Law firms have been relieved that the COVID-19 pandemic has not been as financially catastrophic for the industry as predicted in March, but the coming months will bring more uncertainty for firms and the broader economy as Paycheck Protection Program loans run out and coronavirus cases keep rising in the United States.
Most of the PPP money, which was intended to cover salaries for up to 2.5 months, went out in April. More than 1,500 law firms across the United States signed up, and at least 47 Am Law 200 firms received loans totaling $218 million to $445 million based on the dollar ranges issued by the Small Business Administration, which administers the program.
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