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The Small Business CARES Act Guide for Those Who Provide Care (Hint: There Are Good Loan Options)

By Bruce Arnold, Kate L. Bechen & Stephen J. Veit on March 30, 2020
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At Husch Blackwell we understand the financial hardships our healthcare industry clients face in the midst of the COVID-19 pandemic. While you have no doubt heard about the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act signed into law on Friday, March 27, 2020, we want to make sure you are aware of the estimated $377 billion in Small Business Administration (“SBA”) relief that may be available to you as an eligible small business. We encourage you to act immediately so that you may secure funding as quickly as possible.

The SBA will make loans available to businesses that employ fewer than 500 people (and in certain instances a larger number of employees) through the new Paycheck Protection Program (“PPP”) and the existing Economic Injury Disaster Loan (“EIDL”) program. A full explanation of EIDL and PPP can be found at our website. In regard to PPP, eligible enterprises may obtain low interest and, in some circumstances, forgivable loans of up to $10 million. The loan amount is calculated by reference to payroll costs incurred by the business and roughly equal to 2.5 times the company’s average monthly payroll costs.

Here is a list of SBA lenders in Wisconsin. Husch Blackwell has existing relationships with many of these lenders and is already helping a number of our healthcare clients take advantage of these SBA programs. If you are considering an SBA loan it is important for you to contact a local SBA lender now, even if you may be working through some of the nuances regarding eligibility and loan terms. We anticipate that SBA lenders may become overwhelmed with applications, which could lead to a delay in receipt of the funding for which you may be eligible.

Husch Blackwell’s Coronavirus (COVID-19) Toolkit offers additional insight into SBA Relief Available to Coronavirus-Impacted Small Businesses.

Should you have any questions about the CARES Act, SBA programs, or any other COVID-19 related issues, please do not hesitate to contact your Husch Blackwell attorney. For a further explanation of the CARES Act, the U.S. Senate Committee on Small Business & Entrepreneurship has provided a useful guide.

Photo of Bruce Arnold Bruce Arnold

Decades of experience representing companies and providers at every stage of the healthcare continuum give Bruce a distinct understanding of the industry. Like the healthcare professionals he admires, Bruce applies these principles to his practice: diagnose, predict and treat.

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Photo of Kate L. Bechen Kate L. Bechen

Kate advises clients, from startups to long-established businesses, on mergers and acquisitions, venture capital financing, public and private placement of securities, commercial contract drafting and negotiation, and general corporate law. She also provides general counsel to numerous high-growth, early-stage and scalable companies.

She…

Kate advises clients, from startups to long-established businesses, on mergers and acquisitions, venture capital financing, public and private placement of securities, commercial contract drafting and negotiation, and general corporate law. She also provides general counsel to numerous high-growth, early-stage and scalable companies.

She counsels healthcare clients on regulatory compliance, privacy law and general business matters as well.

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Photo of Stephen J. Veit Stephen J. Veit

Stephen guides healthcare clients through a wide range of transactional issues, from day-to-day preventative compliance to mergers among solo-practice physicians and large hospitals. Individuals, physician groups, companies, statewide alliances, corporations and major hospitals are among the healthcare clients relying on his counsel regarding…

Stephen guides healthcare clients through a wide range of transactional issues, from day-to-day preventative compliance to mergers among solo-practice physicians and large hospitals. Individuals, physician groups, companies, statewide alliances, corporations and major hospitals are among the healthcare clients relying on his counsel regarding governance, formation and regulation with internal, local, state and federal agencies.

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  • Posted in:
    Health Care
  • Blog:
    Healthcare Law Insights
  • Organization:
    Husch Blackwell LLP
  • Article: View Original Source

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