Matthew D. Johnson discusses the resources available in the CARES Act stimulus package in an article titled, “Cares Act guidance for small businesses,” in this week’s Grand Rapids Business Journal.
Johnson, a partner at Warner Norcross + Judd LLP and chair of the firm’s Business and Corporate Services Practice Group, described the framework of the $350 billion fund, including details on eligibility for loan forgiveness and special programs under the Entrepreneurial Development Program.
The Entrepreneurial Development Programs, in particular, could be a boon for small businesses with additional grants and funding to small business development centers, including minority and women’s focused centers, to support education, training, counseling and other initiatives.
“Small businesses that can benefit from this funding are those that experience supply chain disruptions, closures, staffing changes or a decrease in gross receipts or customers due to COVID-19,” said Johnson. “The SBA may also provide grants to organizations affiliated with a center to establish a centralized hub for COVID-19 information.”
Johnson advised business owners and entrepreneurs closely monitor program news and consult their legal counsel for updates in the fast changing COVID-19 arena. “The federal and state governments are under an extensive burden, and guidance is coming out on a daily basis from the Small Business Administration on the Paycheck Protection Program,” he said.
Grand Rapids Business Journal subscribers can read the full story HERE. Johnson and Warner have also prepared this comprehensive COVID-19 Resource Center to make it easier for clients to access important updates in a single location.
