SW Benefits Update: CARES Act Loans With an Executive Compensation Catch
April 14, 2020
By Amberlee Conley and Greg Gautam
As addressed in our previous legal alerts, the Coronavirus Aid, Recovery and Economic Security Act (the “CARES Act”) was enacted on March 27, 2020, presenting various opportunities for individuals and businesses grappling with the COVID-19 pandemic. Importantly, the CARES Act creates various loan and financial support programs for certain eligible businesses. Some of these programs, however, require recipient employers to restrict the amount of compensation paid to certain employees. Below we offer a set of questions and answers for further detail as to what we do (and do not) know about the CARES Act executive compensation restrictions.
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The material in this newsletter may not be reproduced, distributed, transmitted, cached or otherwise used, except with the written permission of Snell & Wilmer.