Jeremy Glenn was quoted in the Chicago Daily Law Bulletin discussing the recently passed CARES Act and what it means to both employers and employees. “Businesses can apply for up to $10 million in loans to pay for payroll, employee health benefits, utilities, debt repayment on old loans and rent or mortgage payments,” he said. “If they use all the money for those purposes within eight weeks, then the loan is forgiven and essentially becomes a grant. Any funds from the loan that are spent on non-qualified purchases need to be paid back over the course of 10 years, with an interest that won’t exceed four percent.”
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