B. Scott Higgins
Partner/Director
516-393-2254
Finance and Banking
- Overview
- Attorneys
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Garfunkel Wild’s Finance and Banking Practice Group represents borrowers, including, but not limited to, hospitals, skilled nursing providers, ambulatory care facilities, physician practices, and other medical providers, as well as commercial banks and other traditional and non-traditional funding entities, in a variety of complex and sophisticated financing transactions. Whether representing borrowers or lenders, our integrated practice is able to draw on the unparalleled knowledge base of the firm’s regulatory and reimbursement specialists to provide our clients with innovative solutions to the unique challenges in structuring, negotiating, and closing health care credit facilities.
Our Finance and Banking Practice Group advises our clients in the following representative areas:
- Traditional commercial financing, including term loans, mortgages, acquisition financing, asset-based lending, accounts receivable loans, revolving credit facilities, lines of credit, and capital leases
- Tax-exempt financing and PILOT agreements with a variety of issuers, including the Dormitory Authority of the State of New York (DASNY), the New Jersey Health Care Facilities Financing Authority (NJHCFFA), local development corporations (LDCs), industrial development agencies and authorities (IDAs) and other governmental and quasi-governmental non-taxable issuers
- HUD-insured and bridge-to-HUD financing
- Equipment acquisition and leasing, with both tax-exempt and traditional equipment lessors
With Garfunkel Wild’s specialized focus and particular expertise, our Finance and Banking Practice Group is a recognized leader in health care financing. In turn, that has allowed us to develop long-term relationships with the lenders, regulators, payors, and other significant parties routinely involved in any health care capital plan. This, with our team-oriented and solutions-focused practice, allows us to execute our clients’ capital strategy on a seamless and cost-effective basis.
Practice Group Contacts
Team
NY DOH Publishes FAQs Regarding Reporting of Health Care Transactions
In March, the New York Department of Health (DOH) published “frequently asked questions” (FAQs) related to the law that requires “health care entities” party to a “material transaction” to report the transaction to the DOH in advance.
CTA Reporting Requirements Partially Suspended
In a surprising new development that comes just days after a temporary ban on the Corporate Transparency Act's (CTA) beneficial ownership information (BOI) reporting requirements was lifted, the U.S. Department of the Treasury (Treasury Department), Financial Crimes Enforcement Network (FinCEN) announced in a March 2nd press release that it will not enforce the BOI reporting requirements against U.S. citizens and domestic reporting companies.
Corporate Transparency Act Reporting Requirements Back in Effect
Following nearly a year of legal challenges, the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect, with a current filing deadline of March 21, 2025.
New York Proposes More Scrutiny for Health Care Transactions
On January 21, 2025, New York Governor Kathy Hochul released the proposed FY 2026 New York State Executive Budget, which includes enhanced scrutiny of material transactions involving health care entities.
Appeals Court Reverses Itself and Again Suspends the Corporate Transparency Act’s Reporting Rule
On December 26, 2024, the Fifth Circuit Court of Appeals issued an unsigned order that once again pauses the federal government’s ability to enforce the Corporate Transparency Act (CTA) and its “Reporting Rule.” As we have previously explained, that rule requires the vast majority of privately held entities in the United States to report detailed information about their “beneficial owners” (BOI Report) to the Financial Crimes Enforcement Network. The rule was initially blocked by a Texas federal district court on December 3, 2024, but on December 23, 2024 a three-judge panel of the Fifth Circuit reversed the district court’s ruling and temporarily allowed the CTA and Reporting Rule to move forward. The December 26 order was issued by a different panel of judges, who restored the district court’s ruling while they consider the government’s emergency appeal.
Appeals Court Reinstates the Corporate Transparency Act
On December 23, 2024, the Fifth Circuit Court of Appeals issued an order allowing the federal government to enforce the Corporate Transparency Act (CTA) and its “Reporting Rule.” Under that rule, the vast majority of privately held entities created or registered to do business in the United States (Reporting Companies) must report detailed information about their owners to the Financial Crimes Enforcement Network (FinCEN). The reporting requirement had been paused by a Texas federal district court just under three weeks earlier, on December 3, 2024. The Fifth Circuit ruling reverses the Texas district court’s ruling pending the government’s appeal.
