Columbia Law Students Ready to Help Small Businesses Figure Out How to Get Forgivable Loans to Get Through Crisis
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The stimulus bill meant to help people survive economically through the virus crisis has a section offering loans to small businesses — and if the money is spent on salaries and layoffs are avoided the loans can be forgiven. (We’ve written about this before, and our last post has a lot of commentary with helpful info.)
And now Manhattan Borough President Gale Brewer sends word that Tim Wu at Columbia is getting law students to help people with these loans. To sign up for help, follow the instructions below.
“If you’re a small business owner with less than five hundred employees, Columbia Law Professor Tim Wu has been putting together a team of Columbia law students to help owners like you apply for the $349 billion in Paycheck Protection Program loans– the employee retention loans created by the CARES Act passed by Congress. *IF* owners use these loans to pay workers rather than lay them off, the “loans” are forgiven. You may recall I mentioned Friday that applications have opened and that these loans are first-come, first serve. This is a terrific offer, and to keep them from being overwhelmed, please email me at gbrewer@manhattanbp.nyc.gov with “Columbia Law PPP” in the subject line.”
That’s a fine & generous idea, but isn’t the holdup the fact that the banks (and it’s banks that are actually applying for & disbursing these funds)don’t want to handle or help small businesses that aren’t ALREADY their business clients?
And by business clients I don’t mean having a credit card issued by that bank, but actually having loans out, a line of credit, etc.?
The address for Gale Brewer has a typo in it. Should be gbrewer@manhattanbp.nyc.gov
Thanks, we’ve updated.
I am a doggie daycare and boarding service- o have been in business for 27 years and had to close March 16th 2020- I have 2 employees plus myself- please I need help – thank you
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I’m a salon owner with 5 stylists. They all get 1099 including myself. I pay all rent, utilities, insurance, supplies etc. I’ve been. Loses since March 17. Am I qualified for PPP?
I would appreciate your response.
Hyacinth
I tried emailing and so far nothing back. I’m a company on the upper West side with about 30 employees and we may not make it we don’t get it.