On the evening of March 31, 2020, the Small Business Administration (SBA) released the loan application for the Paycheck Protection Program (PPP) and an information sheet containing loan guidelines. This updates our prior Alert.
To read the full text of this Duane Morris Alert, please visit the firm website.
In response to the COVID-19 pandemic, federal, state and local governments are ushering in an array of programs and tax relief measures to help mitigate the adverse economic impact of COVID-19 on business and nonprofit entities.
In addition to the economic incentive provisions and programs that are available through the new federal CARES Act, including the $350 billion Paycheck Protection Program (PPP) and the U.S. Small Business Administration’s (SBA) Emergency Injury Disaster Loan (EIDL) program, Maryland has offered a number of new economic assistance programs, tax relief measures and deadline extensions to help businesses and individuals impacted by the COVID-19 pandemic.
To read the full text of this Duane Morris Alert, please visit the firm website.
Many small and mid-sized businesses are facing unprecedented challenges in dealing the COVID-19 pandemic. In many states, “non-essential” businesses have faced complete shutdowns. In the face of COVID-19, small and mid-sized businesses face myriad challenges and it can be overwhelming to try to tackle them with limited human and capital resources. The below is a list of key risk-mitigation items that should be priorities for small and mid-sized businesses as they face remote working challenges and capital crunches. Continue reading “Considerations for Small and Mid-Sized Businesses in Responding to COVID-19 Pandemic”
Enacted on March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) is the largest economic stimulus package in American history, providing $2 trillion in essential financial, medical and economic assistance to industries, businesses and individuals affected by this global health and financial crisis. Since the early stages, the Duane Morris COVID-19 Strategy Team has been closely monitoring developments and advising clients on the complex legal issues and far-reaching implications of the pandemic. Our attorneys have reviewed the key provisions of the CARES Act and have summarized the significant benefits, resources and opportunities that may be available to you.
To read the full text of this Duane Morris Alert, please visit the firm website.
On the evening of March 25, 2020, the Senate approved the Coronavirus Aid, Relief and Economic Security Act legislation (CARES Act), providing over $2 trillion of relief designed to ease some of the economic hardship caused by the COVID-19 outbreak. This legislation still requires approval from both the House and president, which is expected over the next few days. The relief package is the largest in history and includes relief for businesses and individuals.
This Alert highlights the small-business section of the CARES Act and the creation of the Paycheck Protection Program, which provides cash flow and liquidity through loan opportunities for small businesses, sole proprietors and independent contractors across various industries. Additional detail will be provided as the Small Business Administration drafts implementing regulations, which is required to occur within 15 days once the CARES Act becomes effective.
To read the full text of this Duane Morris Alert, please visit the firm website.
Note: This is an update to our previous Alert on this subject.
The Small Business Administration’s Economic Injury Disaster Loan (EIDL) program continues to evolve rapidly. The SBA website now shows a simplified EIDL application process with a reduced number of forms that initially need to be submitted.
To read the full text of this Duane Morris Alert, please visit the firm website.
The U.S. Small Business Administration (SBA) is offering low-interest, long-term loans to small businesses in states and territories of up to $2 million each to provide assistance to businesses located in a declared disaster area as a result of the coronavirus (COVID-19) pandemic. These loans are called “Economic Injury Disaster Loans” or EIDLs. These loans are intended to provide relief from substantial economic injury caused directly by the disaster to fund working capital needs and help small businesses survive until normal operations resume after a disaster.
To read the full text of this Duane Morris Alert, which reviews key “nuts and bolts” aspects of the application process for these loans, please visit the firm website.
