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Blog

https://www.bankingandfinancelawreport.com/

The Banking & Finance Law Report blog is devoted to highlighting news and trends in the banking and financial industry. 

Recent Blog Posts

  • The CARES Act: Changes to the U.S. Bankruptcy Code By Jack Meadows    On March 27, 2020, President Donald Trump signed the Coronavirus Aid, Relief and Economic Security (CARES) Act into law. Among other things, the CARES Act made some important changes to the U.S. Bankruptcy Code. Specifically, the CARES Act modified subchapter V of the bankruptcy code to make it more widely available to small businesses. The Small Business Reorganization Act (SBRA), which became effective on Feb. 19, 2020, created subchapter V. It was enacted to eliminate hindrances that might deter... More
  • Supreme Court of Ohio tolls civil deadlines during COVID-19 emergency period By Grant Stephenson    In response to the COVID-19 pandemic, Ohio’s legislative, executive, and judicial branches are working together to clarify requirements for civil litigants and alleviate mounting pressure on Ohio’s courts. My colleague Sean Klammer explains in this Porter Wright Law Alert. ... More
  • Financial relief for small businesses under the CARES Act & eligibility FAQs By Jack Meadows and Cassandra Rice    The third phase of COVID-19 legislation was signed into law on Friday, March 27, 2020, and has been named the Coronavirus Aid, Relief and Economic Security Act (CARES Act). For small businesses, this legislation means that $349 billion in stimulus dollars is heading out to eligible small businesses, sole proprietors, ESOPs, non-profits, veterans organizations, and other tribal business concerns, to provide assistance maintaining payroll and employee benefits, along with overhead costs. My colleague Cassandra Rice... More
  • Ohio extends income tax filing and payment deadline By Gerhard Schulte    The Ohio Department of Taxation announced on March 27, 2020 that Ohio will be following the federal government and IRS in extending the deadline to file and pay state income tax. Please refer to our prior post for more information on the federal deadline change. The Ohio deadline for state income taxes is now July 15, 2020, rather than April 15. This extension is intended to help taxpayers deal with the economic impact of COVID-19 and the public safety... More
  • IRS clarifies information about delayed federal tax filing and payment deadlines By Gerhard Schulte    In response to the COVID-19 pandemic and the increased strain placed on individuals and business taxpayers during this time, the IRS has pushed back certain payment and filing deadlines to ease the burden on taxpayers. The Treasury Department and Internal Revenue Service (IRS) announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020 to July 15,... More
  • Tax credits available under the Families First Coronavirus Response Act By Grant Stephenson    The Families First Coronavirus Response Act (FFCRA) requires employers with fewer than 500 employees to make payments for COVID-19 related FMLA leave and paid sick leave required by the act. To lessen this financial burden to employers, the act provides for refundable tax credits to offset payroll taxes. My colleague Victoria Hanohano-hong details the credits in her post on the Employee Benefits Law Report Blog. ... More
  • Financial institutions encouraged to work with borrowers affected by COVID-19 By Grant Stephenson and Jack Meadows    Several governmental agencies have issued a statement encouraging financial institutions to work with borrowers affected by the COVID-19 pandemic. The Board of Governors of the Federal Reserve System, Conference of State Bank Supervisors, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation,  National Credit Union Administration, and Office of the Comptroller of the Currency issued a press release on March 22, 2020. The agencies said they will not criticize financial institutions who work with such borrowers and... More
  • Financial services sector classified as critical infrastructure By Grant Stephenson and Jack Meadows    On March 22, 2020, Steve Mnuchin, Secretary of the Treasury, released a memorandum providing that the financial services sector is identified as Critical Infrastructure Sector by the Department of Homeland Security. This means that despite the restrictions put in place to slow the spread of COVID-19, essential workers in the financial services sector must maintain their operations and work schedules. According to the memorandum, essential workers in the financial services sector include workers who are needed... More
  • Employer disclosures of COVID-19 diagnoses By Grant Stephenson    As more test kits become available for COVID-19 and an increasing number of people are tested, there will be more positive diagnoses. As our colleague Victoria Hanohano-hong writes, a combination of federal privacy laws prevent an employer from disclosing the identity of an infected employee without authorization. Read the full post on the Employee Benefits Law Report.   ... More
  • Ohio “Stay at Home” order limits business operations to slow spread of COVID-19 By Grant Stephenson    The director of the Ohio Department of Health signed a “Stay at Home” order on March 22, 2020, calling on all Ohioans to stay at home or at their place of residence unless conducting or participating in essential activities, essential governmental functions, or essential businesses and operations. Our colleague, Adam Bennett, lays out what this order means for Ohio businesses. Read the full post on the Employer Law Report Blog. ... More