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 – firstname.lastname@example.org - 586-997-6466
Lawrence Scott – email@example.com – 586-997-6462
Marc Kaszubski – firstname.lastname@example.org – 586-997-6444
James Sarconi – email@example.com – 586-997-6460
Keith Jablonski – firstname.lastname@example.org – 586-997-6494
Brian Grant – email@example.com – 586-997-6492