May 28, 2020
Dysart Taylor is pleased to announce that shareholder/director Joe Price was recently featured in a Kansas City Business Journal article, KC Attorney: You Still Need to Worry About Those PPP Loans Under $2M, where he discusses the mixed messages about Paycheck Protection Program loan forgiveness rules, especially for those with loans less than $2 million.
In the article, Price outlines why PPP borrowers need to keep documentation supporting their need and eligibility for the loan. While the SBA doesn’t likely have the manpower to audit every loan in the system, Price advises borrowers to still be prepared to defend loans by keeping paperwork outlining the reasons for applying and how the money was used.
“For some clients, especially those with a loan just over $2 million, you have to tell them they now have to prove necessity and whether they could have gotten the money somewhere else,” Price said in the article. “That’s a harder hill to climb and they get upset with their advisers, because they wanted to know this at the outset of the program before they accepted the money and spent it. But we didn’t have that guidance at the outset.”
Price also warned borrowers to prepare for more rule changes, including current proposals in Congress to extend the qualified spending period beyond the eight weeks in hopes of making loan forgiveness easier.
Price helps businesses and individuals plan for their future through estate planning, tax planning, business succession planning and wealth preservation. Contact Price at jprice@dysarttaylor.com or 816-714-3024.