Client Alert: FAQs on the PPP
- Review our CARES Act Paycheck Protection Program FAQ.
Frequently Asked Questions
We have compiled a list of the most frequently asked questions regarding the CARES Act Paycheck Protection Program (PPP). Below are just a few of the topics covered, to review these questions and our answers in depth, visit: https://www.bfkn.com/caresact_pppfaqs
- Loan Eligibility
- Who Can Qualify As A Lender
- How & When To Apply For Loans
- How The Loan May Be Used & What Is the Maximum Size
- Loan Forgiveness & Deferment
- Loan Maturity, Guarantee & Interest Rates
- Prepayment Penalties, Collateral & Fees
- Credit Requirements
- Existing SBA Loan Refinance
- Can A Bank Itself, Or Bank Directors & Other Insiders Obtain PPP Loans?
- How & When A Bank Will Be Compensated & Reimbursed For A PPP Loan
- Who Can Be An Agent For A PPP Loan
- Can a Bank Sell a PPP Loan?
We Can Help You
We have been on the forefront of dealing with COVID-19 (coronavirus) for our clients. Please contact us if you would like to discuss any of these issues or if we can otherwise be of assistance.
We recommend reviewing the following pandemic-related business and legal considerations we have been discussing with our clients: