Monday, May 4, 2020
May 4, 2020By Curry Sexton The Economic Development Council of Kansas City (EDCKC), in partnership with the City of Kansas City, Missouri (KCMO), recently announced that it is now accepting loan applications to help ease some of the financial burden imposed upon small businesses by COVID-19. EDCKC, also known as LoanUp, was provided $500,000 by […]
Monday, May 4, 2020
May 4, 2020 By Heath Hoobing & John Fuchs On May 1, 2020, the Internal Revenue Service announced that business expenses paid with a forgiven federal Small Business Act (SBA) loan are not deductible. As we reported in a previous post, the federal CARES Act significantly expanded the SBA Section 7(a) loan program by creating […]
Thursday, April 30, 2020
By Curry SextonApril 30, 2020 Mayor Quinton Lucas announced a plan Wednesday for a phased reopening of Kansas City businesses and institutions that have been closed down during the COVID-19 pandemic and related emergency order. Under the plan, a new emergency order (the “Order”) will go into effect at 12:01 a.m. on Wednesday, May 6 […]
Thursday, April 30, 2020
April 30, 2020By Curry Sexton and Greg Whiston The NCAA Board of Governors announced Wednesday that it supports rule changes that would enable student-athletes to receive compensation for third-party endorsements, social media influencing, personal appearances, and other promotions that are both related to and separate from athletics. The compensation that student-athletes would become entitled to […]
Wednesday, April 29, 2020
By: John Fuchs, Bailie Schnackenberg, and Char Heins April 29, 2020 Recent publicity regarding large business entities obtaining millions of dollars in Paycheck Protection Program (“PPP”) loans has resulted in additional guidance from the Department of Treasury and the Small Business Administration (“SBA”) regarding eligibility for the PPP. In particular, the Treasury Department has issued […]
Tuesday, April 28, 2020
April 28, 2020 By Mark Opara and Emily Crane On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) into law, allocating $100 billion in funding for eligible healthcare providers. Of this $100 billion, now known as the CARES Act Provider Relief Fund (the “Fund”), $50 billion is […]
Thursday, April 16, 2020
April 16, 2020By John Fuchs, Bailie Schnackenberg, and Char Heins All Paycheck Protection (PPP) loan applicants should be aware that PPP loan documents vary by lender. Some lenders are including language in their promissory notes that appear to create joint and several liability for all individuals and entities signing the note. As of this writing, […]
Wednesday, April 15, 2020
April 15, 2020By: Mark Opara, Bailie Schnackenberg, and Emily Crane The recently enacted CARES Act provides much needed relief for providers in areas impacted by the COVID-19 pandemic and providers struggling to keep their doors open due to healthy patients delaying care and cancelling elective services. On April 10, 2020, the U.S. Department of Health […]
Monday, April 6, 2020
April 6, 2020By Mark Opara and Brandon Oldham Employee Retention Tax Credit The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, offers employers an incentive to keep employees on their payroll, in the form of an employee retention tax credit (Employee Retention Credit). Employers may claim the Employee Retention […]
Friday, April 3, 2020
By: Bailie Schnackenberg,Char Heins and John FuchsUPDATED April 3, 2020 The recently enacted CARES Act provides much needed relief for small business and mid-sized businesses in the Kansas City area and across the nation through various lending programs, some of which include forgivable grant type portions of such loans for qualifying expenses. Paycheck Protection Program […]