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July 01, 2020

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Paycheck Protection Program Update: More Relief Money on the Way for Small Businesses

On April 21, 2020 the Senate passed the Paycheck Protection Program and Healthcare Enhancement Act to provide an additional $310 billion for the Small Business Administration (SBA) Paycheck Protection Program (PPP).

This bipartisan deal was needed to reopen the PPP that saw its funding depleted after three weeks from its opening. As of April 16th, the SBA approved 1,661,367 loans for approximately $342 billion. Currently, the new deal sets aside $60 billion for small lenders and community banks. Another $60 billion will be added to the Economic Injury Disaster Loan (EIDL) program including $10 million allocated for EIDL grants.

The House is expected to vote on the legislation Thursday, April 23, 2020 before being sent to President Trump for signature.

If you have not submitted your PPP application, you should submit the application to your bank now, so your application can be processed once the SBA reopens the application portal.

If you have already submitted your PPP application, you should contact your bank to check your application status.

COPYRIGHT © 2020, STARK & STARKNational Law Review, Volume X, Number 113

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About this Author

Eric Z. Stevenson Business & Corporate Attorney Stark & Stark Lawrenceville, NJ
Associate

Eric Z. Stevenson is an Associate and a member of Stark & Stark’s Business & Corporate Practice Group. Mr. Stevenson concentrates his practice in the representation of start-up companies, investment companies, and non-profit organizations on a variety of issues, including corporate formation, financing, franchising, licensing, acquisitions, executive compensation, equity compensation plans, employment agreements, real estate, governance, and intellectual property law.

Prior to joining Stark & Stark, Mr. Stevenson served as a Judicial Law Clerk to the Honorable L. Grace...

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Rachel Lilienthal Stark Banking & Financial Services Attorney Stark & Stark Lawrenceville, NJ
Shareholder

Rachel Lilienthal Stark is a Shareholder and member of the Banking & Financial Services, Business & Corporate, Intellectual Property and Non-Profit Organization Groups. Ms. Stark concentrates her practice in the representation of start-up and emerging companies and non-profit organizations on a variety of issues including corporate formation, financing, franchising, licensing, acquisitions, executive compensation, equity compensation plans, employment agreements, real estate and intellectual property law. Ms. Stark also represents lenders in commercial loan transactions.

Before joining Stark & Stark, Ms. Stark worked as an associate for the New York City law firm of Cahill Gordon & Reindel. She also served as a summer intern for The Honorable Anne E. Thompson, Chief Judge of the United States District Court, District of New Jersey and as a staff assistant to Senator Frank R. Lautenberg in Washington, D.C.

Ms. Stark is a frequent guest lecturer on business law, family business and succession planning at Rider University’s Business School. She also serves on the Board of Directors of the Real Estate Section of the Mercer County Bar Association, on the Executive Advisory Council of Rider University’s College of Business Administration, and is the Co-Chair of the Lawrence Chapter of the MIDJersey Chamber of Commerce.

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Dolores Kelley, Stark and Stark Law, Real Estate Lawyer, Zoning and Land Use Attorney, FDA Litigator
Shareholder

Dolores R. Kelley is a Shareholder and member of Stark & Stark’s Business & Corporate, Real Estate, Zoning & Land Use and Beer & Spirits Groups, where she concentrates her practice in the representation of start-up and emerging companies, breweries, distilleries, and non-profit organizations on a variety of issues including corporate formation, financing, licensing, acquisitions employment agreements and intellectual property law. Dolores also handles a wide range of matters for the real estate industry, including commercial transactions, leasing, condominium and homeowner...

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