MPL General Counsel Corner – Going, Going….Gone (Maybe?)
We are hearing that PPP will run out of money (likely today), unless Congress acts soon. Hopefully they will do the right thing to support the largest employer in the country, SMALL BUSINESS. If you have not started the process yet, I would highly recommend you reach out to your bank/lender or start contacting the contacts on the attached list. If you don’t, as they say in baseball, PPP will be going, going….gone.
A few things that may be of importance for you to know today:
- The Business Interruption Insurance Coverage drum beats louder: Check out the story on this topic from the Insurance Journal.
- Who Has Approved Loans and What Banks are Expecting: Check out the daily update from Joel Berg and BizNewsPA. It give a great run down of the stats of the PPP loans and also provides some insight as to what some banks are expecting for bad loans related to this situation.
- How to replenish your funds and restart your business: Dave Barnitt from Attract Capital hosted a Facebook webinar recently and provided some useful tips for generating working capital for your business. You can access the presentation here.
- Glimmer of Hope That The Economy Will Reopen: Yesterday, the State of PA issued guidelines for essential businesses. Perhaps this will be the roadmap for a reopening of “non-essential” businesses.
Please see all of our updates at the following link: https://mpl-law.com/