Law Firms Assist Small Businesses In Sorting Through Stimulus Bill Benefits
As part of the $2 trillion federal stimulus package signed into law Friday by President Donald Trump, around $350 billion is slated for forgivable loans to small businesses.
For small business owners, figuring out whether they’re eligible for the loans backed by the Small Business Association and how to apply for them isn’t an easy task, especially as they’re focused on keeping their operations afloat and workers safe amid the coronavirus pandemic. The loans amount to up to $10 million to cover payroll costs, interest on debt, rent and utilities for businesses with 500 or fewer employees for eight weeks as long as they maintain their payrolls.
Attorneys at the nonprofit Lawyers For Good Government are waiting on standby to assist small business owners sorting through the loan process. The network of more than 125,000 attorneys across the country has initiated the so-called Small Business Remote Legal Clinic to offer pro bono legal consultations to owners to help them understand the capital available to them under the stimulus package, and other grant and loan programs.
Thirty-four law firms from 30 American cities have signed on to aid the remote legal clinic. Qualifying small businesses with up to 25 employees will receive 45-minute complimentary sessions with attorneys on hand to answer legal questions and guide small business owners on the best steps they should be taking to fund their enterprises. They’ll also shepherd owners through the application procedures for various federal, state and local programs.
A pilot program is commencing in New York City this week in association with the City Bar Justice Center and will expand to additional cities around the country in weeks ahead. Lawyers For Good Government is partnering with nonprofits, legal service organizations and law firms in specific cities with the resources and tools to manage the pro bono legal assistance efforts in them.
Additionally, New York City firm Barton LLP has set up a Crisis Management Team. The goal of the team is to provide suggestions for planning and business reviews to reduce risks by knowing what they are and how they can be managed. If you have questions or require guidance through the legal issues associated with the COVID-19 outbreak, please contact Laura-Michelle Horgan, Esq. at Barton LLP.