Paycheck Protection Program The CARES Act increases the federal guarantee of loans made for the Payment Protection Program under section 7(a) of the Small Business Act to 100 percent through December 31, 2020. Eligibility for loans is defined as a small business, 501(c)(3) nonprofit, a 501(c)(19) veteran’s organization, or Tribal business concern described in section ...
Late Thursday, April 2, the Small Business Administration (“SBA”) released a highly anticipated Interim Final Rule and a new form of borrower application for the Paycheck Protection Program which was established as part of the CARES Act. Small businesses and banks were hopeful that the SBA would provide additional guidance on how to interpret several ...
In these difficult times, we are certain that you are focused on the health and safety of your families and employees. At the same time, we understand you are concerned about the devastating impact that restaurant or franchise unit closures due to COVID-19 will have on your business’s financial condition and your contractual obligations to ...
COVID-19 has presented businesses in the United States and around the globe with unprecedented challenges in supply chain and business continuity and performance of contractual obligations. In this uncertain time, an often overlooked “boilerplate” contract provision may be key to understanding your rights and obligations under your business contracts: a force majeure clause. This information ...