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On March 27, 2020, Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides certain economic relief to businesses, organization and employees impacted by the rapidly expanding COVID-19 pandemic.
Among other things, the CARES Act creates a new loan program guaranteed by the U.S. Small Business Administration (the “SBA”) for the purpose of funding forgivable loans to eligible businesses and organization to assist them in continuing to pay payroll expenses and certain other eligible business expenses. Like many other SBA loan programs, loans may be made to eligible applicants by lenders participating in the SBA’s loan program. Below is a brief summary of the new loan program that may be of particular interest to businesses and organizations contending with the economic fallout from the pandemic.
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How COVID-19 Government Mandates Impact Your Business
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In the past several weeks the impact of the COVID-19 pandemic has forced businesses throughout the world to drastically change the way they conduct business to ensure the safety of their workforce and to comply with the rapidly evolving laws that govern them. We appreciate the uncertainty of this moment. Our firm’s lawyers remain working and dedicated to help our clients navigate the complexity of the ever evolving and unprecedented business climate and legal landscape the current pandemic presents.
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