The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) offered $349 billion in funds to small businesses affected by COVID-19 and the economic slowdown through its Paycheck Protection Program (“PPP”).
The PPP loan has proven to be a very popular program with a reported 1.6 million qualifying small businesses filing applications for PPP loans. The Small Business Administration announced yesterday that it is unable to accept any new PPP loan applications.
Presently, negotiations continue in Congress that could result in the provision of an additional $250 billion to the PPP program. That said, there is no current timeline for the approval and release of new funds.
Kerr-Russell will continue to monitor this situation and provide updates as events unfold. Please contact Kerr Russell attorneys for further discussion of issues related CARES Act.
John D. Gatti is a Certified Public Accountant as well as an attorney. He concentrates his practice in the areas of taxation, mergers and acquisitions, business law, real estate law, and estate planning. John also serves as the firm’s administrative partner and chairs the firm’s Taxation Practice Group. He has considerable experience representing professional services firms. These include accounting, engineering, and architectural firms, as well as insurance agencies, in purchase and sale transactions.
Nezar G. Habhab has a broad transactional practice handling matters related to leasing and purchasing, mergers and acquisitions, entity formation, commercial contracts, as well as data privacy. He drafts and provides counsel on agreements in the technology sector related and is experienced in drafting and negotiating a variety of artist, influencer, branding, and licensing agreements.
Cody Attisha focuses on taxation law, corporate law, mergers and acquisitions, finance, and estate and trust planning. He also helps clients with entity formation, including evaluating, choosing, and implementing the right partnership, corporate, or non-profit structure.
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