COVID-19 and the Paycheck Protection Program

For those of you who applied for and got a Paycheck Protection Program Loan, remember that the SBA requires at a minimum:

  1. The money from the loan must be used within 8 weeks of being deposited into your account;
  2. You cannot spend more than 25% of the money on costs other than payroll;
  3. You must ask for the loan to be “forgiven”;
  4. If the loan isn’t forgiven, you must repay it within 2 years. 

Any questions you have about your PPP Loan, contact us directly at 815-730-1977. We are here to help!

About the Author

Carl R. Buck

Carl Buck joined RCK Law Firm in 1999 after working as a felony prosecutor for the Will County State’s Attorney. He became a firm partner in 2003 and works from the Joliet office. Mr. Buck focuses his practice on commercial […]

While the Governor has issued a shelter in place order, that does not apply to legal services, which are considered essential services. Our office remains open but we are continuing to limit services to phone and video conference support at this time. If you have any questions, feel free to contact us at 815-730-1977. We are here to help!