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
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