April 08, 2020 Category: COVID-19 Updates
By Attorney Jeffrey A. Robbins, Esq.
The U.S. Department of Treasury released on Monday, April 6, 2020, supplementary rules regarding the SBA Loan Programs by publishing an addendum the Interim Final Rule it released on Friday, April 3, 2020, for the purpose of guiding a small business to determine if it meets the threshold to be eligible for the SBA Loan Programs (Paycheck Protection Plan and Economic Injury Disaster Loan). You can review both the April 3 and the April 6 issuance of the Interim Final Rules and the PPP Q&A’s below.
The CARES Act provided that for purposes of counting employees, all employees employed by both domestic and foreign affiliates were counted. Thankfully, today’s supplement to the Interim Final Regulation clarifies that only domestic employees are considered. Foreign based employees are not counted.
More detailed information about COVID-19 and the recently passed CARES Act can be found on our website here.
If you have any questions about the CARES Act or if you have any other business needs, please contact the business and corporate legal team at Hertz Schram or Jeffrey Robbins at (248) 335-5000 if you would like to learn more about your legal rights and options. Although our office is physically closed, we are operating our business remotely. All our attorneys are available via phone by calling our office number at (248) 335-5000.