Apply to the Paycheck Protection Program loan

As the global COVID-19 pandemic has evolved, small business owners have been burdened with the stress of keeping their companies afloat while much of the economy has slowed to a halt.

The Lawtrades team is proud to stand with small business owners who are facing uncertainty during this uniquely challenging time. With our highly-distributed workforce of attorneys and many of our employees typically working remotely, this shift has been relatively smooth and we continue to diligently support small business owners facing legal and financial challenges.

The CARES Act
We’re working quickly to support the Payroll Protection Program (PPP), which is part of the CARES Act that is allocating $350 billion in forgivable loans to small businesses.  When this program is live, our platform can help businesses get access to this funding.

Schedule a free consultation here to confirm your eligibility and submit your application with the guidance of a Lawtrades attorney. 

Here’s what you need to know:

Will I qualify?
Under the law, businesses that meet the SBA’s “small business concern” definition, as well as businesses with up to 500 employees, are eligible (subject to affiliation rules). For the purposes of this program, your total number of “employees”includes your full-time and part-time employees, in addition to individuals who work with you seasonally or on a temporary basis.

When can I apply?
Starting April 3, 2020, small businesses can apply for and receive loans to cover their payroll and other qualifying expenses.

What about independent contractors and sole proprietors? 
Some independent contractors and sole proprietors may be approved for a loan under the terms of this program.

How much funding can I get?
Your company can request up to 2.5 times your average monthly payroll costs, with a few exceptions. This amount cannot exceed $10 million.  However, lenders will likely seek a good faith certification that your company needs these funds to support your operations.

Is it forgivable?
The loan is fully forgivable if used within 8 weeks of origination on payroll, rent, utilities, or mortgage payments. Since the loan is based on your previous year’s payroll, if you’ve reduced salary or headcount, part of the loan might not be forgivable.

Can I apply through Lawtrades?
Yes. If you think you could benefit from the program, we can confirm eligibility and submit your application in a timely manner (we fear Congress may take months to allocate more funding if needed).

To get started, you’ll need to book a PPP evaluation consultation: https://calendly.com/lawtrades-ppp-loan/discovery-call

As always, if you have other questions that you’d like answered by lawyers from Lawtrades, just email support@lawtrades.com—we’ll try to add your questions to the queue or make a direct introduction.

We will get through this together.

Sincerely,

Raad Ahmed
Chief Executive Officer, Lawtrades

P.S. – As you contemplate your next steps, don’t forget to take a few minutes to meditate, give yourself a break, and screen for the virus so that you protect yourself and those around you.