Most of you are nearing the end of your 24-week period and starting to think about the demand for P3 loans. The deadline for filing applications with your lenders is 10 months from the end of Laattens, most of which is until the summer of 2021. If you miss this deadline, the PPP loan is not forgivable and becomes a real loan that will have to be repaid at interest rates over the next 24 months. SBA.com® know that small businesses need advice and help in these turbulent times. Our goal is to provide resources to small businesses that need assistance to effectively secure financing. Congress never intended to see the CARES Act intervene in the normal buying and sale of businesses. This potential problem is only one of the unintended consequences of implementing a new comprehensive credit program, such as the PPP. In response to this major potential problem, the SBA adopted, on 2 October, Procedure Communication 5000-20057. This notice provides a framework for PPP borrowers to sell their businesses (or part of them) and continue to benefit from the forgiveness of PPP loans. The press release states that «before entering into an amendment to the ownership transaction, the PPP borrower must inform the PPP lender in writing of the proposed transaction and provide the PPP lender with a copy of the proposed agreements or other documents that may result in the transaction.» A «change of ownership» includes (1) the sale of at least 20% of the company`s holdings (for example.
B shares or shares of LLC), (2) the sale of at least 50% of the PPA borrower`s assets or (3) of PPP borrowers is merged with another company. Most practice passages will be covered by number 2, selling at least 50% of the practice`s assets. Yes, you can use our service even if you have already requested money through your bank. Keep in mind that you can only take out one PPP loan per entity. Yes, SBA.com® is compensated for the promotion of various credit intermediaries and partner services. For more information, visit our Advertiser Disclosure. Yes, but it depends on when you received your PLP number. If you received your PLP number on or before April 28, 2020, your lender will have 10 calendar days starting April 28, 2020 to finance your loan. If you received your PLP number after April 28, 2020, your lender has 10 calendar days from the date you received your PLP number to finance your loan.