Insights

MPL General Counsel Corner – …and they are off and running

April 27, 2020

The Kentucky Derby was originally scheduled for this Saturday, but we will have to wait until September.  In the interim the best race we can watch is part 2 of the PPP.  As of 10:30am today, SBA lenders are off and running trying to get as many PPP applicants put into the SBA portal as they can.  Reviewing the Dept. of Treasury website, there are a few additions that I think are important to understand and review if you are still pulling together documents.

  1. How to calculate loan amounts:  This details the appropriate documents to calculate your loan amount request for self-employed, 1099 Schedule F (i.e. Self Employed Farmers), Partnerships, S-Corps, LLC owners and non-profits.
  2. What about seasonal employers?:  Seasonal employers can now choose a 12-week period using either the previously approved measurement period or a from 5/1/2019-9/15/2019.  Also, a seasonal business that was dormant as of 2/15/2020 is eligible to apply if it had to have been in operation for at least 8 weeks from 5/1/2019-9/15/2019.

Here are some other things that may be important or relevant for you:

  • State by State reopening plans are a mixed bag:
  • Upcoming Webinars and Helpful Resources
    • Stambaugh Ness Town Hall (Tuesdays 2-4pm)
    • US Chamber of Commerce Webinars
    • NFIB Coronavirus Small Business Update (4/29 @ 12pm)
    • RKL Weekly Webinar Series (Every Friday).  To be added to the subscription list, please click here.  

Please see all of our prior updates at the this link.  

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

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