Small Business Owners May Find Financial Relief Through Coronavirus Stimulus Bill

3.26.2020

A historic federal stimulus bill approved by the Senate includes nearly $350 billion in funding for a provision to create a Paycheck Protection Program to provide small businesses and other entities with zero-fee loans of up to $10 million. Up to 8 weeks of financial assistance would be provided to cover average payroll, rent, utilities and related costs would be forgiven if the business retains its employees and their salary levels.  The payments would be retroactive to February 15, 2020 to help bring back employees who have already been laid off. Also under this bill, loan principal and interest would be deferred for up to a year, and all borrower fees waived.

This temporary emergency assistance would be made available through the U.S. Department of Treasury and administered through the Small Business Administration (SBA), available to qualifying businesses in coordination with other COVID-financing assistance established in the bill or any other existing SBA loan program. The U.S. House of Representatives is expected to vote on the bill on March 27, 2020.

If you are a business owner interested in learning about coronavirus-related financial assistance, contact Willard C. Shih or a member of the Wilentz Corporate Team.

Tags: Coronavirus (COVID-19)Paycheck Protection ProgramCARES Act

BLOG DISCLAIMER

The postings on this blog were created for general informational purposes only and do not constitute legal advice or a solicitation to provide legal services.  Although we attempt to ensure that the postings are complete, accurate, and current as of the time of publication, we assume no responsibility for their completeness, accuracy, or timeliness.  The information in this blog is not intended to create, and receipt of it does not constitute, a lawyer-client relationship.  Readers should not act upon this information without seeking professional legal counsel.

This blog may contain links to independent third party websites and services, including social media. We provide these links for your convenience, and you access them at your own risk.  We have no control over and do not monitor the content or policies (including privacy policies) of these third-party websites and have no responsibility for, and no liability with respect to, their content, accuracy, or reliability.  Unless expressly stated, we do not endorse any of the linked websites or any product, service, or publication referenced herein or therein.  We will remove a link to any site from this blog upon request of the linked entity.

We grant permission to readers to link to this blog so long as this blog is not misrepresented. This site is not sponsored or associated with any other site unless so identified.

If you wish for Wilentz, Goldman & Spitzer, P.A., to consider representing you, please obtain contact information from the Contact Us area of this blog or go to the firm’s website at www.wilentz.com.  One of our lawyers will be happy to discuss the possibility of representation with you. However, the authors of Wilentz blogs are licensed only in New Jersey and/or New York and do not wish to represent anyone who viewed this site in a state where the site fails to comply with all laws and ethical rules of that state.

Sign Up

Willard C. Shih Photo

Willard C. Shih
Business and Commercial Litigation
Shareholder
732.855.6016