Banking Finance Law Report | Porter Wright Law Firm

Time 2020-10-11 02:03:06

Web Name: Banking Finance Law Report | Porter Wright Law Firm

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Banking Finance Law ReportCurrent developments in banking and finance lawChanges 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.SEC amends definition of accredited investorBy Grant Stephenson on September 16, 2020The Securities and Exchange Commission has adopted amendments to Rule 501(a), Rule 215 and Rule 144A of the Securities Act of 1933 (Securities Act). These amendments are part of the SEC’s efforts to more effectively identify qualified investors and allow for expanded investment opportunities, while still maintaining appropriate levels of investor protections. My colleagues Jasmin Hurley and Ryan Steele explain in this blog on our Federal Securities Law Source blog.Aug. 31 deadline to rollover 2020 RMDs is quickly approachingBy Grant Stephenson on August 20, 2020Once a taxpayer reaches age 72 (or age 70 ½ if the taxpayer reached age 70 ½ prior to 2020), the Internal Revenue Code requires owners of most retirement accounts to withdraw minimum distributions (RMDs) from those accounts. To provide relief from the increased tax burden often associated with RMDs, the Coronavirus Aid, Relief and Economic Security (CARES) Act waived RMDs for 2020. The CARES Act, however, was not made law until March 27, 2020 and any taxpayers had already taken their RMDs for this year.My colleagues John Costello and Elizabeth Arentz explain the issue and how the IRS is responding in this Porter Wright Law Alert.Ohio irrevocable trusts – Respite for trustees? Proposed legislation establishes optional process for extra-judicial claim resolutionBy Grant Stephenson on August 20, 2020An advantage of an inter vivos revocable trust, which becomes irrevocable upon the settlor’s death, is that the trust typically avoids all probate court filings. However, the lack of filings with the probate court can also be a double-edged sword for trustees who wish for a swift absolution of all claims associated with an irrevocable trust’s administration in Ohio.The Ohio State Bar Association (OSBA) recently approved a policy that will advocate for a change in Ohio law to provide finality outside of probate administrations. This proposed legislation should be of great interest to institutional trustees in the state.My colleagues David Bloomfield and Elizabeth Arentz explain in this Porter Wright Law Alert.Paycheck Protection Program closes; new FAQs on loan forgiveness releasedBy Grant Stephenson on August 11, 2020The Paycheck Protection Program (PPP) is now closed to new applicants. While talks on extending or changing the program have stalled on Capitol Hill, the Small Business Administration (SBA) has issued 23 more frequently asked questions specifically related to loan forgiveness. These FAQs are contained in a separate list from the previously released FAQs last updated on June 25, 2020 that focused on PPP loan eligibility and similar questions. My colleagues Jack Beeler, Jack Meadows and Cat Rice explain in this Porter Wright Law Alert.Updated guidance for lenders on the Paycheck Protection Program loan forgiveness processBy Grant Stephenson on July 28, 2020Although the federal government’s Paycheck Protection Program (PPP) is still open to applicants, borrowers who received PPP loans earlier this spring are getting ready to request that their loans be forgiven, in whole or in part. Lenders are preparing for the influx of a new round of “paperwork.” However, many questions about the program remain unanswered. Continue ReadingForce majeure is the clause du jour in commercial leasing during the pandemicBy Grant Stephenson on July 20, 2020“Force majeure” clauses are enjoying their day in the sun this year. Historically a boilerplate contract provision that excused performance in the event of some “act of God,” “war or insurrection,” or other unforeseen calamity likely never to occur, force majeure clauses were for years more frequently invoked by contracts professors and bar examiners than in the real world. COVID-19 changed that. Now, as businesses across the economic spectrum grapple with unprecedented supply-chain disruptions, employee unavailability, mandatory quarantines, government shutdown orders, and other impacts of the outbreak, force majeure has become the contract clause du jour. My colleagues Jared Klaus and Matt Moberg explain in this Porter Wright Law Alert.Wage withholding in a remote working environmentBy Grant Stephenson on July 13, 2020Employers generally must withhold income taxes on behalf of employees based on where the employee works. Typically this determination is simplified by the location of the employer’s offices. The COVID-19 pandemic and corresponding stay-at-home orders have altered the working situations for most Americans. Employers must now consider the impact of employees working remotely and confirm that income tax withholding is properly executed given these unprecedented circumstances.My colleague Gary Schulte explains in this Employer Law Report blog. 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. Further, the use of the blog does not create, and is not intended to create, any attorney-client relationship between you and Porter Wright Morris Arthur LLP or any individual lawyer in the firm. No such relationship will be considered to have been formed until we have had an opportunity to resolve any conflict of interest issues and have advised you, in writing, of the nature and scope of the legal services to be provided. 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