The Paycheck Protection Program (PPP) has been implemented through a complex array of statutory language, Small Business Administration (SBA) interim rules, and responses to frequently asked questions. While the PPP and its $659 billion in funding has been a lifeline to many businesses in need, these funds come with significant administrative, civil, and criminal risks.
While the program allows for forgiveness of up to 100 percent of the loan, many borrowers will end up with far less than 100 percent forgiven. Required reductions apply for FTE drops, salary cuts, non-permissible uses of the funds, and other restrictions. But there are also ways to avoid, or minimize, these reductions, and to maximize your potential loan forgiveness.
Our attorneys are immersed in these issues. We are offering a three-tier fixed price package that will help you to maximize your potential forgiveness and minimize your potential risks during a review or audit.1
Tier 1: Forgiveness Package
- Review loan application and calculations used
- Consult on forgiveness questions during 8-week or 24-week period of loan
- Review assumptions utilized for forgiveness request
- Work with you to help maximize potential forgiveness
- Assess compliance with statutory forgiveness provisions
- Provide legal memorandum addressing forgiveness request
Tier 2: Forgiveness and Needs Assessment Package
- Tier 1 Package plus
- Assess need-based certification regarding loan request and other qualifying eligibility
- Provide legal memorandum addressing forgiveness and necessity for loan request
Tier 3: Forgiveness, Needs Assessment, and Affiliation Package
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Tier 2 Package plus
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Assess company affiliation questions or concerns
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Provide legal memorandum addressing forgiveness, affiliation, and necessity for loan request
For more information and pricing, please contact Derek Adams at dadams@potomaclaw.com.
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[1] Retention in connection with a later review or audit would be a separate representation.
