Posts

SBA Announces Simpler PPP Forgiveness Process for Loans of $50,000 or Less
October 12, 2020

The U.S. Small Business Administration (SBA) released last week a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide helpful relief…

Updated PPP Loan Forgiveness Application Forms and Guidance
June 19, 2020

Earlier this month, President Trump signed the Paycheck Protection Flexibility Act. Then on June 17, the Small Business Administration (“SBA”) released a revised loan forgiveness application for the Paycheck Protection Program (“PPP”)…

SBA PPP Loan Forgiveness Application Released
May 20, 2020

If you are one of the millions of fortunate small business owners who obtained a PPP loan in this massive $600+ billion program, it is now time to start getting your ducks in a row to apply for loan forgiveness with the recent SBA release of…

New Guidance from Dept. of Treasury Offers Comfort to Small Business PPP Borrowers
May 13, 2020

As a follow up to a recent post about concern and confusion among many small business owners about whether they should consider returning their PPP loans this month, those concerns should largely disappear thanks to a newly published PPP FAQ…

How Much Should a PPP Borrower Worry About SBA FAQ Question 31?
May 07, 2020

Small business owners across America have scrambled over the past month to obtain over $5 billion in PPP loans with the promise that such loans will be forgiven if proceeds are used to retain employees and cover certain types of business expenses…

CARES Act Relief Extends to Existing Small Business Administration (SBA) Loans
April 13, 2020

Question: I have an existing 7(a) SBA business loan. Am I eligible for any relief? Answer: Yes. Starting no later than 30 days after the date on which the first (next) payment is due, the SBA will pay all principal, interest, and fees on…

Unpleasant Surprise in Small Biz Acquisitions: The SBA Standby Agreement
April 10, 2020

An unpleasant surprise that sometimes pops up in the days leading up to closing in small business acquisitions involving SBA financing is the SBA Standby Agreement (also known as SBA Form 155). As a condition of loan approval, some SBA lenders…

What is an EIN Confirmation Letter and How Do I Get One?
April 07, 2020

Millions of small business owners are currently applying for loans in one of the new SBA emergency loan programs related to the COVID-19 crisis (e.g., EIDL and PPP loans). Apparently, one of the due diligence documents lenders are asking loan…

Perkins Law Celebrates National Small Business Week!
May 01, 2018

The Perkins Law Team salutes small business owners and entrepreneurs -- the driving force in our economy today. According to the Small Business Administration, there are nearly 30 million small businesses in the United States employing…