Congratulations Bankruptcy Graduates! You Are Now Eligible for PPP Loans.
By EsqSocial Corporation 05/05/21
To be eligible for a Paycheck Protection Program ("PPP") loan, the applicant must certify on the borrower application that the applicant and any owner of 20% or more of the applicant are not “presently involved in any bankruptcy.” This eligibility requirement spawned numerous lawsuits between debtors and the United States Small Business Administration ("SBA") in the year since the SBA took this position. In every case under the first round of funding under the CARES Act, the SBA argued that...
By: Ward and Smith, P.A.