Lyons Gaddis Covid-19 Alert
This Alert is one in a collection of articles created by Lyons Gaddis in our effort to get important information to our clients regarding the effect of the novel coronavirus (COVID-19) outbreak in the United States. This Alert focuses on the new PPP Loan Program and recommendations for managing your loan proceeds.
PPP Loan Update: YOU ARE APPROVED! Now What?
The frenzy of the first several million applications for loans under the Paycheck Protection Plan loan program has subsided slightly. Now, what do you do when you get your money? The SBA issued Interim Final Rules that provide a significant degree of guidance; however, there is only minimal direction on documenting the use of your loan proceeds. Until we have further direction, here are some recommendations for managing PPP Loan proceeds to maximize your ability to obtain loan forgiveness:
These initial guidelines are helpful hints for borrowers under the PPP Loan program. We anticipate that the SBA will issue formal guidance for borrowers. Until then, take care to segregate funds and document your use of loan proceeds on eligible expenditures. Check back with us in the coming weeks for an update on any new guidance from the SBA.
Attorneys in the Business and Transaction Group at Lyons Gaddis are available to advise you in relation to these loan programs and other COVID-19 related matters impacting your current and future business operations.
Northern Colorado has been home to an abundance of oil and gas development and drilling…
The Business Attorneys at Lyons Gaddis have been advising our clients to take a slow…
By: Megan Henderson Starting January 1, 2024, if you own a small business or just…
By: Brian L. Allard In 2023, the Colorado legislature passed seven bills related to residential…
Many small business clients find granting employees or key service providers a stake in the…
The Special District Association (SDA) hosted its annual conference in Keystone in September 2022. In…