Webinar: Documenting Economic Uncertainty and the Necessity of PPP Loans|
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For months the SBA has indicated they will review forgiveness application for borrowers who, together with their affiliates, obtained PPP loans of $2 million or greater. Additional scrutiny will be placed on the borrowers who “need certification” for the PPP loan.
The SBA’s assessment of a borrower’s certification will be based on the totality of the borrower’s circumstances through a multi-factor analysis to determine if the borrower had adequate basis for making the required good-faith certification.
Join Taylor English Duma and Aprio as they discuss:
- Insights into how the SBA will approach the issue of loan necessity
- Key questions on the PPP loan necessity questionnaires
- What to consider when documenting economic uncertainty
- Documenting Economic Uncertainty and the Necessity of PPP Loans
PPP loan expert panelists include:
- Justin Elanjian, Partner, Assurance Services
- Tommy Lee, Partner-in-Charge, Retail, Franchise & Hospitality
- Christina Moore, Partner, Taylor English Duma
Disclaimer for services provided relative to SBA programs and the CARES Act
Aprio’s goal is to provide the most up to date information, along with our insights and current understanding of these programs and regulations to help you navigate your business response to COVID-19.
The rules regarding SBA programs are constantly being refined and clarified by the SBA and other agencies In certain instances, the guidance being provided by the agencies and/or the financial institutions is in direct conflict with other competing guidance, regulations and/or existing laws.
Due to the evolving nature of the situation and the lack of final published rules, Aprio cannot guarantee that additional changes or updates won’t be needed or forthcoming and the original advice given by Aprio may be affected by the evolving nature of the situation.
You need to evaluate and draw your own conclusions and determine your Company’s best approach relative to participation within these programs based on your Company’s specific circumstances, cash flow forecast and business strategy.
In situations where resources are provided by third parties, those services should be covered under a separate agreement directly with that service provider. Aprio is not responsible for the actions of any other third party.
Aprio encourages you to contact your legal counsel to address the legal implications of the impact of the CARES Act and specifically your participation in any of the SBA programs.