As previously discussed earlier this Spring, the Paycheck Protection Program (“PPP”) enacted through the CARES ACT is a Federal Program that has been marked with more questions than answers. As the days pass and the implications of the program are evaluated by the government and public, the Small Business Administration (“SBA”) and Department of Treasury…
Read MoreThe rules for the Paycheck Protection Program (PPP) change daily, sometimes hourly. On April 23, 2020 the SBA issued a question whether an applicant can certify in good faith that the business needed the SBA loan as liquidity. Our suggestion is to avoid potential criminal charges to analyze the needs of the company and also…
Read MoreFor anyone considering a business acquisition, now may be a great time to do it. Many buyers finance business acquisitions using 7(a) loans. A 7(a) loan is a general-purpose loan up to $5 million, which can be used to purchase a business, purchase equipment, or obtain working capital, among other uses. 504 loans are loans…
Read MorePayroll Protection Program After the Small Business Administration (SBA) applications under the CARES Act for the Paycheck Protection Program are now possible and many banks have opened their portals and applications are pouring in, the next question is: can the loan be forgiven? The quick answer is: Yes. We suggest that you open a new…
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