The SBA Loan Process Has Started
If you need help navigating the SBA emergency loan process, we can assist. There is no charge to you for this service and no depletion of the loan proceeds to which you may be entitled, as the Paycheck Protection Program (PPP) allows for an attorney’s fee to be paid from fees the lender receives from the SBA.
The PPP is very much a work in progress, and there is much conflicting information out there about it. In fact, just last night, April 2, the U.S. Treasury Department and SBA issued interim rules regarding implementation of the PPP. Although acceptance of applications was slated to commence today, April 3, many banks are broadcasting that they will not be in a position to begin processing today as they are still implementing the evolving program rules.
At Couhig Partners, we are strongly suggesting that our clients proceed through their current banks and to be ready to act as soon as allowable. This is a unique opportunity to receive a potentially forgivable loan. We are here to counsel you in this process. Let us know if you would like set up a call to discuss.
Business Interruption Coverage May Be Evolving
You should also be aware that coverage for business interruption losses and expenses under insurance policies has attracted the attention of the Louisiana legislature, where bills have been introduced that could facilitate coverage for your COVID-19 related losses if you have business interruption coverage -- even if your policy appears to exclude losses caused by viruses. However, even if a bill becomes law, your ability to recover and the amount of your potential recovery will depend on the terms of your specific policy under the current draft of the legislation.
We are monitoring the legislation closely but can advise you now regarding potential coverage under your insurance for COVID-19 related losses if you provide us a copy of your policy.