KEN KIRSCHENBAUM, ESQ
ALARM - SECURITY INDUSTRY LEGAL EMAIL NEWSLETTER / THE ALARM EXCHANGE
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Forgivable loan / Retain K&K now for loan forgiveness program
March 30, 2020
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Forgivable loan / Retain K&K now for loan forgiveness
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You have been affected by this crisis. Everyone has. Maybe your employees the most. The stimulus package is designed as a give back to small businesses. You don't have to read between the lines of the law to see that it's the employees, especially those making less than $100K annually, and the landlords who are to be cared for. Most of the loan money goes for payroll and rent. Of course that's a great benefit to any business owner, especially when business may be so slow that normal payroll is unnecessary.
You owe it to yourself and your employees to get the PPP loan. Even if you're sitting with sufficient funds in your business to survive the crisis, you are eligible for the PPP funding. You need to move on this because we know that funding is limited and we don't know if additional funds will be made available.
If you're on the fence, get off. If you've had bad experience with SBA before, that's not surprising. But this is different. If managed properly you will be able to get this loan without too much hassle. You most likely qualify.
If you are careful how you spend the loan proceeds we will be able to get the debt forgiven. That means you get the money, use it for payroll, rent and other approved expenses for 8 weeks, and then we process the loan forgiveness. If you want to retain the loan and use the money for other purposes the loan will be for 10 years at 4% per annum. But our goal is to get the loan forgiven. Contact Stacy Spector,Esq today at 516 747 6700 x 304or email her at SSPector@KirschenbaumEsq.com. We will immediately get the process started.
The loan can be sizable; 2 1/2 times your average monthly payroll for past 12 months. Use the money to pay your employees, rent and other permitted expenses.
Getting the loan may be the easy part, though I believe you need to act quickly because I think the funding for the PPP is going to dry up fast and loans won't be available.
The hard part may be getting the loan forgiven.
K&K has established a dedicated department to advise and assist our clients with the PPP application and process
Contact Stacy Spector,Esq today at 516 747 6700 x 304 or email her at SSPector@KirschenbaumEsq.com
Sign up with K&K today so we can assist you in getting the PPP process started. We will assist you to get the loan, counsel and monitor you so that the loan proceeds are used and disbursed properly, and assist getting the loan forgiven.
Details of our services and fees are as follows:
Paycheck Protection Program (PPP) Loans provides cash flow assistance through 100% federally guaranteed loans to employers who maintain their payroll during this national emergency. If payroll is maintained, the loans will be forgiven. There are caveats of course.
The Coronavirus Aie, Relief and Economic Security (CARES) Act
Kirschenbaum & Kirschenbaum Coronavirus Aid, Relief and Economic Security (CARES ACT) Application Assistance Program for the Paycheck Protection Program (PPP) Loans:
Phase One: Flat fee of $2,500 includes:
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Initial consult with one of our qualified attorneys
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Determine eligibility
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Expected amount of loan
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How loan funds should be utilized
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Whether you will qualify for forgiveness
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Provide SBA Compliance Package questionnaire
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Review client’s compliance package in anticipation of submission to SBA
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Review all relevant financial documentation including monthly operating expenses and tax returns
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Confirm loan qualifications, amount and forgiveness eligibility
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Expert review of your loan submission to avoid delay
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Assist in follow up requests for information and documentation by SBA
Phase Two for $2500 [after loan proceeds have been received]
Ongoing services include:
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Monitoring during the loan period [2 months] to assist you in staying compliant for loan forgiveness purposes
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work closely with your accountant to monitor your finances, particularly those related to the loan proceeds to keep you advised of your continued compliance
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our goal is to ensure that your loan will be forgiven in part or in ful
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Ongoing consultations with you, your accountant and CFO to set up appropriate financial monitoring program
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Provide monthly operating report form
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Review monthly operating report
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Provide notice of current loan compliance or departure issues
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Assisting with the application for loan forgiveness
