The PPP loan program is also eligible for loan forgiveness, but this process is not automatic. The applicant must qualify for loan forgiveness by meeting specific requirements. For example, the business owner must use the loan proceeds for only the expenses that will qualify the applicant for loan forgiveness. If the applicant follows these guidelines, the loan amount might be eligible for forgiveness.
Here is a short list of the qualifying expenses that can be paid with the loan money in order to qualify for forgiveness:
Additional paperwork must be completed by company-applicants. This includes a significant amount of documentation and additional policies related to worker retention. These guidelines must be followed closely in order to qualify for the loan forgiveness portion of the PPP program.
Lenders may elect to accept or reject a company’s appeal for the loan forgiveness program. The SBA will get this decision forwarded by the lender, and they issue a notification in writing to the company about the nature of the decision. The SBA may also choose to audit the PPP loan in part or in its entirety. If the business owner or company representative disagrees with this determination, there are still options available for redress.
PPP Loan Defense Law Firm
Lawyers can represent the interests of any company that got a PPP loan that was deemed ineligible for loan forgiveness. There are many advantages to observe when hiring a team of defense attorneys to represent your interests in any PPP loan case. These legal professionals can make it possible to find any hidden method of getting the decision reversed. This is why it’s imperative to work with a legal team that has experience in this aspect of the law.
The loan forgiveness application process can be expedited when you have a qualified and experienced legal team working on your side. They can check on the status of the loan during this entire process, and this relieves you of that particular responsibility. However, they also serve as an advocate for your rights during any proceedings on the matter. This is an important consideration because the DOJ and organizations like the Securities and Exchange Commission have expressed a high level of scrutiny regarding both applications for PPP loans and for loan forgiveness.
The interest of federal agencies in ramping up enforcement indicates that the PPP loan was not actually intended to reach every applicant. The disqualifying aspect of this program rendered it ineffective as a universal social benefit. Instead, those resources were diverted into enforcing the exclusive aspects of the legislation, which severely limited its scope.
Defense lawyers who recognize the inequitable nature of this enforcement dynamic are well-positioned to fight any legal challenge. Asserting that the company had a legal right to apply and receive the PPP loan and forgiveness options can prevail even in this legal environment where applicants come under suspicion of wrongdoing for even the most trivial omissions. If your company received a negative judgment on your request for loan forgiveness of the PPP loan, it’s imperative that you contact legal support as soon as possible.
Legal Assistance, PPP Loan Forgiveness
Our legal team has extensive experience in handling all aspects of these cases. The client will often experience high levels of stress at the prospect of an investigation or audit of company books. This is unfortunate because the PPP loan was originally intended to ease the financial burden of the business; instead, an audit can increase the business owner’s sense of uncertainty. Legal support is critical in times like these; our staff can put your mind at ease while handling every aspect of the loan forgiveness appeal.
If your PPP loan forgiveness application was denied, it’s important to fight against the decision. Our legal team will develop a strategy that is customized to meet your specific situation. We meet with every client to determine the best angle, and this depends on the circumstances in your case. The SBA is the administration charged with dispersing the loan, and our legal professionals are intimately familiar with how they function and operate. We can advocate for your rights under the law to make sure that your company’s loan forgiveness request isn’t being inappropriately denied. Take action as soon as possible for the best results; contact our firm today.