Davis|Kuelthau is partnering with the Metropolitan Milwaukee Association of Commerce and the Milwaukee 7 Regional Partnership to present the M7 Annual (virtual) Forum, The Great Reset: Rebuilding to the Next Normal on May 26, 2021, from 8:00 AM - 12:00 Noon CST. The COVID-19 crisis has placed the leaders of Southeast Wisconsin at a crossroads of balancing short-term challenges with long-term...
On April 28th, 2021, President Biden revealed a slew of tax proposals. One of these proposals involved curtailing the use of a long-standing planning tool -- the Tax Deferred Like-Kind Exchange. Flowing from Section 1031 of the Internal Revenue Code, Section 1031 exchanges are a key component of the investment real estate market, especially for small to mid-size investors. Section 1031 exchanges...
Davis|Kuelthau Commercial Finance and Corporate attorney, Lawrence J. Glusman recently sat down with David Cody, Chief Executive Officer and Founder at ACAP to discuss the improvements and other changes in the second round of the Paycheck Protection Program. The discussion was moderated by Jason Monnett, Senior Vice President and the Senior Lender at WBD, Inc. Their commentary was featured in...
Click here to access the on-demand video. Click here to access the powerpoint presentation. The new COVID-19 Relief bill, signed into law on December 27, provides additional economic relief for business owners if you know what to look for. In addition, the new administration will mean more change is on the horizon. What are the immediate opportunities for your business, and what will the...
By: Lawrence J. Glusman On October 2, 2020, the Small Business Administration (SBA) issued a procedural notice regarding changes of ownership of an entity that has received Paycheck Protection Program (PPP) funds. The notice does three main things – defines when a “change of ownership” is deemed to have occurred, details when and how lenders may unilaterally approve an ownership change, and...
By: Lawrence J. Glusman On June 16, 2020, the SBA released a revised PPP loan forgiveness application form and instructions, along with a brand new “EZ” version and instructions. The forms implement provisions of the recent PPP Flexibility Act of 2020 (signed into law on June 5, 2020) and address criticism that the original forgiveness application was too cumbersome and document intensive. For...
Click here to view the Webinar On-Demand. Click here to access the PowerPoint Presentation. You’ve heard about the new PPP Flexibility Act of 2020, but what does it mean for your business? The Act may be relatively straightforward, but for many the decision process is not. Options have been expanded since you applied for the loan back in April and May. Will the Act benefit your business? How do...
On June 3, 2020, the Senate passed H.R. 7010 (previously passed by the House on May 28, 2020) entitled the Paycheck Protection Program Flexibility Act of 2020 (the “PPPFA”). Once signed into law by the President, the PPPFA will amend the CARES Act in several meaningful ways. The highest profile change is to the definition of “covered period” which now shifts from 8 weeks from loan origination to...
On May 15, 2020, the SBA and the Treasury Department released the long-awaited Paycheck Protection Program (PPP) loan forgiveness application and detailed instructions. They also announced that additional regulations and guidance would soon issue to further assist borrowers as they complete their applications, and to assist lenders with their responsibilities. The SBA explained that the...
By: Lawrence J. Glusman Second Round of May 13, 2020 SBA Updates | New PPP FAQ #47 Published 47. Question: An SBA interim final rule posted on May 8, 2020 provided that any borrower who applied for a PPP loan and repays the loan in full by May 14, 2020 will be deemed by SBA to have made the required certification concerning the necessity of the loan request in good faith. Is it possible...
