On April 22, 2020, Chris O'Brien published “What Entertainment Cos. Must Know About CARES Act Loans” in Law360. The following is an excerpt:
On March 27, President Donald Trump signed into law the Coronavirus Aid, Relief and Economic Security, or CARES, Act. The act is a $2.2 trillion Swiss Army knife of economic relief provisions meant to reduce the impact of the COVID-19 pandemic on various parts of the U.S. economy.
Among these provisions is the $349 billion Paycheck Protection Program, or PPP, an expansion of the Small Business Administration Economic Injury Disaster Loan program. The PPP was intended to help small and middle market businesses pay their employees and otherwise keep the lights on during the economic slowdown.
As entertainment productions grind to a worldwide halt as a result of COVID-19, the PPP may be helpful to entertainment businesses trying to stay afloat during this challenging time.
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