How To Avoid Going To Prison For Your Paycheck Protection Program Loan
The passage of the CARES Act has made available $349 billion in potentially forgivable loans to small businesses (500 employees or fewer) via the Paycheck Protection Program (PPP). Naturally, many companies are applying for PPP loans to mitigate the impacts of the COVID-19 pandemic. We have even heard some small-business owners crow that this is “free money.” Be careful. For many small employers like mine, especially those who have never considered applying for government aid before, the PPP loan program does have potential legal minefields to avoid. Earlier this week (Free Money For Small Business? Beware Legal Risks Of Paycheck Protection Loan Program Until More Guidance Issued), I explored how the allure of “free money” in a forgivable PPP loan could raise risks—specifically through the hardship certification required in the loan application Read morehttps://www.forbes.com/sites/brucebru….
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Reinhard von Hennigs