Emergency information regarding SBA emergency loans due to coronavirus under the payment protection program (PPO).
At the Law Offices of Paul D. Hunt, PLLC we are quickly readjusting to consumer needs in a time of financial crisis due to the Coronavirus Pandemic. Please call us immediately if you are a small business on how to apply for the PPO program. The government just initiated a $350 Billion dollar fund that became available on Friday April 3, 2020. However, except for Bank of America, the system was overwhelmed and unprepared to accept requests. It appears each individual lending institution is setting up their own coument platform to accept the requests. There seems to be a preference to deal with the banking institution where your business has held the operating account. A key component of the request will be matching the supporting documents with the purpose and legally relevant aspects of your business so as not to delay processing of your request. We don’t expect that availability of these funds will last very long, please call us immediately at 202-420-8686. Mr. Hunt will personally assist you in filling out the application and give advice on the appropriate supporting documents. ALL BUSINESSES WITH UNDER 500 EMPLOYEESS CAN QUALIFY IF THEY HAVE SUPPORTING DOCUMENTS.
PLEASE NOT IN THIS TIME OF NATIONAL CRISIS
This program involves forgivable loans of up to 100K per employee if documents support this appropriately. Further, these loans are forgiven when used for payroll payments under the new definition in this law and can apparently cover independent contractors, sole proprietors as well as pass through entities. Please call us for detailed advice about the issues that surround this very new program. 202-420-8686