On March 27, 2020, the President signed into law a financial relief package called the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). One of the most significant provisions of the CARES Act is the Paycheck Protection Program (“PPP”), which provides the potential for loans to small businesses that can be forgiven in many circumstances. Businesses may apply for these loans up to $10 million, which will be administered by the Small Business Administration (“SBA”).
McKool Smith principals Lewis LeClair, Michael Fritz, Steve Wolens, Gary Cruciani, and Gayle Klein recently published an article titled “Emerging Issues under the Payroll Protection Loan Program for Lawyers and Small Businesses” to provide an overview of key issues and considerations that borrowers should be aware of when seeking relief under the CARES Act. You can find the information here.