Banking & Finance Law Report

Current developments in banking and finance law

Latest from Banking & Finance Law Report - Page 2

“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,…
Employers 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
The Small Business Administration (SBA) has issued two new borrower-friendly Paycheck Protection Program (PPP) forgiveness applications: the EZ Application and a revised Forgiveness Application. The changes come in response to the recent passage of the Paycheck Protection Program Flexibility Act as well as pressure to simplify the forgiveness process for borrowers. My colleagues Jack Beeler, Jack Meadows and Cat Rice explain the two new options and additional changes to the forgiveness program in this…
Paycheck Protection Program (PPP) borrowers across the nation have struggled to meet the Small Business Administration’s (SBA) guidelines, with many resorting to new and creative payroll expenditures to meet spending minimums and qualify for full forgiveness of the loan. On June 3, 2020, the U.S. Senate passed House Bill 7010, the “Paycheck Protection Program Flexibility Act of 2020”, which was promptly signed by the president the following day.  My colleague Cat Rice explains the PPP Flexbility…
Earlier this week, the Federal Reserve Board provided another update to the terms of the Main Street Lending Program that is intended to provide financing opportunities to small and medium–sized businesses. My Treasury Sec. Steve Mnuchin initially announced the details of the program on April 9, 2020. My colleagues Jack Beeler and Jack Meadows explain the details in this Porter Wright Law Alert.    …
The U.S. Treasury Department’s Main Street Lending Program is expected to be up and running within days.  The program is intended to provide financing opportunities to small and medium–sized businesses. U.S. Treasury Secretary Steve Mnuchin announced details on the program on April 9, 2020 and updated the terms recently with a second set of FAQs. My colleagues Jack Beeler and Jack Meadows explain in this Porter Wright Law Alert.…
We’ve seen some incredible collaborations and innovations during the COVID-19 pandemic. We have also seen price volatility during these uncertain times.  While these may not be top of mind for some, antitrust law and consumer protection law still apply and ignoring them could be costly for businesses down the road.  Porter Wright’s Jay Levine discussed these topics with partner Allen Carter in a three-part Antitrust Law Source podcast series focused on antitrust law and price…
It is simple enough: press record and you can easily share your internal video conference call, re-watch it later, or forget it and move on. You move on until you receive a discovery request or a subpoena for information if the company is sued. Now, your internal video call is discoverable and may be seen by those outside your intended viewership. My colleagues Abby Chin and Molly Crabtree delve into this issue on the Technology
Lenders are getting some much-deserved rest after enduring nearly two weeks of processing applications for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), which ran out of funds in the early hours of Thursday, April 15 – tax day. The program has been sharply criticized by lenders and borrowers alike, citing confusing guidance and technological glitches with the SBA e-Trans system, to the overwhelming sense that the program was underfunded and biased given the…