PPP Loans: Do You Know What You Signed Up For?

The PPP program was rushed into execution faster than any major legislation in my professional memory and it has been a roller coaster. Nothing about the process followed the normal roadmap for new laws being rolled out into the real world. By and large when a new law goes into effect there is a very measured and deliberate process to make sure that there are no retroactive consequences. In other words, people know what they are getting into and have a chance to govern themselves accordingly. THAT DIDN'T HAPPEN with the CARES Act.

If you took PPP loan funds you have signed up for whatever future regulations Treasury, SBA, DOL or any other executive branch may impose. Yes there will be court battles, count on it. But most small businesses are not going to duke it out with IRS all the way to the Supreme Court. They are going to be forced to comply with ...... well we simply don't know what they are going to be forced to do...yet.

I am indebted to Michael Horlick, a Sarasota attorney who continues to stay abreast of developments and send me valuable information. This morning Michael forwarded me this article written for Lexology by the law firm Womble Bond Dickinson, LLP. You need to read it and do the homework.

Answer the questions, document your responses, attach evidence if you have it. It will serve you well in the future. Watch the video for more information.