No more money in Paycheck Protection Program! So What Now?
Did you apply for the Paycheck Protection Program and did not receive any funds?
#1. Keep Applying – The CARES Act states that to be eligible for a PPP loan an eligible borrower need only apply between Feb. 15, 2020 and June 30, 2020. It is likely that more funding will be allocated! Don’t lose hope – Be Proactive! You want to be in line if more money is allocated!
Where to apply? Find a lender willing to keep accepting applications while waiting on the new funding. Newtek is one: https://partners.newtekone.com/caresact/business-lending/
#2. SBA Bridge Loan – Non-forgivable. You must apply through an SBA Lender already approved to issue Express Bridge Loans before the Disaster and meet other qualifications. https://www.sba.gov/partners/lenders/7a-loan-program/pilot-loan-programs
#3. Main Street Lending Program – ***NEW*** For companies with over $250,000.00 before interest, taxes, depreciation and amortization (EBITDA), a new lending program is under way by the Federal Reserve. No forgiveness is anticipated to be involved though. For more information visit: https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm
Need Help on Your Business Strategy, Laying Off Legally, or other Employment Advising?
Get One Hour of Legal Strategy Advising for $250.00 – Reserve Your Time Here: https://calendly.com/donaldsonlegal/one-hour-consultation-discounted-rate
Are you managing a camp in Summer 2020? Read our latest legal blog about Legal Considerations for Summer Camps 2020
Are you a CPR/AED instructor? Did you want to know if CPR Training an “Essential Service”? Click on the link to read more information.
Email us to set an appointment at email@example.com.
to get a 10 minute free consultation
Tiffany A. Donaldson, Esq., Principal firstname.lastname@example.org
Admitted to Practice in NY, DC, MD, FL (inactive) and VA (Corporate Counsel only)
438 41st St. No. 3, Brooklyn, NY 11232