More states are working on comprehensive consumer privacy laws that could impact how companies share data, there have been more ransomware and supply chain attacks and there’s news of a messaging app used as a Trojan horse by the FBI.
Banking & Finance Law Report
Current developments in banking and finance law
The Banking & Finance Law Report, published by Porter Wright Morris & Arthur LLP, covers legal developments and regulatory updates affecting banking and financial institutions. Topics include consumer privacy laws impacting data sharing, Paycheck Protection Program (PPP) loan forgiveness and appeals, employer-related guidance such as CDC mask policies, and legislative impacts like the American Rescue Plan Act. The blog also addresses executive compensation regulations under tax codes and their implications for public companies. It provides analysis relevant to compliance, financial transactions, regulatory enforcement, and legislative changes in the banking and finance sectors.
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Latest from Banking & Finance Law Report
Preparing for PPP loan reviews and appeals: Avoiding potential pitfalls
More than $800 billion in Paycheck Protection Program (PPP) loans were approved over the life of the program that was created by the Coronavirus Aid, Relief and Economic Security Act (CARES Act) to support small businesses in payroll and certain…
Updated CDC mask guidance: What it means for employers
Last week, the CDC updated its guidance regarding masks for individuals fully vaccinated against COVID-19. My colleague Jourdan Day explains the new guidelines for masks, social distancing, travel and what they mean for employers in this Employer Law Report blog.
The American Rescue Plan Act: What employers need to know
President 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.…
For public companies, the time to update executive compensation practices is now: Final regulations issued under IRC Section 162(m) and American Rescue Plan Act further expands class of covered employees
At long last, the Department of the Treasury and Internal Revenue Service published final regulations to explain how changes to Internal Revenue Code Section 162(m) under the Tax Cuts and Jobs Act of 2017 (TCJA) affect the deductibility (or lack…
Federal Corporate Transparency Act requires companies to disclose beneficial owner
Most 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…
Better late than never? COVID-19 appropriations package addresses key issues in Paycheck Protection Program redux
On 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…
Paycheck Protection Program loan necessity questionnaire
Borrowers 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…
SEC proposes exemptions from registration for finders
The 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…
Changes of ownership and PPP loans
The 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…