Serving Southeast Michigan For Over 30 Years.

Loan Forgiveness Through the Paycheck Protection Program

As every business has been affected by the Covid-19 crisis, you should seriously consider a loan through the federal government’s Paycheck Protection Program, which is part of the recently enacted the Coronavirus Aid, Relief, and Economic Security "CARES" Act, that covers payroll and certain operational expenses. All business owners with fewer than 500 employees, the self-employed, and sole proprietors should take advantage of this program. When used for certain business expenses, the loans offered through this program can be forgiven, meaning business owners are not required to pay back the money borrowed.

How much funding can my business receive?

The maximum amount a small business can receive from an SBA-approved lender is 2.5 times its monthly payroll costs, up to $10 million. Special rules apply to seasonal employers.

What expenses are forgiven?

In the 8 weeks following the loan signing date, loan proceeds used for expenses related to payroll, mortgage interest, rent, and utilities are eligible to be forgiven.

How does my small business apply?

A small business can apply for the Paycheck Protection Program through any SBA-approved lender starting April 3, 2020 through June 30, 2020. Click Paycheck-Protection-Program-Application_FINAL to view the application.

Contact our attorneys for further assistance

The attorneys at O’Reilly Rancilio have assisted business owners in southeast Michigan and beyond for more than 30 years. Our COVID-19 Business Response Team is ready to answer your questions regarding the CARES Act, the Paycheck Protection Program, and any other legal matter you may have. Below is a list of the attorneys who can assist you:

Chuck Turnbull – cturnbull@orlaw.com - 586-997-6466

Lawrence Scott – lscott@orlaw.com – 586-997-6462

Marc Kaszubski – mkaszubski@orlaw.com – 586-997-6444

Linda McGrail – lmcgrail@orlaw.com – 586-997-6440

John Bartley – jbartley@orlaw.com – 586-997-6493

James Sarconi – jsarconi@orlaw.com – 586-997-6460

Keith Jablonski – kjablonski@orlaw.com – 586-997-6494

Robin Yono – ryono@orlaw.com – 586-997-6465

Brian Grant – bgrant@orlaw.com – 586-997-6492

For More Information

  • This field is for validation purposes and should be left unchanged.

Press Room

Aug
10
Linda McGrail, a shareholder with O’Reilly Rancilio P.C. in Sterling Heights, was recently selected as one of Michigan Lawyers Weekly “Women in the Law.” The a… Read More
Jul
8
O’Reilly Rancilio attorney Clark Andrews received the State Bar of Michigan “Unsung Hero Award” for more than four decades of legal, volunteer, and pro bono wo… Read More
Read More From Our Press Room

Blog

Aug
10
Succession planning is a paramount step to the future health of a business. Every business owner should consider creating a succession plan for the reasons below. Wh… Read More
Aug
7
Governor Gretchen Whitmer recently issued Executive Directive 2020-8 which requires state departments (including the Michigan State Police) and agencies to take cert… Read More
Read More From Our Blog