By Porter Wright on The Small Business Administration (SBA) has issued two new borrower-friendly Paycheck Protection Program (PPP) forgiveness applications: the EZ Application and a revised Forgiveness Application. The changes come in response to the recent passage of the Paycheck Protection Program Flexibility Act as well as pressure to simplify the forgiveness process for borrowers. My colleagues Jack Beeler, … Continue Reading
By Porter Wright on Lenders are getting some much-deserved rest after enduring nearly two weeks of processing applications for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), which ran out of funds in the early hours of Thursday, April 15 – tax day. The program has been sharply criticized by lenders and borrowers alike, citing confusing guidance and … Continue Reading
By Porter Wright on Certain government programs, including SBA loan programs, are reserved for “small businesses.” In order to qualify for those programs, a business must satisfy both the SBA’s definition of a “small business concern” as well as the size standards for a small business. My colleague Jack Meadows offers answers to some frequently asked questions in this … Continue Reading
By Victoria Hanohano-Hong on Across the country, state governments are ordering the indefinite closure of bars, restaurants, gyms, and other indoor spaces that may contribute to the community spread of COVID-19. At the same time, pending federal legislation may add additional financial burdens to small businesses that remain open and continue to operate.… Continue Reading
By Greg Daugherty on Every business owner must make a decision regarding what he or she will do with the business. If no family member is able or willing to assume ownership, an increasingly popular succession planning strategy has been to sell the business to an employee stock ownership plan (“ESOP”). ESOPs are popular in part because of the … Continue Reading