Legal Blog
The Latest Stimulus Action: President Signs Expansion Of Paycheck Protection Program
From the Offit Kurman CV-19 Business Response Team
On Friday, the PAYCHECK PROTECTION PROGRAM AND HEALTH CARE ENHANCEMENT ACT was signed by the President and became law. Here is what the latest Act does:
- Adds $210B to the Paycheck Protection Loan Program. The original $349B for that program was exhausted earlier this month and the additional funds are likely to be used up soon too.
- Adds $60B to the Economic Injury Disaster Loan program.
- Makes agricultural enterprises with not more than 500 employees eligible for the Economic Injury Disaster Loan program and emergency grants.
- Expands by $30B the SBA loan guaranty program for “small” banks and for credit unions.
- Devotes $75B to a Public Health and Social Services Emergency Fund that is designed to reimburse eligible health care providers for certain health care related expenses and lost revenue attributable to the coronavirus; these funds are also available for the construction of temporary structures.
- Devotes an additional $25B to the Public Health and Social Services Emergency Fund for expenses to research, develop, validate, manufacture, purchase, administer and expand testing capacity for CV-19 testing, including expenses of manufacturing personal protective equipment.
To contact the Offit Kurman CV-19 Business Response Team, email Glenn Solomon at gsolomon@offitkurman.com or 443-738-1522.
ABOUT GLENN D. SOLOMON
gsolomon@offitkurman.com | 443-738-1522
Glenn D. Solomon is a principal at Offit Kurman and has provided counsel to businesses and business owners for more than twenty-five years. He has extensive experience in the purchase and sale of businesses, structuring ownership agreements, and advising companies in financial distress.
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing full-service law firms in the United States. With 14 offices in seven states, and the District of Columbia, and growing by 50% in two years through expansions in New York City and Charlotte, North Carolina, Offit Kurman is well-positioned to meet the legal needs of dynamic businesses and the individuals who own and operate them. For over 30 years, we’ve represented privately held companies and families of wealth throughout their business life cycles.
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