There may be new information that we have not yet
included on this page. Please do not act, or
refrain from acting, without speaking with your attorney
or accountant. Alderman & Alderman
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Amendment extends time to use PPP from 8 weeks to 24 weeks, reduces amount that must be used for payroll from 75% to 60% and makes other changes . . . Learn More
A Paycheck Protection Program (“PPP”) loan is designed
for small businesses with less than 500 employees, sole
proprietorship, independent contractors and self
employed people (and some non-profit
organizations). The loan will be for 2.5 times
your average payroll. To the extent that the PPP
loan proceeds are used for payroll, employee benefits
(such as Health Insurance), rent and other allowed
expenses . . . . Learn
More
EIDL - LOAN
Businesses that have been in existence at least one year and suffered a loss as a result of COVID 19 may also aply for a Economic Injury Disaster Loan ("EIDL"). The EIDL, can be a loan of up to $2,000,000 with interest at 3.75% to be paid over 30 years . . . Learn More
EIDL - GRANT
The first $10,000 of funding to each business under the
EIDL program be a grant, that does not need to be
repaid. The grant process is designed to be
processed very quickly . . . Learn
More
As of Friday (04/03/20), the Coronavirus Aid, Relief and Economic Security (CARES) Act that is providing funding for businesses, did not address debtor-in-possession ("DIP") lending to businesses operating in Chapter 11 of the United States Bankruptcy Code.
We are hoping to see this need addressed in future legislation.
At this time companies that may need to seek protection
from creditors under Chapter 11 of the United States
Bankruptcy Code, should be considering how to preserve
working capital and/or how to raise DIP funding.
For up-to-date
guidance on what you should do to keep yourself and
others safe we urge you to review the current COVID-19
guidance from the State of
Connecticut , the CDC,
and from the World
Health Organization.
Stay safe!