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Elizabeth Fast

Partner

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T 816.292.8861
F 816.474.3216
efast@spencerfane.com

Coronavirus Aid, Relief, and Economic Security Act: What Small Businesses and Lenders Need to Know

Summary

The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) is the largest financial assistance legislation ever enacted, and was signed into law on March 27, 2020.  It allocates $2 trillion for businesses, individuals, federal agencies, and state and local governments, and was designed to distribute capital quickly and broadly.

Be Proactive and Prepared Regarding Existing Loans

Banks must be proactive and prepared to assist their borrowers in the uncertain times ahead.  Here are several recommendations as to the things your bank can be doing to be proactive and prepared with respect to your loan portfolio.

Document Retention Policy for Banks

Document retention sounds like a boring topic until you realize that your bank can be subject to huge monetary damages and possible regulatory action if it doesn’t handle document retention correctly. In the old days, banks could simply keep every document forever to be on the safe side. That isn’t a practical alternative in today’s environment. Nowadays, retaining documents after their useful date can actually harm the bank.

Volume 7A, MISSOURI PRACTICE SERIES, Business Organizations in Missouri (West 1991)

The multivolume Legal Forms is the most extensive collection of Missouri forms and analysis available in the state. The forms are annotated, well-indexed, and cross-referenced to simplify drafting, and are accompanied by commentary, analysis, and drafting tips. The collection covers all major areas of business practice, including:

  • Real estate transactions
  • Leases
  • Building and construction agreements
  • Estate planning
  • Business organizations
  • Much more

Have you revised your Reg E disclosures to take advantage of the recent changes in Kansas Law?

Effective July 1, 2015, a Kansas bank can reduce its liability for fraudulent electronic fund transfers on a consumer account by revising its Reg E disclosures.

Kansas City Passes Ordinance Requiring Building Owners to Disclose Energy and Water Usage

On June 4, 2015, by a 12-1 vote, the City Council of Kansas City, Missouri, passed the Energy Empowerment Ordinance (No. 150299) that will require building owners to disclose energy and water usage.