When the US Congress passed the CARES Act on March 27, it also passed the "Paycheck Protection Program" (or PPP). While described as a loan, the terms and conditions of the PPP (including mandatory forgiveness and the fact that virtually every business is eligible to receive it - right down to self-employed, sole proprietors), make it one of the most generous programs in US history.
If you are in the US and run anything remotely resembling a small business, you owe it to yourself and your employees to review the possibility of applying for a PPP loan. Hopefully this video presents a good starting point.
We promise we won't be summarizing government loan programs everyday...in Virtual Legality.
#PPP #SBA #Loans
Discussed in this episode:
"Paycheck Protection Program Application Form"
https://www.sba.gov/sites/default/files/2020-03/Borrower Paycheck Protection Program Application.pdf
Paycheck Protection Program (PPP) Fact Sheet
"CORONAVIRUS EMERGENCY LOANS - Small Business Guide and Checklist"
US Chamber of Commerce
"Virtual Legality" is a continuing series discussing the law, video games, software, and everything digital, hosted by Richard Hoeg, of the Hoeg Law Business Law Firm (Hoeg Law).
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DISCUSSION IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TO BE CONSTRUED AS LEGAL ADVICE. INDIVIDUALS INTERESTED IN THE LEGAL TOPICS DISCUSSED IN THIS VIDEO SHOULD CONSULT WITH THEIR OWN COUNSEL.
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The Hoeg Law Firm is a business law firm with big law experience and a small firm approach focusing on start-ups, technology, financing, and everything else a business might need.