Understanding Government Stimulus Options During COVID-19

***UPDATE: On April 22, a new bill that includes more than $320 billion for the Paycheck Protection Program was signed into law. With this news, it’s more important than ever to educate yourself on the program and how to apply.***

As part of the $2 trillion CARES Act, there are a number of relief programs available to help businesses across the country, including law firms. As of April 22, additional funds were added to the PPP ($310 Billion to section 1102(b)(1)), Disaster Loans Program Account ($50 Billion) and the EIDL grant (additional $10 Billion).

Here’s an overview of the stimulus options currently being managed by the Small Business Administration (SBA), along with tips for applying, and some additional coronavirus relief options law firms should consider.

Note: The programs covered in this article are changing quickly. We encourage readers to monitor relevant government websites for updates. We’ll update this article as new information becomes available.