On March 27, 2020, the U.S. House of Representatives passed and President Trump signed into law the COVID-19 stimulus bill, known as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides much needed assistance for small businesses. The CARES Act loosened the requirements for certain loans available through local banks and the Small Business Administration. The CARES Act also imposed additional obligations on employers relating to family and medical leave. For general information about the CARES Act, please see our firm’s Coronavirus Resources page here: https://blalockwalters.com/coronavirus-update-and-resources/
If you are considering applying for an SBA loan or wondering what to either do with your workforce, in the form of layoffs or pay reductions, Blalock Walters attorneys can help you every step of the way.
SBA Loan Qualification:
Our attorneys can help you maximize the amount your business is eligible to borrow. We can provide a detailed summary of the formulas, what numbers to include, and what period to review, if that is needed.
Obtaining the SBA Loan:
Our Banking and Finance team can provide guidance and resources on which banks are offering these loans and how to apply.
Maximizing the Forgiveness Portion:
The Paycheck Protection Program loans contain a forgiveness component. As this is going to be specific for each business, attorneys within our multiple practice groups can help the borrower maximize the amount of the loan that will be forgiven, thereby maximizing the value to your business.
It is our perception, unfortunately, that the funds allocated for this program may run out quickly. So the earlier you prepare to apply, the more likely you will actually receive the funds. Accordingly, astute applicants are doing the hard work now so they will be ready when the lending institutions open to accept applications and regulations are finalized.
Please contact one of our experienced attorneys to help you navigate the SBA loan process at 941.748.0100.