McCullough Quoted in Law360 Article on Stimulus Bill
Heather was quoted in the Law360 article, “Stimulus Bill Could Be Lifeline For Some Law Firms,” published March 26. An excerpt of the article is below. To read the article in its entirety, view it here on the Law360 website.
“Loan recipients would be forgiven the amounts they put into payroll costs and mortgage payments and interest for eight weeks after loan origination, with some limitations. This forgiveness is also available to businesses that rehire workers who have already been laid off.
The bill also provides non-forgivable loans to other businesses under certain conditions, including that they maintain their current staffing through September "to the extent practicable" and do not engage in stock buybacks "unless contractually obligated."
According to Heather McCullough, a partner at consulting firm Society 54, while many firms fall under the small business definition and will be eligible for loans, they must keep in mind that it takes time to complete the loan application and money will not be available immediately.
"Actions need to be taken quickly if there aren't enough cash reserves to cover current costs," McCullough said.”