The Coronavirus, Aid, Relief, and Economic Security Act (CARES Act) established an unprecedented business loan program called the Paycheck Protection Program (PPP). Loans issued under this program are designed to be forgiven, with the forgiven amounts paid by the Federal Government. This loan program is focused on businesses, nonprofits, veterans organizations and Tribal businesses with not more than 500 employees. The PPP loans are administered under the Small Business Administration Section 7(a) loan programs. The loans will be issued and administered by local lenders.
Dover Dixon Horne PLLC is a commercial law firm. We regularly represent lenders and borrowers in commercial loan transactions. DDH and bank consulting firm, DD&F Consulting Group, Inc., developed a Toolkit for lenders and borrowers to use for the life cycle of the PPP loans.
Additional funding for these loans was approved on April 24, 2020. In addition to pending applications for the PPP loans, much work lies ahead to fund those loans and prepare for and execute the intended forgiveness of those loans.
The PPP Loan Toolkit is intended to assist in that critical phase of use of PPP loan proceeds and intended forgiveness of the PPP loan.
PPP Loan Toolkit documents: