With the signing of an additional $484 billion coronavirus spending package on April 24, the government has expanded funding for the Paycheck Protection Program to approximately $670 billion dollars in total loans available to qualifying businesses.
As most are aware, obtaining a PPP loan requires a certification of necessity. How this applies to applicants in our ecosystem has been a source of much debate and uncertainty. Additionally, the PPP allows for forgiveness of these loans if borrowers use the funds to cover specified costs, including payroll, benefits and rent, subject to certain limitations. But what else should companies think about before applying for forgiveness?
Join Cooley to unpack the latest guidance and discuss key considerations surrounding the “necessity” certification and PPP loan forgiveness, including potential interplays between the two.