Paycheck Protection Program

Borrowers Under SBA 504 and SBA 7(a) Loan Programs Eligible for Deferral of Principal, Interest and Fees for up to Six Months

By: Lawrence J. Glusman and Michael Van Someren To address temporary business interruptions, U.S. Small Business Administration (SBA) lenders nationwide have authority to defer payments of principal, interest and servicing fees for up to six months.  Borrowers with existing loans under the SBA 504 Loan (Certified Development Company) program and the SBA 7(a) Loan Guarantee program should...

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Employer Relief May Be in Sight – Senate Bill Includes Forgivable Loans to Maintain Payroll for Next Four Months

By: Michael Van Someren and Lawrence J. Glusman The Senate is currently considering a bill that could greatly increase the ability of employers to retain their employees.  The Coronavirus Aid, Relief, and Economic Security Act or “CARES Act” is currently being considered by the U.S. Senate.  While it has not yet passed and includes a number of provisions, perhaps the most important to companies...

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President Trump Signs Relief Package for Employers: Families First Coronavirus Response Act

By: Abby S. Busler, Gini L. Hendrickson and Laurie E. Meyer Late last night, President Trump signed the Families First Coronavirus Response Act (FFCRA), an emergency relief package designed to assist employers and employees in the wake of the 2019 coronavirus pandemic (COVID-19).  This signature is on the heels of the Senate which voted to accept a revised version of FFCRA on March 18, 2020. ...

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