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Eric Holland Discusses the Latest COVID Stimulus and Relief Package with The Houston Chronicle
- Filter By COVID19
Eric Holland, partner in the firm’s Houston office and member of the Banking & Financial Services Practice, spoke with The Houston Chronicle to discuss the federal government’s latest stimulus and relief package. In the article titled “Here are 5 things you should know about the $900 billion COVID stimulus relief package,” reporter Rebecca Carballo cites Eric’s insight on the package’s impact on the Paycheck Protection Program (PPP) loans.
For employers with 300 or fewer employees - the only businesses eligible - Eric points out that this latest round of PPP loans is specifically tailored to the needs of small businesses. “The eligibility criteria was so vague that some people that may not have actually needed the loans ended up receiving them,” Eric said. “It's clearly meant to be available to more of the mom and pop shops, and small businesses, rather than larger ones that are highly liquid or well capitalized.”
Eric shared additional guidance regarding eligibility, citing that businesses must show 30 percent quarter-over-quarter loss in gross receipts. Further, businesses that received loans in earlier rounds of the program are eligible to apply for additional loans from the new funding. Businesses can choose to take up to 24 weeks to spend the loan proceeds and remain eligible for loan forgiveness.
Eric represents lenders and borrowers in secured and unsecured credit facilities and other financial transactions. Eric also has extensive experience in representing lenders and borrowers in the energy industry, including upstream, midstream, downstream and oilfield services. Eric has worked with hedging facilities and International Swaps and Derivatives Association (ISDA) and ISDA collateral transactions. Additionally, he has also worked on matters involving the work-out, restructuring and bankruptcies of several facilities. Lastly, Eric is also well-versed in the financial programs promulgated under the CARES Act (Paycheck Protection Program and Main Street Loan Program).