Marsh Schaaf Blog - 05-2020 Archive

shutterstock 1718253064

A GENERAL GUIDELINE FOR SMALL BUSINESSES & LENDERS ON CALCULATING, DOCUMENTING & APPLYING FOR THE AMOUNT OF LOAN FORGIVENESS FOR PPP LOANS

PPP Loans can be forgiven in whole or in part. The actual amount of loan forgiveness can be up to the full principal amount of the loan and any accrued interest. PPP Loan proceeds used to actually pay certain permissible payroll costs and non-payroll costs during the eight-week covered period can be forgiven. 

shutterstock 94142464 2

Filing for Bankruptcy During a Pandemic: Which Type is Right for My Small Business?

As COVID-19 cases continue to skyrocket, businesses’ savings are plummeting. More than six million people have filed for unemployment to date, and big-name industries like petroleum miners and internet providers are beginning to file for bankruptcy. While some small businesses are being offered special loans and deals, it’s safe to say that COVID-19 is putting many small businesses throughout Erie, Pennsylvania into an inevitable halt, forcing many others to consider business bankruptcy or taking out even more loans.