Eligibility For The PPP Has Been Expanded

Over the past few months, the country, and especially states such as New York, New Jersey, Florida, and more, have been pummeled by the coronavirus. Not only has the virus taken a significant toll on our physical health, but also on our economic health. People across the U.S. are now jobless, even as the virus begins to slow its spread in New York State and others. However, that being said, if you are a business owner in New York State and your business took a hit due to the COVID-19 pandemic and various stay-at-home restrictions, there is a very good chance you applied for the PPP, or Paycheck Protection Program. For many, this program provided a brief sigh of relief, as it helped them get their business together again and continue paying their employees.

Unfortunately, if you are a business owner who, at one time, went to jail for a felony offense, though you have since straightened yourself out, you may have found that you were ineligible to receive a loan from the PPP. This is unacceptable, and many once-incarcerated business owners were forced to fend for themselves. Of course, in the eyes of many, this was a rather unfair decision, as oftentimes, entrepreneurship and starting one’s own business is the only way a formerly-incarcerated individual could become a success after obtaining a criminal record.

Well, fortunately, and finally, if you are a formerly-incarcerated individual, you may now be eligible to receive a loan from the PPP. In a recent FAQ published about the Paycheck Protection Program, one of the questions regarding whether a formerly incarcerated individual was met with a response that essentially states the following: A business may not receive a PPP loan only if an individual who owns 20% or more of the equity of the applicant is currently incarcerated or is either currently undergoing an indictment or an arraignment for a felony crime, or if the person has either once been convicted of a felony involving embezzlement, fraud, false statement in a loan application, or bribery. As long as you do not meet those criteria, you should be allowed to receive a PPP loan. If you have any additional questions, please do not hesitate to speak with our experineced Rockland County business law attorney today. Our firm is here to help.

Contact our experienced New York firm

Bankruptcy, for many people, is a frightening endeavor. Fortunately, with the help of an experienced attorney, it does not have to be. If you require the services of an experienced Business Law or Bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq. today to schedule a consultation and discuss your options. We will have your back every step of the way.