Responding to COVID-19 Webinar Series - Part VI: The Road to Recovery: Financial Resources for Businesses
As businesses work hard to survive the financial impact of the current pandemic and stay afloat during government-mandated shutdowns, it has been critical to keep pace with new legislation and make the most of loan programs available. The first rounds of federal support for businesses under the CARES Act went quickly. As we begin to plan our business strategies for the gradual reopening of the economy, many are seeking additional opportunities for financing, and some may be looking to terminate agreements that have turned out to be less than favorable in light of COVID-19.
With additional federal funding for the small business loan programs under the CARES Act being released, what should businesses know? Beyond the CARES Act, what other resources are available? What should you be doing if you want to terminate a contract in light of COVID-19? In this webinar, attorneys Joshua S. Cole, Nancy A. D. Hancock and Kelly F. O’Donnell of our Business and Commercial Finance practices addressed:
- The Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL): Updates on funding and finding forgiveness
- Main Street Lending Program under the CARES Act
- Quick overview
- Who is eligible?
- Who is the lender?
- What are the terms of the loans?
- What other requirements are there for the loans?
- How do I get out of this? We will examine five steps entities can examine for evaluating whether and how to terminate agreements in light of the COVID-19 pandemic.
To view a recording of the webinar, please click here.