Federal Court Enjoins the Corporate Transparency Act
On December 3, 2024, a federal district court in Texas issued a nationwide injunction that prohibits the federal government from enforcing the Corporate Transparency Act (CTA) and the regulation that requires corporate entities registered under state law to report detailed information about ownership.
Scam Alert: Fake IRS Form 9710 Targeting Businesses
Fraudsters use fake “Form 9710” to target businesses in an attempt to steal information, including the entity’s identity and/or the owners/officers’ identities. Newly formed entities, such as corporations, partnerships, and limited liability companies, in particular, are being targeted. New entities often receive fake Internal Revenue Service (IRS) mailings and solicitations, which are scams.
NY Upends CDPAP Fiscal Intermediary Framework
The recently enacted New York State (NYS) budget for fiscal year 2025 significantly changed who can be a Fiscal Intermediary (FI) under the state’s Consumer Directed Personal Assistance Program (CDPAP). This change was made by amendment to Social Services Law (SSL) § 365-f by eliminating the CDPAP request for offers (RFO) process that was in place for designating FIs (RFO #20039).
FTC Bans Non-Competes Across the Nation
On Tuesday, April 23, 2024, the Federal Trade Commission (FTC) promulgated a final rule banning most non-compete agreements, in any industry, and is set to become effective 120 days after its publication in the Federal Register (the “Final Rule”).
Federal District Court Declares Corporate Transparency Act Unconstitutional
On March 1, 2024, the United States District Court for the Northern District of Alabama declared the Corporate Transparency Act (CTA) unconstitutional.
Wolters Kluwer – The Road to Compliance: Understanding the Corporate Transparency Act and FinCEN Beneficial Ownership
Steven R. Antico and J. David Morrissy will break down the Beneficial Ownership Information Reporting Requirements and how the requirements will affect your business.
FinCEN’s Beneficial Ownership Information Reporting Portal is Now Available
On January 1, 2024, the United States Department of Treasury’s Financial Crimes Enforcement Network ("FinCEN") opened its Beneficial Ownership Secure System ("BOSS") portal to the public and began accepting Beneficial Ownership Information Reports ("BOI Reports") from Reporting Companies pursuant to the Corporate Transparency Act (“CTA”).
Beware of Fraudulent Efforts to Obtain FinCEN Beneficial Ownership Information
This alert is intended to warn recipients to be wary of fraudulent notices demanding recipients to provide their Beneficial Ownership Information ("BOI") through channels other than those secured by FinCEN.
The Road to Compliance: Understanding the Corporate Transparency Act and FinCEN Beneficial Ownership Reporting Requirements
As of January 1, 2024, many companies in the United States will have to file a Beneficial Ownership Information Report with FinCEN pursuant to the implementing regulations of the Corporate Transparency Act passed in 2021. Join us for an in-depth review of the Corporate Transparency Act.
Franchise Regulations in the Context of the MSO Model
Associate, Weston Harty authored the article "Franchise Regulations in the Context of the MSO Model", published in the New York State Bar Association Health Law Journal (2023 - Vol. 28 - No.1).
Connecticut Orthopaedic Society Webinar “Is Private Equity Right for You?”
Garfunkel Wild’s Barry Cepelewicz and Kimberly Kempton-Serra will present at the Connecticut Orthopaedic Society/Massachusetts Orthopaedic Association Webinar “Is Private Equity Right For You?” on December 8, 2021 from 7-8pm.
Borrowers of Large PPP Loans to Receive Loan Necessity Questionnaire
The Small Business Administration (“SBA”) has announced that it intends to issue two questionnaires which will be required to be completed by borrowers of Paycheck Protection Program (“PPP”) loans with principal amounts in excess of two million dollars ($2,000,000.00)
Medicus IT Town Hall Webinar – Successfully Navigating the ‘New Normal’: What ASCs Need to Know
Andrew E. Blustein will present at Medicus It Town Hall Webinar – Successfully Navigating the ‘New Normal’: What Ascs Need to Know on September 16, 2020.
Treasury Issues Guidance on Review Procedures and Loan Forgiveness Regarding Paycheck Protection Program
On May 22nd, the Department of the Treasury issued two new interim final rules relating to the Paycheck Protection Program (“PPP”). These are the Interim Final Rule on SBA Loan Review Procedures and Related Borrower and Lender Responsibilities and the Interim Final Rule on Loan Forgiveness.
