Community Group

Rishi liked 4 months ago

Answer

I'm agree with Ami and would expand on his comment about "risk of not being approved". Take the conversation to your MSLP lender and propose the offer to payoff the debt prior to loan approval. Your desire to minimize their... (More)

Liked by Rishi Khan

Answer

Main Street Lending Program

Answered 5 months ago

Rishi - I believe you would have to repay it before applying for the loan - which would create the risk of not being approved.

Aaron commented 5 months ago

Question

When is it safe to terminate employees?

Asked a question 5 months ago

When is it safe to fire employees? We're using the 8 week covered period. Do we need to wait until June 30th or is it safe to terminate employees now?

3 comments

Answer

PPP

Answered 5 months ago

Per the U.S. Treasury Department, you can submit for loan forgiveness at anytime during the 24 week period. It's also mentioned on Page 9 of the Interim Final Rule >

https://home.treasury.gov/system/files/136/PPP--IFR--Revisions-to-Loan-Forgiveness-Interim-Final-Rule-and-SBA-Loan-Review-Procedures-Interim-Final-Rule.pdf53

I also like a lot of what Rebecca is... (More)