Good Afternoon,

We have talked about SBA loans on multiple of our COVID calls and have gotten a lot of questions to covidqs@opra.org about the different options. The information below may help to answer some of these questions.  

You can also visit https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources for additional information on the SBA’s other offerings.

Please let me or covidqs@opra.org know if you have any questions!

Christine

Christine Touvelle

Ohio Provider Resource Association

Policy Analyst

(614) 224-6772 x 117

ctouvelle@opra.org

From: "Vorys, Sater, Seymour and Pease LLP" <info@vorys.com>
Reply-To: "info@vorys.com" <info@vorys.com>
Date: Monday, March 30, 2020 at 3:09 PM
To: Christine Touvelle <CTouvelle@opra.org>
Subject: Economic Relief for Small, Midsize and Large Businesses through the CARES Act

The CARES Act provides immediate relief to businesses suffering from the economic impacts associated with the COVID-19 pandemic.

Economic Relief for Small, Midsize and Large Businesses through the CARES Act

On March 27, 2020 Congress passed and the President signed the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). The CARES Act provides immediate relief to businesses suffering from the economic impacts associated with the COVID-19 pandemic. As summarized below, Title I provides aid to small businesses and other small entities and Title IV provides a more broadly applicable emergency relief fund that should result in loans for medium and large businesses impacted by COVID-19.

SBA Paycheck Protection Program to Provide Loans and a Loan Forgiveness Program to Eligible Entities Impacted by COVID-19

The CARES Act amends Section 7(a) of the Small Business Act to create the Paycheck Protection Program (PPP).  Under this expansion of the SBA’s traditional loan program, the government will provide or 100% guarantee loans made to eligible persons or entities over the next several months in an effort to help small businesses impacted by COVID-19.  The CARES Act also creates a loan forgiveness program for certain payments made with the PPP loans.  For answers to some of the preliminary questions a potential borrower might be asking as they consider applying for a loan under the PPP, click the button below. 

Get Details About the SBA Paycheck Protection Program

The CARES Act Makes Available Economic Relief for Midsize and Large Businesses Impacted by COVID-19

Under Title IV of the CARES Act, the Treasury Secretary is broadly authorized to make up to $500 billion in loans, loan guarantees, and other investments in support of “eligible businesses.” An “eligible business” is “a United States business that has not otherwise received adequate economic relief” under other provisions of the CARES Act. To learn if your organization is eligible and learn more about the program, click the button below. 

Learn More About Economic Relief Efforts for Midsize & Large Businesses

Contacts

Martin S. Gates 216.479.6115 msgates@vorys.com

Drew T. Parobek 216.479.6162 dtparobek@vorys.com

Vorys COVID-19 Task Force

Vorys is continuing to monitor the COVID-19 outbreak and related guidance to Insurers.  In addition, Vorys attorneys and professionals are counseling our clients on a myriad of others issues related to the outbreak.  We have established a comprehensive COVID-19 Task Force, which includes attorneys with deep experience in the niche disciplines that we have been and expect to continue receiving questions regarding coronavirus. Learn more and see the latest updates from the task force at vorys.com/coronavirus. 

This alert is for general information purposes and should not be regarded as legal advice. As always, please let us know if you want more information or have questions about how these developments apply to your situation.

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Vorys, Sater, Seymour and Pease LLP, 52 East Gay St., Columbus, OH 43215, 614.464.6400

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