Mar 30, 2020
COVID-19: Accessing Treasury Department Funding Under the CARES Act
As your trusted advisor, we at Graham want to get you the information that is the most important to you in these trying times. The attached memo from the law firm of Steptoe & Johnson, LLC gives you the details you need to know in order to take advantage of the various US Treasury Department loan programs being offered through the CARES Act – click here. One piece of information is that some of these programs involve forgiveness of the principal amount. For example small businesses (less than 500 employees) may qualify to have their loan principal forgiven in the event they retain their employees. Take a minute to see whether you qualify for this program before you decide to lay off a part of your work force. Even if you have made a layoff already, you may still be eligible for a loan if you rehire. We again attach Steptoe’s excellent article from last week on the CARES Act as a whole – click here.
For additional COVID-19 resources and risk management recommendations, please visit our COVID-19 Risk Management Center.
A PDF of the above information can be found here.