H.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
Banking & Finance Law Report
Current developments in banking and finance law
Latest from Banking & Finance Law Report - Page 2
Ohio passes law granting temporary civil immunity to businesses from COVID-19 lawsuits
Ohio 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…
SEC amends definition of accredited investor
The 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…
Aug. 31 deadline to rollover 2020 RMDs is quickly approaching
Once 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…
Ohio irrevocable trusts – Respite for trustees? Proposed legislation establishes optional process for extra-judicial claim resolution
An 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…
Paycheck Protection Program closes; new FAQs on loan forgiveness released
The 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…
Updated guidance for lenders on the Paycheck Protection Program loan forgiveness process
Although 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…
Force majeure is the clause du jour in commercial leasing during the pandemic
“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…
Wage withholding in a remote working environment
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…
SBA issues two more borrower-friendly PPP forgiveness applications
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…