April 17, 2021

Volume XI, Number 107

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April 16, 2021

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April 15, 2021

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Paycheck Protection Program – Updated Application

On March 27th, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Under the CARES Act the Small Business Administration (SBA) will implement the Paycheck Protection Program, which will allocate $349 billion as loans to small businesses, 501(c)(3) organizations, and veteran’s organizations affected by the spread of COVID-19.

Eligible businesses and non-profits can apply for a loan of up to $10 million to cover costs such as payroll, mortgage/rent, and utilities. Applications will be accepted by qualifying lending institutions starting April 3rd. It is important that businesses make the application as soon as possible since the fund is limited. The loans are being provided with no fees and 0.5% interest. Most importantly, up to 8 weeks of qualified payroll will be forgiven from the loan if certain conditions are met.

The application for the Paycheck Protection Program can be located on U.S. Treasury’s website, which you can access by CLICKING HERE.

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COPYRIGHT © 2021, STARK & STARKNational Law Review, Volume X, Number 92
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About this Author

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

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609.895.7348
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...

609.791.7005
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