Class Claims LLC Announces Practice to Assist Businesses with Government Loans and Grants
Firm anticipates Potential Delays with Payroll Protection Loans
By: Class Claims LLC
NEW YORK - April 2, 2020 - PRLog -- Class Claims LLC has established a practice to assist businesses with obtaining emergency relief authorized by the United States government.. The United States government has authorized $350 billion in loans in grants to be made available to small businesses for emergency loans and payroll protection loans. Emergency loans are limited to $10,000 and may be applied for in a streamlined process. Payroll protection loans, while streamlined, still require a financial institution and a loan officer to act as underwriter. Those loans will first become available on April 3, 2020. Jonathan Johnson, an attorney for Class Claims, stated that, "I anticipate there there is going to be difficulty processing the volume of applications for payroll protection loans in a timely fashion due to the shortage of underwriters authorized to approve SBA loans." The anticipated volume of payroll protection loans is about ten times the amount processed in a normal year. Businesses have obligations to document payroll to obtain those loans, and the loans are only forgiven if used for purposes approved by the government, such as payroll, rent, utilities and existing obligations. The loans are supposed to be available to all the businesses which have been closed as a result of the corona virus epidemic, but they may be challenging to obtain. In addition, they may run out because the total amount of funds available to be loaned is currently limited by Congress.
Class Claims LLC is representing clients on a contingency fee basis. The firm is charging a $500 flat fee payable when the client receives the loan for emergency loans, and a 15% fee payable with the client receives the loan for payroll protection loans. A link to the firm's video presentation is https://youtu.be/
Jonathan Johnson may be reached by email at firstname.lastname@example.org, or 404-298-0795. He has been an attorney litigating mass disaster cases since 1993.
Page Updated Last on: Apr 02, 2020