The Small Business Administration has decided in consultation with the Department of Treasury that it will review all Paycheck Protection Program loans in excess of $2 million, in addition to other loans as the Department deems appropriate. The review will take place after the submission of the borrower’s loan forgiveness application. Additional guidance implementing this new review procedure is forthcoming.
If your business has received a loan amount in excess of $2 million, Eldridge Brooks encourages you to contact us for legal review. Our team provides a deep knowledge of government regulation gained from extensive work in overseeing governmental investigations. We have received many questions regarding the Department’s guidance on the certification for economic need, specifically in regard to companies’ access to other sources of liquidity. Eldridge Brooks can provide you with an effective approach and strategy to ensure you are able to use the loan for its intended purpose, maximize loan forgiveness, and limit corporate and personal liability. We understand these are trying times and want to help you and your business effectuate a plan.
We are continuing to monitor developments related to the Paycheck Protection loan program and will provide updates accordingly.
Morgan R. Johnson