Garfunkel Wild’s Finance and Banking Practice Group represents borrowers, including, but not limited to, hospitals, skilled nursing providers, ambulatory care facilities, physician practices, and other medical providers, as well as commercial banks and other traditional and non-traditional funding entities, in a variety of complex and sophisticated financing transactions. Whether representing borrowers or lenders, our integrated practice is able to draw on the unparalleled knowledge base of the firm’s regulatory and reimbursement specialists to provide our clients with innovative solutions to the unique challenges in structuring, negotiating, and closing health care credit facilities.
Our Finance and Banking Practice Group advises our clients in the following representative areas:
- Traditional commercial financing, including term loans, mortgages, acquisition financing, asset-based lending, accounts receivable loans, revolving credit facilities, lines of credit, and capital leases
- Tax-exempt financing and PILOT agreements with a variety of issuers, including the Dormitory Authority of the State of New York (DASNY), the New Jersey Health Care Facilities Financing Authority (NJHCFFA), local development corporations (LDCs), industrial development agencies and authorities (IDAs) and other governmental and quasi-governmental non-taxable issuers
- HUD-insured and bridge-to-HUD financing
- Equipment acquisition and leasing, with both tax-exempt and traditional equipment lessors
With Garfunkel Wild’s specialized focus and particular expertise, our Finance and Banking Practice Group is a recognized leader in health care financing. In turn, that has allowed us to develop long-term relationships with the lenders, regulators, payors, and other significant parties routinely involved in any health care capital plan. This, with our team-oriented and solutions-focused practice, allows us to execute our clients’ capital strategy on a seamless and cost-effective basis.
Practice Group Contacts
Team
NY DOH Publishes FAQs Regarding Reporting of Health Care Transactions
In March, the New York Department of Health (DOH) published “frequently asked questions” (FAQs) related to the law that requires “health care entities” party to a “material transaction” to report the transaction to the DOH in advance.
CTA Reporting Requirements Partially Suspended
In a surprising new development that comes just days after a temporary ban on the Corporate Transparency Act's (CTA) beneficial ownership information (BOI) reporting requirements was lifted, the U.S. Department of the Treasury (Treasury Department), Financial Crimes Enforcement Network (FinCEN) announced in a March 2nd press release that it will not enforce the BOI reporting requirements against U.S. citizens and domestic reporting companies.
Corporate Transparency Act Reporting Requirements Back in Effect
Following nearly a year of legal challenges, the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect, with a current filing deadline of March 21, 2025.
New York Proposes More Scrutiny for Health Care Transactions
On January 21, 2025, New York Governor Kathy Hochul released the proposed FY 2026 New York State Executive Budget, which includes enhanced scrutiny of material transactions involving health care entities.
Appeals Court Reverses Itself and Again Suspends the Corporate Transparency Act’s Reporting Rule
On December 26, 2024, the Fifth Circuit Court of Appeals issued an unsigned order that once again pauses the federal government’s ability to enforce the Corporate Transparency Act (CTA) and its “Reporting Rule.” As we have previously explained, that rule requires the vast majority of privately held entities in the United States to report detailed information about their “beneficial owners” (BOI Report) to the Financial Crimes Enforcement Network. The rule was initially blocked by a Texas federal district court on December 3, 2024, but on December 23, 2024 a three-judge panel of the Fifth Circuit reversed the district court’s ruling and temporarily allowed the CTA and Reporting Rule to move forward. The December 26 order was issued by a different panel of judges, who restored the district court’s ruling while they consider the government’s emergency appeal.
Appeals Court Reinstates the Corporate Transparency Act
On December 23, 2024, the Fifth Circuit Court of Appeals issued an order allowing the federal government to enforce the Corporate Transparency Act (CTA) and its “Reporting Rule.” Under that rule, the vast majority of privately held entities created or registered to do business in the United States (Reporting Companies) must report detailed information about their owners to the Financial Crimes Enforcement Network (FinCEN). The reporting requirement had been paused by a Texas federal district court just under three weeks earlier, on December 3, 2024. The Fifth Circuit ruling reverses the Texas district court’s ruling pending the government’s appeal.
