COVID-19

Thursday, 09 April 2020

Main Street Expanded Loan Facility

Written by The Federal Reserve

The Federal Reserve has announced that it is establishing a Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. For additional Main Street Lending Program term sheets, click the buttons below.   Main Street New Loan Facility Main Street Priority Loan Facility           Effective June 8, 20201         Program The Main Street Expanded Loan Facility (“Facility”), which has been authorized under section 13(3) of the Federal Reserve Act, is intended to facilitate lending to small and medium-sized Businesses by Eligible Lenders. Under the Facility, the Main Street Priority Loan Facility (“MSPLF”), and the Main Street New Loan Facility (“MSNLF”), the Federal Reserve Bank of Boston (“Reserve Bank”) will commit to lend to a single common special purpose vehicle (“SPV”) on a recourse basis...

Published in COVID-19
Tuesday, 14 April 2020

The CARES Act Provides Assistance for State and Local Governments

Written by U.S. Department of Treasury

Through the Coronavirus Relief Fund, the CARES Act provides for payments to State, Local, and Tribal governments navigating the impact of the COVID-19 outbreak. The CARES Act established the $150 billion Coronavirus Relief Fund. Treasury will make payments from the Fund to States and eligible units of local government; the District of Columbia and U.S...

Published in COVID-19

On March 18, President Trump signed H.R.6201 Families First Coronavirus Response Act (FFCRA), passed by the Senate earlier that day. This follows the announcement of a global pandemic involving COVID-19 on March 11 by the World Health Organization and the proclamation by President Trump that the COVID-19 outbreak in the United States constitutes a national emergency...

Published in COVID-19
Monday, 06 April 2020

Working from Home: Equipping Your Team for Security and Success

Written by The Rehmann Team

Organizations across the globe raced to build remote workforces as the coronavirus pandemic spread at a rapid pace. While many are now operational, questions remain for companies looking to ensure their remote workforce is equal parts productive and safe. As IT professionals evaluate their existing remote infrastructure, many opportunities exist to safeguard data and create a secure remote workforce. As employees access files and programs from the comfort of their own home, security is a primary concern for companies of all sizes...

Published in COVID-19

As businesses assess their financial future amid this current crisis, they should consider taking advantage of local, state and federal aid programs. However, it’s critical to take a close look at existing lending relationships and agreements first.  While the federal government is requesting banks be creative in order to help their clients during this unprecedented time, businesses should consider their existing contractual agreements and covenants.  Many loan agreements have restrictions against taking on additional debt or encumbering collateral without the existing lender’s authorization...

Published in COVID-19
Thursday, 02 April 2020

Paycheck Protection Program

Written by Small Business Association (SBA)

        On-Demand Webinars Paycheck Protection Program: Forgiveness, New "EZ" Application and Additional Important Updates | 6.22.20The Paycheck Protection Program was recently changed to provide borrowers with more time and flexibility to maximize forgiveness. In this webinar, you will learn about the Paycheck Protection Program Flexibility Act (PPPFA) and its impact on the program, the new "EZ" forgiveness application and additional important guidance for borrowers...

Published in COVID-19

Legal experts are warning companies to beef up their cybersecurity defenses as COVID-19 presents new opportunities for fraudulent email, increased phishing and other risks related to the rise of employees working from home.   The law firm Debevoise published a checklist for firms to consider when preparing for possible disruptions and remote working due to COVID-19. In a NYU Law School blog published this week, the firm list the following cybersecurity considerations:   Phishing — Look out for coronavirus phishing scams. We have already seen fake CDC updates, IT alerts and software notices that attempt to obtain user credentials or install malware, so consider implementing coronavirus-specific phishing training or testing...

Published in COVID-19, Cybersecurity
Tuesday, 31 March 2020

Business Interruption Insurance during a Pandemic

Written by The Rehmann Team

If your business was forced to shut down, or has been drastically altered in how it conducts business following state mandates and stay-at-home orders, you might be wondering about business interruption insurance and whether the COVID-19 outbreak triggers this type of coverage for your operations. The answer isn’t simple, unfortunately. First, a little background: business interruption insurance helps replace lost income and pay for extra expenses when a business is affected by a covered peril. Business interruption coverage, which sometimes is called business income coverage, may be part of a business owners insurance policy...

Published in COVID-19
Thursday, 26 March 2020

Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

Written by The Rehmann Team

On Friday, March 27, President Trump signed the Coronavirus Aid, Relief and Economic Security Act. The act contains provisions to help America’s employers, employees and healthcare system among other items. [Recorded Audiocast] CARES Act [Recorded Q&A] Families First Coronavirus Response Act   The bill provides stimulus funding and emergency assistance to both individuals and businesses that have been impacted by the virus. The new aid package comes the week after President Trump signed the Families First Coronavirus Response Act, which includes mandatory provisions for certain employers to provide paid sick leave and emergency family medical leave to eligible employees...

Published in COVID-19, Tax
Monday, 14 September 2020

What to consider when buying and selling a business with a PPP loan

Written by Erik Schumacher, CPA and Chris Rosmarin, CPA

As business owners ponder their path forward during the economic crisis of 2020, and entertain thoughts of possibly selling, others are looking to reinvent and are seeking to take on new ventures. With any merger and acquisitions (M&A), especially during these uncertain times, due diligence is as critical as ever. Specifically, the abundance of outstanding Paycheck Protection Program loans is cause for a thorough review by both the buyer and the seller throughout any M&A transaction. With so many PPP loans not yet forgiven, there’s significant likelihood that M&A transactions in the next year may involve PPP loans...

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