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Delaware Healthcare Businesses Note: Small Business Administration Releases Details of COVID-19 Paycheck Protection Program

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March 31, 2020

Details regarding the SBA’s program just became available. Delaware’s doctors and other healthcare related businesses are struggling as elective procedures and non-essential appointments get cancelled, so some of the key features may be very attractive: 

  • Loan forgiveness based on use of funds for payroll, mortgage, rent and utility payments, especially payroll.
  • Deferred payments for 6 months.
  • No personal guarantees or collateral required.
  • No loan fees.
  • Two year maturity at 5% interest.

For more information, please click here. Using this program to cover payroll expenses can protect practices that have gone the extra mile to hire and retain excellent staff, yet have seen substantial drops in income threaten the ability to retain them as employees as the COVID-19 crisis continues to unfold. There are limits on employer size, but exceptions apply.

In these trying times, we are fully committed to protecting our clients' interests and well-being. Should you have any questions or concerns, please do not hesitate to reach out to one of the attorneys at Morris James LLP for help. 

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