Tons of folks are reaching out to me for insight on CARES, and the impact of the coronavirus pandemic (I’m calling it a plague now) on the TCPAWorld and their business more generally.
I am hearing the following general themes:
- It seems like a lot of people are just making stuff up and don’t really know what they’re talking about;
- It is tough to get comprehensive information all in one place and I feel like I have to hunt and peck to get what I need;
- I am sick of webinars.
Well, first, sorry–I’m going to be doing a couple of webinars the next few weeks and you’re going to have to tune in because, unlike the “other guys,” I actually hit the stuff you want to hear and give it to you direct and clear. (That rhymed.)
More pertinently to this post, Squire Patton Boggs has a world class Policy team (i.e. former Congresspeople and aides and other legislative/executive branch types), Tax group, privacy group, employment group, etc. and when these folks work together to analyze a single issue with laser focus well, the results are pretty special. These folks actually know what they’re talking about and it shows.
Unsurprisingly, Squire has created an inter-disciplinary task force that is analyzing the impact of the Coronavirus and resulting legislation/regulatory action on businesses in the United States and around the Globe. You just can’t get deeper, better rounded, or more thorough coverage on these issues than Squire is putting out (IMO).
Perhaps most important, there are a range of extensive loan and grant programs (free money?) that might be vital to your businesses right now under CARES. The Act includes some $500 billion in funding for the Department of Treasury that is expected to be leveraged by the Fed to produce more than $4 trillion in lending to businesses, and possibly states. In addition, the Act includes $350 billion in small business loan programs.
Working together, Squire Patton Boggs’ powerful Policy and Financial Services teams have produced an excellent summary of the extensive new Department of Treasury and Fed lending programs and that report is available right here (free of charge, of course): 37760-Public Policy-CARES Act Assistance for Business Enterprises States Muncipalities
The report provides detailed information on multiple lending facilities established by the Fed to support business liquidity as well as Treasury Department direct lending to air carriers, cargo air carriers, and for businesses “critical to maintaining national security” and will be of vital interest to businesses across the country in virtually every industry. Take a look and feel free to reach out to discuss ways we can help YOU address financial issues your business may be facing as a result of this terrible plague.
And for those of you looking for the 360 degree global coverage of pandemic-related legal issues you’d expect from a TRULY global firm like Squire, let me provide you some handy resources all in one place:
Securing CARES Act Stimulus Funding for Small Businesses – This alert answers important questions for small businesses which may need federal support including: what programs are created and funded by the Act, who is eligible for these programs and based on information available so far, how the programs will work.
Many Venture-backed Start-ups May Be Precluded From Small Business Relief Under the CARES Act – This alert is relevant to venture-backed start-ups which may not receive CARES Act relief.
Always happy to chat folks. Stay safe out there.