Coronavirus

As we all try to cope with the current situation and its future ramifications, there will be a lot of legal terms and jargon thrown around. It is important that you have a clear and accurate understanding of the meaning of these terms so that you can make informed decisions. In this update, we are providing the definitions of some of legal terms that you have been hearing and will continue to encounter as time goes on. In a future message, we will be giving you definitions of terms that are specifically related to housing issues and foreclosures.

As always, read all documents carefully before signing.  Please feel free to call our office (2369-642-1485) if you have any questions.

COVID-19 Update:  Payroll Protection Plan Has Run Out of Funds. Now what?

April 17, 2020

As many people have heard, the Payroll Protection Program (PPP) has run out of funding. On April 16, 2020, the Small Business Administration ceased taking new applications for PPP loans and placed all pending applications in a queue. Congress, both the House and Senate, are negotiating over an additional $250 billion to be committed to PPP. It is a near certainty that some additional funding will be committed to PPP.

Read on for the U.S. Senate Committee on Small Business and Entrepreneurship detailed guide:  The Small Business Owner's Guide to the CARES Act, and for SBA Webinars.

It is our mission at Patrick Neale & Associates to provide support and information to the community in these difficult times. You are no doubt hearing news reports about COVID-19 relief programs for individuals and businesses.  Some of these programs are set. Others are being legislated and are not finalized yet.  Until signed by the President, we won’t know for sure what they will be.  As always, feel free to contact our office before signing any loan or other legal documents.

The programs that are currently in existence are: