Law Practice
Apr. 22, 2020
Law firms may seek paycheck relief under amended rule
The difference in calculating payroll regulation means law firms could apply for higher loan amounts and potentially have more of these loans forgiven.
Many law firms might have left federal stimulus money on the table because of a last-minute change to the Payroll Protection Program.
The $2.2 trillion Coronavirus Aid, Relief, and. Economic Security Act, better known as the CARES Act, allowed $349 billion for small business loans under the Payroll Protection Program. Companies that use at least 75% of the money to meet payroll are eligible to have their loans forgiven.
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