Click here for the Italian version
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 hchiappetta@lawtelier.it
Robert Ian Goodman rigoodman@lawtelier.com
****
The information contained in this document is provided for informational purposes only. It should not be construed as business, legal, accounting, tax, financial, investment or other advice on any matter and should not be relied upon for such. The information in this document may not reflect the most current developments as the subject matter may change daily.
LAWTELIER LLP disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this document to the fullest extent permitted by law. Do not act or refrain from acting upon the information contained in this document without seeking legal advice.