Blog

PPP Loan – Counting of Employees and Foreign Affiliates

May 8, 2020

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…

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Does PPP need to be the last straw?

April 24, 2020

The 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…

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Debt Relief beyond the PPP – Loans Eligible for the SBA to make Six Months of Payments

April 15, 2020

For 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…

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Can my PPP loan be forgiven in whole or in part?

April 6, 2020

Payroll 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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Payroll Protection Program

April 3, 2020

How do I calculate the maximum amount I can borrow? The following methodology, which is one of the methodologies contained in the Act, will be most useful for many applicants. • Step 1: Aggregate payroll costs (defined in detail below in from the last twelve months for employees whose principal place of residence is the…

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Unemployment Claims during the COVID-19 Pandemic

March 31, 2020

Under the new CARES Act signed into law on Friday, March 28, 2020 unemployment benefits were expanded to provide assistance for more workers than are usually eligible for unemployment benefits (this includes self-employed people and part-time workers). In addition to state benefits, the Act also provides workers an extra $600 per week in unemployment benefits.…

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The CARES Act – Which businesses will qualify for a Small Business Administration Loan?

March 27, 2020

The CARES Act has officially passed in the Senate and a vote is expected in the House on Friday, March 27th. If the Bill is signed into law as expected, $350 billion will be dedicated to preventing layoffs and business closures while workers stay home during the outbreak. Companies with 500 employees or fewer that…

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Thursday March 26 2020, Mecklenburg County is under a stay-at-home order.

March 26, 2020

As of 8am this Thursday morning, Mecklenburg County is under a stay-at-home order. If you are one of the essential business (see yesterday’s update for more info on that), you need to encourage your employees to actively practice social distancing while in the workplace. As we experience this Covid-19 pandemic, keeping social contact to a…

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COVID-19 “CARES Act” bipartisan stimulus package being finalized in Congress will help small businesses

March 26, 2020

In the early morning on March 25, 2020, the White House and Senate finally reached an agreement on a $2 trillion package to respond to the current economic crisis caused by the COVID-19 pandemic. Though a deal has been struck on the key points of the Bill, many details are still being finalized. However, a…

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COVID-19 and the Force Majeure

March 24, 2020

The current pandemic brought on by the COVID-19 virus has impacted supply chains; the ability to move around freely; and in some cases has shut down manufacturing entirely. Government actions including declaring states of emergency, closing borders and shelter in place orders may be the types of events that often fall within the parameters of…

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