SBA PPP LOAN FORGIVENESS RULES
Firm managing partner explains the need for Paycheck Protection Program (PPP) reform and the burden of the program on businesses with Richmond Times-Dispatch
Keiter Managing Partner Gary Wallace discussed the burden of the PPP loan forgiveness process on business owners and why Congress and Secretary Mnuchin must act on PPP reform.
“Congress and Secretary Mnuchin must act on PPP reform” Excerpt:
COVID-19 has ravaged the U.S. economy unlike any previous crisis our country has faced. The historic 32.9% gross domestic product contraction during the second quarter of this year illustrates just how dire the situation has been for the business community. That is why the passage of the Paycheck Protection Program (PPP) earlier this year was welcome news to businesses. PPP provided an essential backstop for employers, which avoided millions of U.S. citizens having to file for unemployment. Whereas the final tally on how many jobs were saved might take years to alculate, I unequivocally can say that PPP has been crucial for many business owners I know.
Despite that fact, and its rocky rollout, PPP carries with it a tremendous burden for many businesses that both Treasury Secretary Steven Mnuchin and Congress immediately must fix.”
Source: Richmond Times-Dispatch
Our advisors are closely monitoring updates and changes to PPP guidance as well as the business impacts related to COVID-19. We are here to provide valuable resources as well as sound advice and strategies to move your business forward through this economic downturn.
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