Middle Market Growth quoted Haynes and Boone, LLP Partner Neal Kaminsky in an article about the Trump Administration signing the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to prevent the catastrophic effects of the COVID-19 outbreak on business activity.
Here is an excerpt:
The largest stimulus package in U.S. history, the CARES Act will make hundreds of billions of dollars available to small and midsize businesses to help cover payroll and operational expenses to counter the enervating effects of the coronavirus outbreak through the Paycheck Protection Program, or PPP, which the Small Business Administration will administer through its 7(a) loan program.
If there’s continued confusion around 7(a) loans, Neal Kaminsky, a partner and chair of law firm Haynes and Boone’s finance practice group advocates for what are known as B(4) loans, a lending facility created by the CARES Act.
According to the legislation, these loans are provided to companies with between 500 and 10,000 employees. Recipients must use the money to retain at least 90% of their workforce until September, among other requirements.
To read the full article, click here.
The firm was also mentioned in another Middle Market Growth article about the CARES Act. Here is an excerpt:
About $46 billion of the record-breaking CARES stimulus is targeted at distressed, industry-specific and essential companies, including airlines and businesses critical to maintaining national security. However, the rescue package provides nearly $454 billion for the Treasury Department to lend to midsize companies, which it defines as having between 500 and 10,000 employees, according to a summary from law firm Haynes and Boone.
To read the full article, click here.