During the latest Specialty Food Association webinar, the SFA’s outside legal counsel Arent Fox LLP discussed the Paycheck Protection Program under the new CARES Act, which will provide short-term cash flow assistance to small business and other eligible entities to help the companies and employees deal with the economic impact of the COVID-19 pandemic.
Jeannette McLaughlin, partner at Arent Fox, encouraged business owners to take full advantage of this program, and because the Small Business Association anticipates a high demand for loans, to apply as quickly as possible.
McLaughlin advised owners to find the most recent application and, “Start pulling together supporting documentation that will be needed for the program. Pull together your payroll records, tax forms, articles of organization, or a certificate of formation. Start doing calculations to see how much you’ll be eligible for.”
She also suggested opening the lines of communication with banks that businesses already have lines of credit with, and if needed, seek board or shareholder approval.
Listen to the full recording and view the slides to learn more about eligibility criteria, how businesses can use the funds, payment forgiveness, loan terms, and more.
from Industry Operations https://ift.tt/2X6L1tc
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