With business owners looking for ways to keep their livelihoods afloat during the coronavirus pandemic, some law firms are introducing new services to help in that effort.
One firm with a Las Vegas presence — Brownstein Hyatt Farber Schreck — has put together a rapid response team to help clients navigate financial relief options they might have through the Small Business Administration and the recently passed CARES Act legislation.
The $2.2 trillion stimulus package includes $350 billion for low-interest loans to small businesses and nonprofits to maintain their workforce and help pay operating expenses. The package also includes $10 billion for Small Business Administration grants up to $10,000 to small businesses for immediate relief for their operating costs.
“There are people, small businesses and large, that are intimidated by this and don’t understand their options or don’t want to understand their options,” said Mitch Langberg, a Brownstein attorney leading the rapid response team. “For those people, we wanted to get a group of attorneys together that would become kind of the experts in the basics of the CARES Act.”
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It’s not a free service as the firm will charge clients for a consultation, but could be money well-spent for business owners or sole proprietors who might be feeling overwhelmed, Langberg said.
The SBA has been accepting applications for the loan advance for the past week, and began accepting applications for its paycheck protection program on Friday.
“There’s a lot of people out there dealing with so much uncertainty and fear,” Langberg said. “People are kind of frozen. Suddenly, they’re in trouble. The guy who worked all his life to build up his restaurant, now he’s wondering what’s going to come next. Some people just don’t have the emotional or mental wherewithal now to figure things out. For a reasonable price, we can help those people.”
In addition to paid services, Brownstein has also been helpful to organizations like the Downtown Vegas Alliance, an advocacy group for several dozen downtown business owners. Brownstein — the firm is based in Denver, but has a downtown Las Vegas office — is an alliance member.
“I’m reaching out to my members, letting them know we’re a resource to them,” said Carolyn Wheeler, executive director of the alliance. “I’m going on different websites, trying to figure out what information I can gather about some of the latest things available. This stuff changes from day-to-day. Brownstein Hyatt Farber Schreck has been a great partner. They’ve been sharing a lot of legal resources with us so we can get that out to the community.”
As its name might suggest, the Brownstein rapid response team’s goal is to help clients quickly scan their options.
“People need answers and time is really of the essence,” said Sarah Mercer, a Brownstein attorney and member of the rapid response team. “People hear about these big numbers — a $2 trillion package — and people want to get their applications in. We’re hearing that the SBA is going to be prioritizing certain applications, but it’s not totally clear yet.”
Brownstein isn’t the only firm helping business owners look at their options. Holley Driggs, a Nevada-based law firm, is also taking clients interested in available relief programs.
“I’ll give the government credit for having a useful (SBA) website to help people,” said Ron Thompson, a business law attorney with the firm. “A lot of people are going to the website and figuring it out fairly quickly, but they can give us a buzz if they need some help. Most people do think there will be another stimulus program of some sort down the road, so that’s also something to keep in mind.”