Al Guarnieri and Dom Lerario were quoted in a Charlotte Business Journal article on what small businesses should keep in mind with the Paycheck Protection Program. The program is part of the $2 trillion CARES Act that Congress passed in response to the coronavirus pandemic. The Charlotte Business Journal noted that Parker Poe has assembled a team to advise clients on the CARES Act.
"You have to have a plan in place for how you spend the funds you get," Al said. He explained there are a variety of rules businesses must follow to have Paycheck Protection Program loans forgiven, although the U.S. Treasury Department is still releasing regulations on the program.
"It's a dynamic process," Dom said. He and Al also described what can qualify as a small business and how things can get complicated if companies apply for relief under both the Paycheck Protection Program and the Economic Injury Disaster Loan portion of the CARES Act.
Subscribers can read the full article here. The Charlotte Business Journal is the leading business publication in the Charlotte area.
You can find Parker Poe's additional analysis of the Paycheck Protection Program here.