We represent clients in all aspects of the CARES Act and the Families First Coronavirus Response Act. In particular, we assist clients in applying for Payroll Protection Program (“PPP”) loans and complying with the program’s requirements. We help borrowers prepare applications, to make and defend determinations of eligibility, and to make determinations on the use of the funds once received. We assist clients in preparing for PPP loan forgiveness. We will be prepared to assist client access whatever additional funding sources may become available later.
We also represent employers with matters arising under the Families First Coronavirus Response Act, including complying with its sick and family and medical leave provisions. We also advise clients on accessing the fully refundable tax credit available to employers for funding wages paid under the FFCRA as well as planning cash strategies for accessing federal employment tax deposits.
Our PPP Compliance Program is designed to prepare borrowers for their for forgiveness meeting at which they will be asked to both prove that they were eligible for their PPP loan and also that they expended the proceeds of their loan on forgivable expenses.
The SBA has announced that it is funding PPP loans on a “pay and catch” approach, meaning there will be more scrutiny after the loan is funded than before, so borrowers are advised now to prepare their forgiveness applications to address both their eligibility and their forgivable use of the loan proceeds.
Contact us if you are interested in a PPP Compliance Program to help a borrower prepare the PPP forgiveness application and the defense of its eligibility.