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Law Firms Qualify for the Payroll Protection Program Under the CARES Act

Law Firms Qualify for the Payroll Protection Program
Under the CARES Act

Due to the financial duress suffered by businesses as a result of COVID-19, the federal government passed a stimulus plan called the Coronavirus Aid, Relief, and Economic Security Act (CARES) to help businesses and individuals weather the financial storm. Part of this bill is the Payroll Protection Program (PPP), which offers low interest business loans to small businesses.  Law firms, including solo practitioners, are eligible to apply for these loans. The loans can be fully forgiven subject to certain requirements.  This means that the loans will turn into tax free subsidies if you meet these requirements including maintaining employees and salary levels for an eight-week period.  

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