SBA Loan Eligibility Assessment

Does Your Company Qualify?

Under the U.S. CARES Act Paycheck Protection Program, your company could obtain a forgivable loan designed to cover 8 weeks of payroll and related expenses. Is your company eligible? Orrick can help guide you through the detailed and complicated rules around eligibility for these loans. We are offering a legal assessment package to any new clients that are venture-capital-backed companies who are Delaware corporations, for a discounted flat fee of $1,500. The assessment includes:

 

  • Analysis of the CARES Act, which will incorporate:
    • The affiliation rules for determining the size of your business
    • Guidance from the Small Business Administration and Treasury
    • Feedback from lenders and financial institutions
    • Market approaches adopted by other, similar companies
    • Advocacy by trade groups and venture capital firms

  • Confidential review of the relevant corporate records by Orrick attorneys, including:
    • Capitalization records
    • Certificate of incorporation
    • Bylaws
    • Stock purchase agreements
    • Investors’ rights agreements
    • Voting agreements
    • Side letters granting control or management rights to an investor

  • An Eligibility Assessment indicating:
    • A determination of whether any terms in your materials create a high risk of being deemed ineligible for an SBA Paycheck Protection Program loan
    • An explanation of your company’s eligibility
    • Recommended next steps to improve your company’s eligibility to apply for the program


To submit your assessment request, please provide your contact information below, then click Submit.

Company Type: *

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 I confirm my company is not an existing client of Orrick, Herrington & Sutcliffe LLP. *

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IMPORTANT NOTE AND DISCLAIMER RE: PPP LOAN APPLICATIONS AND ADVICE FROM ORRICK HERRINGTON & SUTCLIFFE LLP (“ORRICK”): THE CARES ACT’S PAYROLL PROTECTION PROGRAM (“PPP”) AND THE RULES AND REGULATIONS GOVERNING THE PPP AND LOAN APPLICATIONS BY BORROWERS TO LENDERS UNDER THE PPP ARE COMPLEX, EVOLVING QUICKLY, AND SUBJECT TO CHANGE. ACCORDINGLY, WE ADVISE YOU THAT SIGNIFICANT UNCERTAINTY EXISTS RELATING TO THE PPP, LOAN APPLICATIONS UNDER THE PPP, AND RELATED MATTERS. CONSEQUENTLY, ANY ADVICE PROVIDED REGARDING YOUR PPP LOAN APPLICATION IS BASED ON FACTS REPRESENTED TO US BY YOU AND YOUR TEAM, OUR UNDERSTANDING OF CURRENTLY APPLICABLE LAWS, RULES, REGULATIONS, GUIDANCE, AND INTERPRETATIONS, ALL OF WHICH ARE EVOLVING RAPIDLY AND ARE SUBJECT TO CHANGE (INCLUDING VIA ACTS OF CONGRESS OR REGULATORY RULE MAKINGS AND PROCEEDINGS BY THE SBA, THE TREASURY DEPARTMENT, OR OTHER REGULATORY AND LEGISLATIVE BODIES). IN LIGHT OF THESE LIMITATIONS, WE UNDERSTAND THAT YOU AND YOUR INVESTORS MAY MAKE APPLICATION AND DISCLOSURE DECISIONS BASED ON YOUR BUSINESS JUDGMENT THAT MAY OR MAY NOT FULLY FOLLOW CURRENTLY AVAILABLE SBA GUIDANCE. ORRICK’S ADVICE AS TO ANY PPP APPLICATION IS LIMITED TO ADVICE AS TO FORM AND EACH BORROWER REMAINS SOLELY RESPONSIBLE FOR THE CONTENT OF (AND SUPPORTING MATERIALS PROVIDED TO LENDERS OR THE SBA AS PART OF) ANY PPP APPLICATION. FURTHERMORE, NOTWTHSTANDING ORRICK’S REVIEW OF (AND ANY COMMENTS PROVIDED TO) YOUR OR ANY OTHER BORROWER’S APPLICATION FOR A PPP LOAN AS TO FORM, ORRICK CAN PROVIDE NO (AND EXPRESSLY DISCLAIMS ANY) OPINIONS OR ASSURANCES AS TO THE SUBSTANCE, CONTENTS, COMPLETENESS OR ACCURACY OF ANY PPP APPLICATION PROVIDED TO US FOR REVIEW OR COMMENT.

 

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