Practice Area

Finance & Banking

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Regardless of the financial climate and ever-changing regulatory environment, Dunlap Seeger provides smart counsel for financial institutions from small to midsize banks to regional lenders. With our depth of relevant knowledge and experience—from bankruptcy, restructuring and workout matters, commercial lending, loan transactions to litigation and more—we provide clients with smart, sophisticated representation for practical solutions that are in their best interest.

 

Related Services


  • Bankruptcy, Restructuring & Workouts
  • Commercial Lending
  • Creditors Rights (including foreclosures and other collection actions)
  • Litigation
  • Loan Transactions

Client Results Coming Soon.

June 17, 2020 Dunlap Seeger

Paycheck Protection Program: New Interim Final Rules and Forgiveness Applications

The SBA and Treasury have released new Paycheck Protection Program guidance and forgiveness applications. This new material addresses changes brought by the Paycheck Protection Program Flexibility Act, including those to PPP loan maturity, deferral, and forgiveness. Interim Final Rule on Revisions to First Interim Final Rule clarifies that spending 60 percent of PPP proceeds on payroll costs is not a cliff requirement. Put differently, if a borrower spends only 59 percent of PPP proceeds on payroll costs, the borrower will receive More +
June 17, 2020 Dunlap Seeger

Minnesota Small Business Relief Grants

We are also monitoring Minnesota House File 5, which approves approximately $62 million for grants to small businesses. Half of this amount will go to businesses outside the metro area. A business will be eligible if it is owned by a permanent resident of Minnesota, is located in Minnesota, employs 50 full-time workers or less, is in good standing with the secretary of state and department of revenue, and can demonstrate financial hardship as a result of COVID-19. Eligible businesses may More +
June 08, 2020 Dunlap Seeger

Paycheck Protection Program Flexibility Act Becomes Law

President Trump has signed the Paycheck Protection Program Flexibility Act of 2020 (the “Act”). The Act makes several important revisions to the Paycheck Protection Program. It: extends the covered period to use funds for eligible expenses from 8 weeks to the earlier of 24 weeks or December 31, 2020; reduces the percentage of eligible expenditures that must be used on “payroll costs” from 75 percent to 60 percent (but the 60-percent requirement is a cliff requirement: if the borrower does More +
May 19, 2020 Dunlap Seeger

PPP Forgiveness Application Released

The SBA and Treasury recently released Form 3508, the long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application. Here’s an overview. Form 3508 has four parts: a forgiveness-calculation form, a Schedule A, a worksheet for Schedule A, and a borrower-demographic form. You’ll need to submit the first two parts to your lender, along with verifying documentation. The Form identifies an October 31, 2020 “Expiration Date,” which implies a Halloween deadline. Keep the Schedule A worksheet on file. The borrower-demographic form is optional. More +
May 14, 2020 Dunlap Seeger

Most PPP Borrowers Receive Certification Safe Harbor

The SBA and Treasury issued new guidance on PPP loan-request certifications. Most PPP borrowers will now benefit from an automatic safe harbor, which should remove certification questions for loans under $2 million. Specifically, the guidance says that borrowers that “received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith.” Most PPP borrowers will benefit because very few PPP loans exceed More +
May 11, 2020 Dunlap Seeger

Survey of Property Tax Deferments in Southeastern Minnesota

Many counties in Minnesota have passed property tax deferments and penalty waivers for the first installment due May 15. The following is a survey of the current property tax relief measures in southeastern MN counties: Olmsted County The Olmsted County Board of Commissioners approved a one-time, temporary abatement of penalties and interest which would normally accrue following late property tax payments. The county Board has extended the first half payment deadline from May 15th to July 15, 2020. The abatement of More +
April 29, 2020 Dunlap Seeger

Paycheck Protection Program: New Disbursement Rule

The Small Business Administration recently released another interim final rule. This rule relates to disbursements of Paycheck Protection Program loans. It announces that borrowers may not take multiple draws to delay the start of the 8-week covered period. Under the CARES Act, the covered period is important for determining loan forgiveness. The Paycheck Protection Program FAQs had created confusion. The answer to Question 20 says that the 8‑week covered period “begins on the date the lender makes the first disbursement.” “First disbursement” implied More +
April 25, 2020 Dunlap Seeger

New Repayment Safe Harbor for Companies That Didn’t Need a PPP Loan

On Friday, the SBA issued another set of rules for the Paycheck Protection Program. No, these are not the much-needed rules and guidance on forgiveness, which we still await. These new rules cover a variety of topics, including certain requirements for promissory notes for lenders, clarification on certain eligible businesses (including a prohibition on hedge fund participation), eligibility of companies with ESOPs, and eligibility of businesses currently in bankruptcy. Perhaps the most notable piece is a new repayment safe harbor for More +
April 09, 2020 Dunlap Seeger

