Avery Appelman, here from the Appelman Law Firm, one of Minnesota’s premier Criminal Defense firm. I hope you and your family are staying home, staying safe and helping to save the lives of our fellow Minnesotans.
I am here today to talk directly to small business owners who are currently on probation and therefore ineligible to obtained Paycheck Protection Program (or PPP) Funding from the Small Business Administration. As a small business owner, the economic fallout out staying home, staying safe and helping to save the lives of those in my community is real. Industries we rely on have been closed for weeks. I know the strength of Minnesota and I am confident we can get through this together, but this will take a long time.
What the new economy will look like once safe to reopen and the length of time it will take to restart our economy led the United States Congress to pass the CoronaVirus Aid, Relief and Economic Security Act. The CARES Act. If you are a small business owner, the CARES Act provided a vital lifeline to you and your employees.
The act authorized $350 billion in SBA loans that may be forgivable if you use the funds for specific purposes such a payroll, rent and utilities. This lifeline could be the difference between whether you remain in business or not. Unfortunately one of the preconditions for the PPP Loan is that a business owner cannot be on probation. That’s right, if you are a small business owner with a 20 percent stake in a company, that business, your small business, may be ineligible to receive any PPP loan funds.
I am here to offer a solution, reach out to me on Facebook and lets discuss your case and your probationary situation, we may be in a position to quickly seek a remedy for you and help. Let’s see if we can help alleviate this barrier to the PPP loan funds. If your case is one we think we can help with, we will provide you with our analysis and an immediate plan of action. You can direct message the Appelman Law Firm’s Facebook page and we will respond immediately.
Stay home, stay safe, and help save the lives of fellow Minnesotans. I look forward to speaking with you soon.