COVID-19 Business Loans Through The CARES Act

The CARES Act is an unprecedented stimulus package, and at the Slocum Firm, we’re prepared to do everything we can to help you understand it, and get every ounce of benefits you qualify for. We won’t quit until you’ve received everything you can

The CARES Act is the single largest stimulus package in American history, being larger than the 2008 bank bailout and 2009 American Recovery and Reinvestment Act combined, featuring a $367 billion dollar program for small businesses. The loans for small businesses are being handled by the U.S. Small Business Administration, and nearly all requirements for an SBA loan have been relaxed or completely eliminated. The loan can total up to $10 million based on its payroll, and can be used for payroll, mortgage interest payments, rent, utilities, and other debts. The loan is also forgivable, although only equal to payroll, mortgage interest, rent or utilities costs, and can be reduced based on the number of employees and their wages.

Large corporations are offered a total $500 billion in loans and other funding that is repayable to the government, although subject to other requirements, including a ban on stock buyback for the term of the loan plus one year and ensuring that the President, Vice President, members of the Cabinet and the Congress can’t benefit from the money in any way, including spouses and children. There are also a number of other requirements.

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If you or a member of your family has been injured in an accident, it’s important that you seek legal counsel. With assistance from a qualified Personal Injury Attorney, you give yourself the best chance of receiving the compensation you deserve. To speak with a lawyer, please contact The Slocum Firm at 877-410-2341 or click the button below.

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