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Paycheck Protection Program Focuses on Short-Term and Misses Long-Term Damages

June 8, 2020 Media Mentions
Portland Press Herald

On June 8, the Portland Press Herald published an article, "Revamped emergency loan program remains a short-term fix," discussing the Paycheck Protection Program's (PPP) extended deadlines and loosened restrictions, but lack of solutions to long-term revenue shortfalls. Due to the COVID-19 pandemic, many small businesses will expect depressed revenues in months to come and the PPP doesn't address these concerns. Business law attorney and author of several PPP guideline articles, Greg Fryer, is quoted multiple times in the article. He states: "The whole thrust of this statute is to foster forgiveness, to make it easier for small businesses, to make this an outright subsidy program, not a low-interest loan program."

To read the full Portland Press Herald article, click here.

Firm Highlights

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2021 JD Supra Readers' Choice Awards

JD Supra, a daily source of legal intelligence on a variety of topics, recognized law firms and top authors for their thought leadership in key topics in its 2021 JD Supra Readers' Choice Awards...

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Verrill Welcomes Attorney Nicholas Anania

(January 18, 2021) – Verrill is pleased to welcome attorney Nicholas Anania to the firm’s Portland, Maine office. Anania focuses his practice on a broad range of transactions and corporate work, including mergers and...

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Heating Oil and HVAC Systems Acquisitions

HVAC
Publication/Podcast

PPP Forgiveness Planning Scenarios

How to use this article: You already know that the Paycheck Protection Program (PPP) is highly complex, with intertwining conditions, exceptions, and definitions that defy simple explanation. This article assumes that you are pretty...

Publication/Podcast

New Reporting and Penalties for Small Business Owners

In the United States of America, what do a small restaurant owner, a real estate developer who wants to keep properties separate, a mom-and-pop store with fewer than 20 employees and a drug cartel...

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Verrill Attorney Gregory Fryer Recognized as Top Author in JD Supra 2021 Readers Choice Awards

(April 8, 2021) – Verrill attorney Gregory Fryer was recognized as a top author for finance and banking in JD Supra’s 2021 Readers Choice Awards . The top ten authors were selected for each...

Matter

Banking: Helping Non-Depository Trust Companies Do Business in Other States

Verrill has helped to form more non-depository trust companies in Maine than any other law firm. We have also helped our trust clients when they look to expand their business into other states. In...

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Eugene Ho Named “Go To Business Lawyer” by Massachusetts Lawyers Weekly List

(February 8, 2021) – Verrill attorney Eugene Ho was honored as a “Go To Business Lawyer” by Massachusetts Lawyers Weekly . The inaugural list, which is part of the publication’s new “Massachusetts Go To...

Matter

Allagash becomes Maine’s First Benefit Corporation

Allagash Benefit Event
Matter

Banking: Establishment of Non-Depository Trust for National Company

Verrill served as special counsel to a national firm in the chartering and licensing of a Maine non-depository trust company as the client’s wholly-owned subsidiary. Non-depository trust companies are highly regulated, and the matter...

Contact Verrill at (855) 307 0700