such information with regard to a particular matter or set of facts. 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