By Lance P. Martin, Ward and Smith To be eligible for a Paycheck Protection Program (“PPP”) loan, the applicant must certify on the borrower application that the applicant and any owner of 20% or more of the applicant are not “presently involved in any bankruptcy.” This eligibility requirement spawned numerous
By Lydia DePillis The federal government has quietly reversed course on a policy that had kept thousands of businesses from applying for pandemic economic aid, with only weeks to go before funds are expected to run out. In late March, ProPublica reported on a Small Business Administration rule that disqualified individuals or
By Geoff Colvin, Fortune A time bomb is ticking in the Paycheck Protection Program loans that have kept millions of small businesses operating through the pandemic. It’s set to go off early next year unless Congress defuses it soon. More than 500 national, regional, and state trade associations recently signed
