Coolidge Wall Co., L.P.A.
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April 2020 Archives

Ohio Begins to Go Back to Work

On Monday, April 27, 2020, Ohio Governor DeWine announced Ohio's plan for nonessential business to return to normal operations. While Ohio's Stay at Home Order remains in place and gatherings of 10 people or more are generally not permitted, the Governor announced that certain businesses can open on the following timetable:

Business Interruption Insurance Claims and Denials - Your Coverage May Vary

Business interruption insurance is intended to cover income lost because ordinary operations are disrupted (typically by a natural disaster, but also because of government action in some cases). Has anything in recent memory been more disruptive to business operations than COVID-19?

Ohio Legislature to Consider "Business Interruption" Bill

A bill has been introduced in the Ohio House of Representatives to require insurance companies to cover businesses suffering losses during the COVID-19 pandemic. This bill would provide coverage for small businesses forced to shut down or cut back operations due to the state of emergency declared on March 9th by Governor DeWine. 

Ohio Enforcement Regarding "Essential" Business Determinations

As virtually all Ohio residents and business owners know, Dr. Amy Acton, the Director of Ohio's Department of Health, issued a "Stay at Home Order" on March 22, 2020, and issued an amended and extended Stay at Home Order through May 1, 2020, on April 2, 2020.

Federal Reserve Announces Roll Out of Main Street Lending Program

The Federal Reserve on April 9, 2020 announced the basic preliminary terms of its Main Street Lending Program ("MSLP") authorized under the CARES Act. The MSLP will enhance support for small and mid-sized businesses "that were in good financial standing before the crisis" by offering 4-year loans to companies employing up to 10,000 workers or with revenues of less than $2.5 billion.

Small Business Administration Provides Further Guidance on Key Payroll Protection Program Questions

The SBA FAQ PUBLISHED April 6, 2020, ( clarifies several issues for which many small businesses and their advisors have been seeking guidance.

UPDATED: Federal and State Courts in Ohio Extend Deadlines and Change Procedures

We previously reported that Ohio's General Assembly passed emergency COVID-19 legislation that "tolled" or postponed all statutory deadlines in the State of Ohio that otherwise would have expired between March 9, 2020 and July 30, 2020. That post can be found here

Updated Cash Flow Template with New PPP Loan Tracking Tool

The Paycheck Protection Program under the CARES Act offers critical capital to small businesses but has very specific and limited permitted uses. While the loans are potentially forgivable, there are important rules that limit and reduce forgiveness [Key Features and PPP Loans Interim Final Rule]. Coolidge Strategic Advisory Services has expanded its 13-week Cash Flow Projection Tool to include a tool for projecting and tracking use of PPP loan proceeds and optimizing the amount of loan forgiveness [13-week cash flow and PPP loan tracking templates V2 04132020.xlsx - Note: this file will automatically download to your computer into your Downloads files].

Changes in PPP Loan Program in the SBA's Interim Final Rule

On April 2, 2020, the SBA issued an "Interim Final Rule" providing interpretations and guidance for loans under the Payroll Protection Program ("PPP"). The interim rule is effective immediately despite the fact that the SBA will continue to take comments for 30 days. This is a first come, first served program that will continue until the earlier of June 30, 2020, or until the funds are exhausted. Secretary Mnuchin has indicated the President will request additional funds if the initial $350 billion is over-subscribed. Read more. Changes to PPP in SBA's Interim Final Rule.docx

New Bankruptcy Law with CARES Act Revisions Increases Help For Small Businesses

Congress has expanded the application of the Small Business Reorganization Act of 2019 (SBRA) to make available the streamlined and, therefore, less expensive form of business reorganization to more businesses.

SBA Issues Last Minute Interim Rule On Paycheck Protection Program Loans

On Thursday, April 2, 2020, the U.S. Small Business Administration (SBA) issued an Interim Final Rule (IRF), which constitutes the much-anticipated "Regulations" called for in the CARES Act on implementation of the Paycheck Protection Program (PPP). While the IRF is considered "interim" and requests public comments over a 30-day period, it is anticipated that lenders will rely on it once they begin accepting and processing applications for those small businesses seeking PPP loans. We previously explained the program in our blog post found here.

Ohio Health Director Continues "Stay at Home Order" Through May 1, 2020

On Thursday, April 2, 2020, Governor DeWine announced an Amended "Stay at Home" Order issued by Ohio Health Director Amy Acton, MD, MPH (the "Amended Order"). The Amended Order extends the original Order's two-week restrictions on the ability of individuals in Ohio to leave their residences, this time through May 1, 2020 at 11:59 PM.

Ohio Governor Issues Guidance for Commercial Lenders and Landlords

Ohio Governor Mike Dewine issued an Executive Order (Order 2020-08D) on April 1, 2020 requesting that landlords and lenders to small businesses provide rent and payment relief to their tenants/customers. Governor DeWine's order is here.

New IRS Guidance Requires Employees to Provide Information to Request Paid Leave

New guidance from the IRS, issued the evening of March 31, 2020, answers some of the questions left open by recent DOL publications on the issue of Emergency Paid Sick Leave (EPSL) and Expanded FMLA leave under the Families First Coronavirus Response Act (FFCRA).

SBA Affiliation Rules as They Pertain to the CARES Act

On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security ("CARES") Act. Our separate post outlines the Paycheck Protection Program ("PPP"), which is administered by the U.S. Small Business Administration (SBA), and is a distinct component of the Act. Inherent to the PPP (and other SBA loans modified by the Act), is the question of "affiliation" as it pertains to businesses, their owners, and their parent and subsidiary entities and affiliations. Importantly, the SBA's size and affiliation rules are broader than most common understandings of the affiliation concept in other aspects of the law and will play a pivotal role in determining whether or not a particular business may be eligible for a PPP (or other SBA) loan under the CARES Act.

Coolidge Wall Outlines Key Features of the Paycheck Protection Program For Your Business

The Paycheck Protection Program provides approximately $350 billion for a temporary supplement to the SBA's current loan program through which SBA-approved banks are authorized to make loans to qualifying eligible entities. The PPP has three key components:

Stay at Home Order Enforcement Underway in Montgomery County, Ohio

The Dayton Daily News reported this morning (April 1, 2020) that 270 Montgomery County sites are being investigated for failing to comply with Ohio's Stay at Home Order.