My webinar on the Paycheck Protection Program (PPP) explores loans provided for small businesses under the CARES Act. As you may have heard, the over $360 billion in funds originally approved in March were completely depleted within a week. On April 24, 2020, additional funding was signed into law after significant outcry from the many businesses left out by the original approval.
The additional funding includes an approximately $250 billion expansion to the PPP. The following are key takeaways to consider:
- Businesses must certify that they are not receiving additional capital. Many small businesses could not touch the original round of funding because large corporations (such as Shake Shack) were given priority by lenders. Obviously, large entities have available additional capital – however, were not asked to make a certification as part of the first round of the PPP.
- Those that have already borrowed but have discovered they cannot meet the loans’ terms can give back funding by May 7, 2020. This “grace period” allows businesses to change their mind without penalty.
- The terms of the original PPP approval still largely apply. The payback period (i.e. 2 years), calculation of approved funding, and eligibility requirements still largely stand. I recommend checking the SBA and Treasury websites for additional regulations and guidance in the coming weeks for additional clarification.
Please tune into my webinar for additional information on the PPP and its update. Wishing you and your family health and safety during this time.
ABOUT THEODORA STRINGHAM
email@example.com | 703-745-1849
Theodora Stringham assists individuals, businesses, and organizations with growing successfully while minimizing liability. Focusing on real estate and personnel needs, Ms. Stringham executes sustainable plans for real estate development and employee matters. She provides comprehensive representation for everyday growth issues, including, but not limited to, re-zonings, site plan approvals, eminent domain/valuation concerns, employment discrimination, and disciplinary issues. Ms. Stringham’s scope of representation ranges from identifying potential liability and providing counseling/trainings, all the way through representation at trial.
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing full-service law firms in the United States. With 14 offices in seven states, and the District of Columbia, and growing by 50% in two years through expansions in New York City and Charlotte, North Carolina, Offit Kurman is well-positioned to meet the legal needs of dynamic businesses and the individuals who own and operate them. For over 30 years, we’ve represented privately held companies and families of wealth throughout their business life cycles.
Whatever and wherever your industry, Offit Kurman is the better way to protect your business, preserve your family’s wealth, and resolve your most challenging legal conflicts. At Offit Kurman, we distinguish ourselves by the quality and breadth of our legal services—as well as our unique operational structure, which encourages a culture of collaboration and entrepreneurialism. The same approach that makes our firm attractive to legal practitioners also gives clients access to experienced counsel in every area of the law.
Find out why Offit Kurman is The Better Way to protect your business, your assets and your family by connecting via our Blog, Facebook, Twitter, Instagram, YouTube, and LinkedIn pages. You can also sign up to receive LawMatters, Offit Kurman’s monthly newsletter covering a diverse selection of legal and corporate thought leadership content.
DELAWARE | MARYLAND | NEW JERSEY | NEW YORK | NORTH CAROLINA | PENNSYLVANIA | VIRGINIA | WASHINGTON, DC