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Corporate Transparency Act Update
December 27, 2023
The Corporate Transparency Act (“CTA”), with an effective date of January 1, 2024, is set to impose strict reporting guidelines on business owners throughout the country. The following provides a brief update on two aspects of the CTA ahead of its effectiveness next week.
Blake Gerney and Jacob Davis
SMALL BUSINESS ALERT: January 1, 2024 - Beneficial Ownership Information Reporting
October 13, 2023
Beginning on January 1, 2024, many small businesses across the United States will have to report personal information about their owners, beneficial owners, and others who own or exercise control over the company. The information will have to be reported to, and maintained by, the Financial Crimes Enforcement Network (“FinCEN”) as part of the Beneficial Ownership Information Rule. FinCEN is a bureau of the U.S. Department of the Treasury.
OHIO ADOPTS THE SERIES LLC: Implementation of Ohio’s Revised Limited Liability Company Act is Coming
February 24, 2021
On January 7, 2021, Ohio adopted S.B. 276. The new legislation establishes the Ohio Revised Limited Liability Company Act (“ORLLCA”) which effectively replaces the current Ohio LLC Act. ORLLCA will be fully effective as of January 2022. While the new law contains numerous changes to the existing LLC landscape, below is an overview of some of the key differences under the ORLLCA.
S. Matthew Harris, Blake Gerney and Kevin Burwell
UPDATE - SBA Releases Rules and Guidance for Second Round PPP Funding
January 7, 2021
Late yesterday (January 6, 2021), the U.S. Small Business Administration released rules and guidance for businesses wishing to take part in the long awaited second round of Paycheck Protection Program (“PPP”) funding. As most businesses are aware, the rules governing PPP loans have been updated as part of The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (“Act”). The Act was just one section of the massive 2021 Consolidated Appropriations Act that was passed by Congress and signed into law by the President on December 27, 2020. To combat the ongoing disruptions caused by the COVID-19 pandemic, the Act generally provides (a) first time PPP loans for businesses that did not obtain a loan in the first instance, (b) PPP second draw loans for businesses that already obtained a loan but need additional funding, and (c) additional funding for businesses that returned their first PPP loan or did not get the full amount for which they qualified.
Blake R. Gerney and Christopher (CJ) Meager
SBA Releases New Frequently Asked Question (No. 49) - Maturity Dates for PPP Loans
June 29, 2020
On June 25, 2020 the SBA released a new Frequently Asked Question (No. 49) concerning the maturity dates for PPP Loans as modified by the recently passed Paycheck Protection Program Flexibility Act. All PPP Loans received on or after June 5, 2020, will have a five-year maturity. Any PPP Loan received before June 5, 2020, has a two-year maturity, unless the borrower and lender mutually agree to extend the term of the loan to five years. Businesses should address the maturity issue with their SBA lender and discuss any available change to the loan maturity date.
Blake R. Gerney
Webinar Recording -- Paycheck Protection Program Loans: Forgiveness Applications
May 28, 2020
Paycheck Protection Program Loans: Forgiveness Applications
BMD SBA Loan Team
PPP - Maximizing Forgiveness Webinar Recording
May 8, 2020
As businesses receive Paycheck Protection Loan funding as part of the CARES Act, attention has shifted to the proper use of the loan proceeds and what steps must be taken to maximize the amount of the loan that is forgiven. BMD SBA Loan Team Attorneys, Blake Gerney, C.J. Meager, Cassandra Manna and Nick Karam provided an overview of the loan forgiveness criteria under the CARES Act and the guidance provided by the U.S. Small Business Administration. They also analyzed and discussed common concerns with the application of the loan forgiveness criteria and the uncertainty being encountered by many business owners.
Blake Gerney, C.J. Meager, Cassandra Manna & Nick Karam
Main Street Lending Program Waiting for Green Light from Congress – What We Know Now
April 17, 2020
What is the Main Street Lending Program? In response to the COVID-19 pandemic, the Federal Reserve established the Main Street Lending Program (“MSLP”) to enhance support for small and mid-size business that were in good financial standing before the pandemic. There are two subcategories to the MSLP: the Main Street New Loan Facility (“MSNLF”), which applies to newly issued loans for a company, and the Main Street Expanded Loan Facility (“MSELF”), which applies to refinancing of existing loans of a company. The main focus of MSLP is to retain employees (at least 90% of a business’s employees as of February 1, 2020). It is also intended to alleviate slow cash flow stress on profitable businesses.
Cassandra L. Manna & the BMD SBA Loan Team