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
Offering Free Legal Support For Local Businesses - Request
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 during the 8 weeks after the loan is advance,
the loan will be forgiven. . .
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.
Relief (estimated to impacting 95% of student
loans). The Coronavirus Aid, Relief and Economic
Security ("CARES") Act also requires the Secretary of
Education to defer Student loan payments of principal and
interest through September 30, 2020 without . . . Read
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.
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