Main Street Business Lending Program

Today, the Treasury and Federal Reserve Board announced the establishment of the Main Street Business Lending Program. According to the Treasury Secretary, the program is aimed at making a “significant difference” for medium-sized businesses. Under the program, the Fed will facilitate lending to businesses with less than 10,000 workers or $2.5 billion in revenue. Borrowers are required to attest that the financing is required due to exigent circumstances presented by the COVID-19 pandemic and that reasonable efforts will be made to More +
March 28, 2020 Dunlap Seeger

The CARES Act–Paycheck Protection Program

The Paycheck Protection Program is a significant piece of the recently-passed Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). It is designed to help nonprofit and for‑profit businesses with less than 500 employees cover payroll and other expenses. Under the Program, small businesses may receive cash-flow assistance in the form of loans administered through banks and credit unions. Loan proceeds may be used to cover payroll, mortgage and debt interest, rent, and utilities. To qualify, the borrower must More +
January 26, 2020 Dunlap Seeger

Chapter 11 Bankruptcy can Reduce Obligations to Shareholders

Companies have financial obligations to many different parties. When a business hires people to work, they have an obligation to fulfill the promises made regarding that employment, including the payment of wages. Companies also have financial obligations to local and federal government agencies because they must collect and pay taxes. Businesses can also incur additional financial obligations to creditors that help them fund expansions, suppliers who do not demand payment up front, and shareholders or investors that use their own More +
October 12, 2019 Dunlap Seeger

Can You Avoid Taxes With a Trust?

You should have a professional look at the tax implications of any terms you include in or changes you make to your estate plan in Minnesota. The documents that support your plan probably deal with a variety of laws, from the municipal level up to the federal level. This diversity makes attention to detail important, especially when you are trying to minimize the tax burden on your estate. While there are many techniques and tools by which you can do More +
October 09, 2019 Dunlap Seeger

Reasons Businesses May File for Bankruptcy

Business owners often want to ensure their organization is successful in creating value and bringing in profits. However, there may be some cases where a business does not achieve those goals for an extended period, which can push it into bankruptcy. While owners may hold some level of responsibility, there are several reasons why bankruptcy can occur. Causes of Chapter 11 These are a number of factors that may contribute: State of the market: If the overall economy or the business’s More +
September 29, 2019 Dunlap Seeger

What Debts Can You Discharge in Personal Bankruptcy?

Bankruptcy is an area of law shrouded in mystery. The people who go through bankruptcy proceedings are often loathe to discuss it with their peers, worrying that people might judge them for experiencing financial hardship. Unfortunately, that means that many people who would likely benefit from bankruptcy are hesitant to file because they don’t really understand what bankruptcy involves. One of the biggest concerns that many people have about bankruptcy is that it won’t address their major debts, as bankruptcy More +
August 01, 2019 Dunlap Seeger

The Primary Advantages of Chapter 7 Bankruptcy

The decision to file for Chapter 7 bankruptcy is never an easy one. Even if you understand the pros and cons, you may still have some reservations about pushing forward. This is natural, as filing for bankruptcy is one of the biggest financial decisions you’ll ever make. Understanding the primary advantages of Chapter 7 bankruptcy will help you decide if it’s the right decision for you at the present time: A new financial beginning: For the most part, Chapter 7 bankruptcy gives you More +
June 01, 2019 Dunlap Seeger

Considering the Potential of Buying Out Another Company

For business owners in Minnesota, the prospect of buying out an existing company and recreating organizational processes to match their initiative is both an exciting and risky decision. While the sheer weight of such a critical decision can be enough to turn some away, those who follow through with their idea may realize incredible opportunity if they implement the right strategies from the onset of their quest to buy out another company. The choice to acquire the assets of another More +
May 31, 2019 Dunlap Seeger

Bankruptcy Could Actually Help You Keep Your House

When people hear the word bankruptcy, they all too often immediately start to imagine losing everything they own and living in poverty. Bankruptcy, after all, means that you have reached a point where your debt overwhelms you and your income can no longer offset your financial obligations adequately. However, even people who make six-figure salaries can find themselves in need of bankruptcy protections, and filing for bankruptcy doesn’t mean you can’t recover financially afterward or have a better future. It More +
March 02, 2019 Dunlap Seeger

Medical Debt From Cancer is a Common Cause of Bankruptcy

People come from all over to seek treatment and medical care at the Mayo Clinic. Individuals who live in Minnesota and throughout the Midwest come here for treatments and medications still in the research phase that they could not access elsewhere. They also come for access to cutting-edge machinery and procedures. Unfortunately, experimental or brand new procedures and medications often carry massive price tags. Researchers and medical companies use costs that they pass along as one way to offset the More +

Attorneys

John C. Beatty
Attorney | Shareholder
jcb@dunlaplaw.com

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Robert G. Benner
Attorney | Shareholder
rgb@dunlaplaw.com

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Daniel E. Berndt
Attorney | Shareholder
deb@dunlaplaw.com

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Paul W. Bucher
Attorney | Shareholder
pwb@dunlaplaw.com

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Aurora M. DeCook
Attorney
adc@dunlaplaw.com

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