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WHAT WE’RE WATCHING
LEAVE IT A LOAN - The Paycheck Protection Program is back, but law firms may be laying off of the loans this time around, Law.com’s Dan Roe reports. The Small Business Administration and the U.S. Treasury’s PPP this week reopened for new and existing borrowers, making available $284 billion in loans for small businesses. But second-time borrowers must also show a 25% decline in receipts from any quarter of 2020 as compared to the same quarter of 2019, which many firms would likely struggle to do after better-than-expected year-end collections. Meanwhile, even those firms that could qualify might think twice after the last round. Law firm management consultant Peter Zeughauser said some firm leaders didn’t expect their 2020 loans to be made public, while others didn’t expect the backlash following media coverage of Big Law and midsize law firms taking money meant for small businesses.
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