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If you are a US based business who has had to suspend, or reduce, operations as the result of the Coronavirus pandemic, financial aid is on the way to help you keep your employees and pay your bills. Foreign owned US based businesses may also take advantage of the financial aid.
On April 2, 2020, the US Small Business Administration (the "SBA") issued its interim final rules (Rules) initiating the Paycheck Protection Program (the "PPP"), established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), enacted into law on March 27, 2020. The purpose of the Cares Act is to provide emergency assistance to individuals, businesses, and healthcare facilities impacted by the 2020 coronavirus pandemic.
The PPP is a loan program designed to help shore up the finances of employers, who have had to suspend or reduce operations as the result of the Coronavirus pandemic. The loans would cover payroll costs and, among others, most mortgage interest, rent and utility costs. Significantly, foreign owned US based businesses may also take advantage of the PPP.
The following are important features of the program:
For any further information
Hanz Giovanni Chiappetta firstname.lastname@example.org
Robert Ian Goodman email@example.com
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