The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides extensive monetary relief to support small business operations, including eligible small and solo law firms. Attorneys who own their own practice can take advantage of the 2020 CARES Act to protect their business and employees during the economic downturn brought on by COVID-19.
According to the National Law Review, the CARES Act helps law practices with:
- Paycheck Protection Program (PPP) provisions to cover payroll costs
- An employee retention credit
- 2020 payroll tax deferment
- An economic injury disaster loan emergency advance (EIDL)
In addition to the financial assistance, the American Bar Association points out that there are other provisions in the law that will affect the legal industry and its clients:
- Emergency funding of $50 million for the Legal Services Corporation to help low-income Americans.
- Suspension of federal student loan repayment obligations with no interest accrued for borrowers until September 30.
- More than $7.5 million to support mission critical activities of the federal courts and their staffs.
- $100 million in funding to the Federal Bureau of Prisons for urgent needs like access to personal protective equipment, testing materials, home detention, electronic monitoring, and other alternatives to incarceration to improve prison conditions.
According to the ABA, “The CARES Act provides $850 million in expedited grant funding to state and local police departments and jails for local health protection needs. It will allow for the creation of temporary rules to institute video and audio conferences for some procedures such as detention hearings, arraignments, and misdemeanor pleas and sentencings. The law also allows rules to provide free telephone and video visitations with inmates and relaxed rules on early release and home confinement.”
“Prisons and jails are some of the highest-risk environments for the spread of COVID-19,” ABA President Judy Perry Martinez said. “The ABA is encouraged that the COVID-19 economic stimulus includes provisions to allow prisons greater access to personal protective equipment and COVID-19 testing materials. The ABA is further encouraged by the bill’s provisions that expand use of home detention and electronic monitoring.”
In this unprecedented time, we hope that our attorney friends are able to continue their legal practices in safe ways to serve their clients who find themselves in trouble. At A 2nd Chance Bail Bonds, we are here for those in need 24 hours a day, 7 days a week, and we’re processing bail bonds electronically.