Q&A with #AltLawPA on PPP Loans and How We Can Help
What is the PPP loan?
It is a loan that is designed to help businesses keep their employees employed during the Coronavirus Pandemic. It has also been expanded to help business owners pay some of their business related expenses as well. The best part about these PPP loans are that they are completely forgivable if they are used the way they are intended and meet certain criteria. For PPP loans that are not forgivable, they carry an interest rate of 1%.
How is this different from the other loans available?
They are different in several ways. They are intended for specific uses, they are completely forgivable or extremely low interest (1%), and they are much more easily attainable then your standard business loan.
How do I know if I qualify?
The guidelines are delineated on sba.gov, and several other websites , including most banks and lenders that are participating in the PPP loans. You may also contact #AltLawPA, as we are very familiar with the process.
How can I be sure the PPP loan will be forgivable?
If you apply the funds correctly and you meet the criteria provided, then it will be forgivable. If you are not 100% sure, contact #AltLawPA and we can walk you through the process.
Where do I go to apply?
There are several places to apply, online through one of the many lenders, sba.gov, through your bank or a smaller bank, or with the help of #AltLawPA, as we are well-versed in how to manage the process.
I've heard people apply through multiple banks, and oftentimes get the loan from a bank they don't normally do business with, is that true?
It is likely that you'll need to apply through several different lenders, and it's quite possible that your own banking institution may not be the one who offers you the loan.
How can a lawyer help me navigate this complex process?
#AltLawPA helps businesses and individuals protect themselves everyday, so we understand the ins and outs of financial terms, contracts, and so on. We also have direct connections with lenders to make the process easier for you.
Contact us today so we can help you keep your business running and thriving through these difficult times.
Tough Times During Pandemic Call for Sound Legal Advice from #AltLawPA
We are all facing unchartered and unprecedented times as we navigate a global pandemic that is affecting all aspects our lives. It is affecting our jobs, our children’s schools, our lifestyles, and how we conduct business. All levels of government, from the White House to local municipalities, are instituting various laws and ordinances, in an effort to protect us and curb the spread of COVID-19, while at the same time attempting to establish relief programs designed to help protect individuals and businesses hardest hit by the pandemic. Unfortunately, if you have not noticed, state, city, and county officials are not on the same page as their citizens, and it can be exceedingly difficult to understand what protections and relief is available for who and when. You have probably heard terms such as “PPP Loans,” “CDC Order,” “eviction and foreclosure protection,” and “COVID-19 Relief,” but do you know what they mean and/or how they can apply to you and/or your business? #AltLawPA is here to help you navigate the complexities of these programs.
Alterman Law, PA can assist you to sort through your options, apply for different loans and protection programs, and help explain how some of these programs and laws/rules affect you and your business. Are you a protected tenant under the CDC Order? Do you qualify for a stimulus check or PPP loan? Do you qualify for mortgage or rental assistance? Are you protected from eviction or foreclosure under the CDC issued moratoriums? How does the pandemic affect your commercial or residential lease or real estate contract?
These are just a few of the questions #AltLawPA can help you answer, in an effort to guide you through these tough circumstances that are impacting all of us one way or another. Please connect with us at Alterman Law, PA today so we can help you not only get the answers you desire, but also take actions to better your situation!