April 6, 2020 - Barack Ferrazzano Client Alert

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Client Alert: FAQs on the PPP

Action Item

• 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.

COVID-19 Resources

We recommend reviewing the following pandemic-related business and legal considerations we have been discussing with our clients:

• Barack Ferrazzano's COVID-19 Resource Center