Insights

More PPP info (or confusion) & Lunchspirations Podcast Registration

April 07, 2020

We have the start of another week and the data keeps coming.

Coming up on Wednesday 4/8/2020 from 12-1pm, James Sanders will be doing a live online interview for Lunchspirations (hosted by Karl Diffenderfer) to talk about business disaster recovery programs and other issues surrounding businesses in this environment.  If you would like to register to attend, the link is available here.

Other than that, here is some information that we think is of value for you:

  1. PPP – More confirmations have come through of loan pre-approvals.  Check out the latest from the Hustle — the two items below are pretty informative:
    1. Hustle Small Business Resource Guide
    2. Reddit Guide for Small Businesses (from the list of links in the  Hustle Small Business Resource Guide):  the stories shared on here provide some good anecdotal evidence of business owners experiences applying for the different disaster recovery programs.
  2. Wells Fargo puts a cap on their PPP loan participation.  Check out the story here.  If you have not applied as of yet, I would recommend you reach out to your lender or one of the contacts on the linked list.  FYI, the list below is documents one lender is requiring to put the loan application into the system.
      1. Most recent business tax return
      2. 2019 Total Gross Sales/Revenue (we just need the dollar amount)
      3. Year Business was Established
      4. Driver’s License (FRONT AND BACK) for all owners > 20%
      5. 940 AND 941 reports  (12/31 and 3/31/20)
      6. Payroll report from 2/15/20 (or closest date)
      7. Annual payroll report for 2019 year end
      8. Did you apply for the $10K Advance from EIDL (if yes, have you received the $10K?)
    1. PPP Questions I am hearing most often today:
      1. Is there a size limitation for a small business other than <500 employees?
        1. According to the interim final rule, a small business is “ defined in section 3 of the Small Business Act (15 USC 632), and subject to SBA’s affiliation rules under 13 CFR 121.301(f) unless specifically waived in the Act.”    So, what does that mean.  Well, the SBA has a good link to help you determine if you are a small business.  The link is here.  If you have any questions, please let me know.
      2. What happens if I apply for the PPP loan, bring back all of my workforce and then have to subsequently let people go because of the current situation during the first eight weeks?
        1. Essentially, you would have a low interest loan for any amount that does not qualify for forgiveness that could be paid back at any time.
    2. Upcoming Webinars
      1. NFIB & VP Pence provide a Coronavirus Update (4/7/2020 from 11am-12pm):  The live streaming link is available here.
      2. Attract Capital (Dave Barnitt, dbarnitt@attractcapital.com):  See the linked announcement for a Coffee Chat scheduled for next Tuesday April 7th, 10am.   
      3. Huntington Bank, COVID-19 SMAR Talk Weekly Webinar, Wednesday April 8, 2020, 1pm-2pm:  The registration link is here.

Please see all of our updates at the following link:  https://mpl-law.com/resource-center/

As always, please don’t hesitate to email myself, Andy Miller (amiller@mpl-law.com) or Christian Miller (cmiller@mpl-law.com) or anyone in our office with any questions or comments. 

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