Coronavirus (COVID-19) Business Support
Small & Medium Business COVID-19 Support
Information Last Updated
This page contains general information, resources, and updates from our office on legal issues facing our clients in this extraordinary time. For an update on firm operations please watch the video message from Attorney Santanasto.
If Your business has been impacted by COVID-19
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Email us or use this form to contact one of our experienced attorneys about how the coronavirus crisis has impacted your business. One of our attorneys will contact you within 24-48 hours.
LEGAL NEWS AND UPDATES
CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT
The CARES Act was recently enacted and is designed to assist small business owners with their urgent needs due to the ongoing Coronavirus emergency. Below is a brief overview of the CARES Act.
Paycheck Protection Program Loans (PPP): PPP Loans are designed to provide cash-flow assistance loans to employers who maintain their payroll. Loans can be deferred for six months up to one year. Small businesses harmed by the Coronavirus between February 15, 2020 and June 30, 2020 are eligible for PPP Loans. The program does not require SBA fees. Loans are available until June 30, 2020.
Economic Injury Disaster Loans & Emergency Economic Injury Grant: The SBA will provide Emergency Economic Injury Grants of up to $10,000 to small businesses and private non-profits harmed by Coronavirus. To receive a grant, you must first apply for an Economic Injury Disaster Loan and request the grant as an advance. The grant does not need to be repaid and may be used to fund payroll, fund paid sick leave, meet costs of supply chain disruptions, and pay current obligations such as rent, mortgage, and debt payments.
Small Business Debt Relief Program: The SBA will provide immediate relief to small businesses with non-disaster SBA loans such as 7(a), 504, and microloans. If you qualify, the SBA will cover all loan payments on these SBA loans for six months. This program will also be available to new borrowers who take out loans within six months of the bill being signed into law.
Our office will be happy to answer any questions you may have about the CARES Act and these new programs and legislature.
UPDATE ON FAMILIES FIRST CORONAVIRUS RESPONSE ACT
The Department of Labor’s Wage and Hour Division issued new guidance on Families First Coronavirus Response Act on March 26, 2020. The new guidance includes Notices to be posted by employers to inform employees of their rights. Each employer with 500 or less employees must post the Notice, email the Notice, or mail the Notice to current employees.
During the grace period of March 18, 2020 to April 17, 2020, the Department of Labor will not commence enforcement actions against employers that have made reasonable and good faith efforts to comply with the statute. To make reasonable and good faith efforts to comply, employers must (1) remedy violations; (2) violations must not be “willful”; and (3) employer must commit, in writing, to comply with the Families First Coronavirus Response Act in the future.