May 13, 2020: Written by Anthony J. Vizzoni, Esq.
On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed by President Trump. The CARES Act created a new Small Business Administration (“SBA”) loan program known as the Paycheck Protection Program (“PPP”) which has provided billions of dollars in potential forgivable loans to businesses for purposes of maintaining and restoring jobs to their employees. In order to obtain a PPP loan, applicants must provide several certifications as part of the application process. One such certification is that “current economic uncertainty makes this loan request necessary to support ongoing operations of the Applicant.”
FAQ #46: Welcomed News For Many PPP Borrowers