Small law firms and solo lawyers seek relief under $ 350 billion pandemic loan program
As small and mid-sized law firms rush to claim a share of $ 350 billion in government-guaranteed loans to keep their payrolls afloat, some are finding their business models to be a particular hurdle.
As of April 3, small businesses in America were able to begin applying for the Paycheck Protection Program, a key part of the $ 2 trillion COVID-19 pandemic relief bill. Under this program, banks will lend up to $ 10 million to companies with fewer than 500 employees on very favorable terms: two-year term and an interest rate of 1%.
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