How small law firms in Texas can benefit from the $2T stimulus package

2020-04-11

Small law firms across Texas have been crippled because of “stay at home” and “shelter in place” orders due to the coronavirus pandemic. Most recently, Gov. Greg Abbott signed an executive order consolidating its local predecessors and limiting non-essential activity until April 30, 2020. To rescue America’s economy, the federal government recently passed into law the CARES Act, a $2 trillion stimulus package.

The 880-page law and guidance documents provided by the Small Business Administration, or SBA, are complex; however, the most important sections of the law are Section 1102, titled Paycheck Protection Program, and Section 1106, titled Loan Forgiveness. Most critically, these sections provide access to $349 billion of capital to small law firms and businesses, much of which can be completely forgiven if used in the correct ways. Below are some critical facts about the law.

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Posted by: Pat Monks