CARES Act Update
Covid-19 relief has arrived for small businesses under the Coronavirus Aid, Relief and Economic Security Act ("CARES Act")! One of the key offerings for small businesses is the Paycheck Protection Program (PPP) loan. A PPP loan is designed to cover payroll expenses for an 8 week period and to discourage laying off employees. In a nutshell, a small business may apply for a loan up to 2.5 times the average monthly payroll expense of the business. The loan will be FORGIVEN in full if the business does not lay off employees or reduce wages by more than twenty-five (25%) during the 8 week period following receipt of the loan. Business owner wages are included up to a salary cap of $100,000.00.
No collateral is required and the loans are non-recourse (meaning no personal guaranty is required). Click one of the download links below for more information and required forms.
Lenders are accepting applications beginning April 3, 2020.
Additionally, an Economic Injury Disaster Advance ("EIDA") is available for up to Ten Thousand ($10,000.00) Dollars, which is also a non-recourse loan that will not have to be repaid.
Businesses can apply for both the PPP loan and EIDA, so long as each loan covers different operational costs.
Caveat: Tha above summary and linked documents are for the sake of convenience and do not constitute legal advice. Carefully review and consider all terms and conditions before submitting a PPP loan application.
Theus Law Offices specializes in Business Law – the practice of how businesses are formed, financed, governed, operated and exited. Our team includes one of the area’s only certified Tax Specialists and has over twenty years of collective experience in business planning. With both specialized legal expertise and practical business acumen, we deliver comprehensive in-depth advice to businesses and business owners of all kinds.
From years of experience, we know that a proper, tax-efficient business structure coupled with good governance is necessary to protect your interests and hard work in this competitive marketplace. We work closely with business owners, officers and directors at each phase of the business life cycle – from startup to exit – and provide the depth of experience and expertise necessary to meet all legal needs.
Our clients include businesses and business owners across a wide range of industries, including oilfield services, industrial and pharmaceutical manufacturing, hospitals and surgery centers, distributors, retail sellers (online and storefront), real estate, construction, money order, insurance, financial services, restaurant/bar, hotel, hospitality professional practices (accounting, medical and law) and franchises, as well as tax-exempt and public/governmental entities.
Theus Law Offices routinely provides general counsel, strategies, solutions and support in all areas of business, including:
- Start-up investment ventures
- Choice of entity and tax elections
- Organization and operations
- Third-party contracting
- Employment contracts
- Buy-Sell agreements
- Mergers and acquisitions
- Asset and stock purchases
- Dissolution and liquidation
- Owner disputes and commercial litigation
Partnering with Theus Law Offices ensures you and your organization will receive the utmost skill and expertise in the field of business law. Let us become part of your team.