Assisting Businesses with Loan Relief under the CARES Act
The CARES Act has made relief available to help your business stay in business, and the attorneys at McBrayer can help. Two separate loans have been established under the CARES Act to help mitigate COVID-19 losses, and we can assist your businesses with the application process:
- The EIDL loan: issued directly by the SBA and available now for online application with a low interest rate and favorable terms.
- The CARES Act Paycheck Protection loan: issued by lenders and backed by the SBA with partial forgiveness for expenditures due to payroll, rent, utilities, and/or interest on a mortgage for eight weeks following the issuance of the loan, with some employee retention requirements.
(For more on these loans and their terms, please visit our article here.)
These loans may not be used for the same purposes, so your business should choose carefully which loan fits its needs best. We can assist you in this analysis, and we can provide the following services:
- Assess your business for qualifications under each of the loan programs and the suitably of each for your needs;
- Assist you with the application process;
- Advise you on compliance issues and best practices on proper use of the funds to ensure maximum loan forgiveness where applicable; and
- Provide you full support throughout the application process and through any appeals and compliance issues directly related to the loan process.
The Small Business Administration has just issued guidance for lenders on these loans, and applications are being accepted - don't wait! Contact Anne-Tyler Morgan today to find out more.
Anne-Tyler Morgan is a Member of McBrayer law. Her law practice primarily focuses on politics, elections, and campaign finance, nonprofit institutions and associations, foster care and adoption, administrative law, healthcare law, pharmacy law and transactional healthcare and transactional agreements. Ms. Morgan can be reached at atmorgan@mcbrayerfirm.com or (859) 231-8780, ext. 1207.
Services may be performed by others. This does not constitute legal advice.