Federal Court Enjoins the Corporate Transparency Act
On December 3, 2024, a federal district court in Texas issued a nationwide injunction that prohibits the federal government from enforcing the Corporate Transparency Act (CTA) and the regulation that requires corporate entities registered under state law to report detailed information about ownership.
Scam Alert: Fake IRS Form 9710 Targeting Businesses
Fraudsters use fake “Form 9710” to target businesses in an attempt to steal information, including the entity’s identity and/or the owners/officers’ identities. Newly formed entities, such as corporations, partnerships, and limited liability companies, in particular, are being targeted. New entities often receive fake Internal Revenue Service (IRS) mailings and solicitations, which are scams.
NY Upends CDPAP Fiscal Intermediary Framework
The recently enacted New York State (NYS) budget for fiscal year 2025 significantly changed who can be a Fiscal Intermediary (FI) under the state’s Consumer Directed Personal Assistance Program (CDPAP). This change was made by amendment to Social Services Law (SSL) § 365-f by eliminating the CDPAP request for offers (RFO) process that was in place for designating FIs (RFO #20039).
FTC Bans Non-Competes Across the Nation
On Tuesday, April 23, 2024, the Federal Trade Commission (FTC) promulgated a final rule banning most non-compete agreements, in any industry, and is set to become effective 120 days after its publication in the Federal Register (the “Final Rule”).
Federal District Court Declares Corporate Transparency Act Unconstitutional
On March 1, 2024, the United States District Court for the Northern District of Alabama declared the Corporate Transparency Act (CTA) unconstitutional.
Wolters Kluwer – The Road to Compliance: Understanding the Corporate Transparency Act and FinCEN Beneficial Ownership
Steven R. Antico and J. David Morrissy will break down the Beneficial Ownership Information Reporting Requirements and how the requirements will affect your business.
FinCEN’s Beneficial Ownership Information Reporting Portal is Now Available
On January 1, 2024, the United States Department of Treasury’s Financial Crimes Enforcement Network ("FinCEN") opened its Beneficial Ownership Secure System ("BOSS") portal to the public and began accepting Beneficial Ownership Information Reports ("BOI Reports") from Reporting Companies pursuant to the Corporate Transparency Act (“CTA”).
Beware of Fraudulent Efforts to Obtain FinCEN Beneficial Ownership Information
This alert is intended to warn recipients to be wary of fraudulent notices demanding recipients to provide their Beneficial Ownership Information ("BOI") through channels other than those secured by FinCEN.
The Road to Compliance: Understanding the Corporate Transparency Act and FinCEN Beneficial Ownership Reporting Requirements
As of January 1, 2024, many companies in the United States will have to file a Beneficial Ownership Information Report with FinCEN pursuant to the implementing regulations of the Corporate Transparency Act passed in 2021. Join us for an in-depth review of the Corporate Transparency Act.
Franchise Regulations in the Context of the MSO Model
Associate, Weston Harty authored the article "Franchise Regulations in the Context of the MSO Model", published in the New York State Bar Association Health Law Journal (2023 - Vol. 28 - No.1).
Connecticut Orthopaedic Society Webinar “Is Private Equity Right for You?”
Garfunkel Wild’s Barry Cepelewicz and Kimberly Kempton-Serra will present at the Connecticut Orthopaedic Society/Massachusetts Orthopaedic Association Webinar “Is Private Equity Right For You?” on December 8, 2021 from 7-8pm.
Borrowers of Large PPP Loans to Receive Loan Necessity Questionnaire
The Small Business Administration (“SBA”) has announced that it intends to issue two questionnaires which will be required to be completed by borrowers of Paycheck Protection Program (“PPP”) loans with principal amounts in excess of two million dollars ($2,000,000.00)
Medicus IT Town Hall Webinar – Successfully Navigating the ‘New Normal’: What ASCs Need to Know
Andrew E. Blustein will present at Medicus It Town Hall Webinar – Successfully Navigating the ‘New Normal’: What Ascs Need to Know on September 16, 2020.
Treasury Issues Guidance on Review Procedures and Loan Forgiveness Regarding Paycheck Protection Program
On May 22nd, the Department of the Treasury issued two new interim final rules relating to the Paycheck Protection Program (“PPP”). These are the Interim Final Rule on SBA Loan Review Procedures and Related Borrower and Lender Responsibilities and the Interim Final Rule on Loan Forgiveness.