PPP Loan Forgiveness - Under $2 Million Get Safe Harbor I Seattle Real Estate Podcast

PPP Loan forgiveness clarified from SBA in Cares Act Frequently Asked Questions #46.

Small business owners who took Paycheck Protection Program loans for less than $2 million will not face scrutiny from the U.S. Small Business Administration, even if the loan might not have been necessary.

While the CARES Act did not require borrowers to obtain credit elsewhere, small business owners had to certify on the PPP application that the loan was necessary. New SBA guidance announced Wednesday provides a safe harbor for business with loans less than $2 million.

Scrutiny of loans over $2 million comes in response to publicly traded companies and other large organizations with access to capital that have received PPP funding. Several of these companies have already returned their loans.

The move does not address concerns from some small retail businesses and restaurants that the PPP loan terms force them to spend the funds before they are needed most, when they are trying to reopen.

#PPP #SBA #CARES

➜➜➜ SUBSCRIBE FOR MORE VIDEOS ➜➜➜
To never miss a video about personal finance & real estate related topics, please subscribe to my channel & then hit the bell notification here ➜ https://bit.ly/3bOA04n

🎙 𝑺𝒆𝒂𝒕𝒕𝒍𝒆 𝑹𝒆𝒂𝒍 𝑬𝒔𝒕𝒂𝒕𝒆 𝑷𝒐𝒅𝒄𝒂𝒔𝒕
iTunes: https://apple.co/2MkFziJ
Spotify: https://spoti.fi/2Dh8EoL
Stitcher: https://bit.ly/2FDK0QC

👫 Follow Summit's Socials!
Facebook: https://facebook.com/summitpropertiesnw/
Instagram: https://instagram.com/summitpropertiesnw/
LinkedIn: https://linkedin.com/company/summit-properties-nw-llc/

💼 Summit Offers a Simple 80/20 Commission Split With No Other Associated Fees & A Low $10,000 Annual Cap!

👉 Learn More: https://summitpropertiesnw.com/career/

🏡 Summit Properties NW, LLC.
Office: (425) 451-3342
Email: inquiries@summitpropertiesnw.com

👍 Please Like, Share and Subscribe For More News & Real Estate Insights.