There are more than 30 million small businesses in the United States. The coronavirus (COVID-19) pandemic has brought many of them to the brink of collapse.
In response, Congress has enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act, containing measures to help small businesses survive. Among them was the $349 billion Paycheck Protection Program (PPP). However, an estimated 70% of small businesses applied for an emergency loan under that program, which ran out of money April 16. The Senate has passed legislation to provide another $380 billion to small businesses. That bill is currently pending before the House.
Meanwhile, half of small businesses have applied for relief using the U.S. Small Business Administration’s Economic Injury Disaster Loan Program (EIDL) for a total of $383 billion in requests.
Join attorneys Lisa Lori and Matt McDonald as they discuss the available programs and offer insights into how to advise small businesses to weather the crisis.
This on-demand video will offer:
- An overview of the funding options available to businesses, including the SBA’s disaster loans and any potential revival of the PPP
- Practical strategies companies can use to preserve liquidity and survive in the coming months
- Steps businesses should take as the business environment begins to return to normal, such as engaging with landlords, banks and creditors about renegotiating contract terms, pursuing insurance claims, and more
Lisa Lori is a partner in Klehr Harrison’s litigation, employment and intellectual property departments, who focuses on helping clients fix their most complex problems and protecting their valuable assets.
Matt McDonald is a partner in Klehr Harrison’s Corporate and Securities Group where his practice focuses on advising clients on mergers and acquisitions, investments, securities compliance and corporate governance.
Recorded live on April 22, 2020.