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COVID-19 PPP Loan Assistance

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Andy Starnes
Partner
Andy StarnesPartner
Steven Murphy
Partner
Steven MurphyPartner
Chris Arnone
Partner
Chris ArnonePartner

COVID-19 PPP Loan Application and Forgiveness Assistance

The Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Coronavirus Response and Relief Supplemental Appropriations Act (CAA) expanded the ways the Small Business Administration (SBA) has helped and continues to help small businesses remain open and meet payroll. The law expanded the allowable use of the so-called “Section 7(a)” or Paycheck Protection Program (PPP) loans funds to support payroll and certain business expenses, such as paid leave, mortgage payments, insurance premiums and debt obligations, while waiving many of the usual requirements like collateral and personal guarantees. The CAA included another $284 billion in funding for forgivable loans through the PPP for both first-time and so-called “second draw” borrowers (PPP2).

If you are filing for first or second-draw PPP loans, you should carefully evaluate eligibility requirements and your potential loan amount. As you approach your PPP loan forgiveness process for all PPP loans, your goal should be to maximize forgiveness. The SBA has been updating its guidance regularly, making it challenging for businesses to feel confident in applying for forgiveness while following all regulations and maximizing the forgiveness amount.

Our team has experience filing PPP loan applications and assisting with PPP forgiveness applications, knows what to look for and can facilitate the process for you.

We can help you:

  • Complete and help file all PPP loan applications, first and second draw.
  • Calculate PPP loan forgiveness amounts and help file PPP forgiveness applications.
  • Determine how partner compensation should be treated for all PPP loans.
  • Assist with PPP loan and PPP forgiveness applications for partnerships.

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