Emergency Relief Available for Your Business
The Federal government passed a stimulus package designed to put tens of thousands of dollars in your pocket. This package is designed to keep our economy going during this tragic time. You need to understand your options. The bare bones of three programs are below.
PAYCHECK PROTECTION PROGRAM
Under the recently passed CARES Act, you can borrow, through an SBA approved bank, a 100% forgivable loan equal to 250% of your average monthly payroll to cover payroll, rent, benefits, and certain interest payments. We believe practically all of our clients should do this. The money could be in your hands within the next few weeks.
SBA EMERGENCY LOANS
You can get a 30 year, 3.7% loan directly from the SBA for the amount of profit you expect to lose due to the COVID-19 pandemic. To induce you to apply, every applicant gets a $10,000 payment that is a non-repayable grant, even if you ultimately do not get the loan.
BRODY AND ASSOCIATES BUSINESS PREPAREDNESS PROGRAM (“BPP”)
We know you have many questions spawned by the pandemic and need answers economically. To help support you and your business, Brody and Associates created the Business Preparedness Program (“BPP”). Our BPP allows clients to purchase one to two hours of legal services per month at $315 per hour – almost 50% off my rate. Because we know you have so many questions, we will double the number of hours you purchase for the first month at no extra cost. BPP hours must be used within the month they are purchased. If you exceed your BPP hours, our standard rates apply.
The subject matter discussed in this post can be very technical. It is an evolving area of law and very fact specific. Our goal here is to simply alert you to some of the key issues involved. We urge you to seek competent legal counsel before applying these ideas to your specific situation. Brody and Associates stands ready to discuss your particular needs.
