At least 27 BigLaw firms had $210M in paycheck protection loans at least partly forgiven
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At least 27 of the nation’s top 200 grossing law firms obtained partial or full forgiveness of loans obtained through the Paycheck Protection Program, according to Law.com’s review of a ProPublica database.
Among those 27 law firms, the average loan was about $8 million, according to Law.com. The total amount of loans obtained by the 27 law firms was $210 million.
The Paycheck Protection Program offered forgivable loans to keep businesses afloat and workers on the payroll during the COVID-19 pandemic. The loans are fully forgiven if they’re used for eligible expenses consisting of payroll, rent, mortgage interest and utilities. At least 60% of the loan had to be dedicated to worker pay.
Most of the PPP money obtained by the law firms covered payroll, according to Law.com.
It’s still unknown whether 15 other law firms had their PPP loans forgiven. Firms on that list includes Boies Schiller Flexner, whose name partner David Boies represented producer Harvey Weinstein, and Kasowitz Benson Torres, whose name partner Marc Kasowitz has represented former President Donald Trump.
One law firm, Hughes Hubbard & Reed, told Law.com that it has paid back its loan. Prior coverage noted that the law firm announced layoffs of “certain attorneys and staff” after taking a loan for nearly $8.7 million. The firm said at the time that it waited until the end of the “prescribed period” to preserve jobs before it announced layoffs.