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Small Business Owner's Guide to the CARES Act

Written by: Andrew P. Botti

3/30/2020

The U.S. Senate Committee on Small Business and Entrepreneurship has published an excellent “Small Business Owner’s Guide to the CARES ACT.” The Guide provides the following general information.

1)     Paycheck Protection Program (PPP) Loans

This program provides cash-flow assistance via 100% federally guaranteed loans to employers who maintain payroll during this emergency situation. Small businesses with fewer than 500 employees may be eligible. The maximum loan size is $10 million. Costs which may be funded by these loans include: compensation; vacation pay; sick leave; group healthcare benefits; state or local taxes assessed on employee compensation; rent and utilities, among others. An eligible business entity is limited to one loan.

2)     Small Business Debt Relief Program

Provides immediate relief to small businesses with non-disaster SBA loans. All loan payments on eligible SBA loans will be covered for six months.

3)     Economic Injury Disaster Loans/Emergency Grants

Grants that provide emergency funds up to $10,000 to small businesses harmed by Covid-19 within 3 days of application for an SBA Economic Injury Disaster Loan or EIDL. No repayment is necessary. Allowable uses of this money include: maintaining employees; sick leave and business debts, among others. Eligible businesses must have fewer than 500 employees.

4)     Counseling and Training

Companies in need of guidance during these difficult time may turn to a local Small Business Development Center, Woman’s Business Center, or SCORE. These entities will receive additional funding to increase their scope and capacity. Counseling is free and any training will be inexpensive.

5)     Contracting

Government contractors may have the terms and conditions of their contracts modified, and may be reimbursed due to closure of federal facilities on account of Covid-19.

6)     Small Business Tax Provisions

Provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the Covid-19 crisis. Wages of furloughed employees are eligible for the credit, as are other business expenses.

Integrity and trust

At McLane Middleton we establish and maintain long-standing relationships with our clients to help us better achieve their unique goals over time. This approach to building trust requires that our esteemed lawyers and professionals use their broad, in-depth knowledge and work together with integrity to ascertain sound resolutions to legal matters for their clients.

Strength in numbers

McLane Middleton is made up of more than 105 attorneys who represent a broad range of clients throughout the region, delivering customized solutions. As a firm we are recognized as having the highest legal ability rating. The firm is rated Preeminent by Martindale Hubbell and is recognized as one of the nation's leading law firms in Chambers USA. Our attorneys are distinguished leaders in their respective practice areas.

Meet Our People

Commitment and collaboration

McLane Middleton's versatile group of attorneys and paralegals become trusted authorities on each case through collaboration. We work with our clients to learn their individual needs first and foremost and, together, we develop comprehensive solutions to their specific legal matters. This approach helps us exceed our clients' expectations efficiently and effectively, client by client, case by case.

Practice Areas

A history of excellence

McLane Middleton was established in 1919 in New Hampshire, and has five offices across two states. However, deep historical roots don't allow you to become innate. Our firm is organized, technological, and knowledgeable. Our history means we are recognized. But our reputation is built on the highest quality of service and experience in very specific areas of law.

The Firm

Intelligence paired with action

Our team continuously seeks opportunities to enhance their professional development and put key learnings to action. The pursuit of further insight guides us to volunteer service opportunities, speaking engagements, and teaching roles. Our lawyers are sought after thought leaders across their industries, and recipients of leadership awards throughout the region.