:הבהרות בדבר הסיכונים הכרוכים בקבלת הלוואה תחת התכנית להגנת שכר
The Paycheck Protection Program (PPP Loans)
במהלך עשרת הימים האחרונים התפרסמו מספר הנחיות אשר, יחד עם התבטאויות של בכירים בממשל האמריקני, מעבירות את המסר לפיו הפיקוח על קבלת הלוואות תחת ה- Paycheck Protection Program יתהדק. ההנחיות מנוסחות באופן המותיר לא מעט אי בהירות לגבי הזכאות לקבלת ההלוואות. הפוסט המצורף מתאר את תמונת המצב לעת עתה.
Those who have obtained Paycheck Protection Program (PPP) loans (or have applied or been approved for such loans but not yet received the loan proceeds) have been warned by the U.S. federal government to make sure that they, in fact, qualify for the loans. Secretary Mnuchin exonerated lenders who processed the loans and warned that it is the borrowers themselves who sign the application and make the relevant certifications who face potential criminal action for false certifications. Borrowers have now been given a grace period until May 7, 2020, to repay loans they may have obtained “based on a misunderstanding or misapplication of the required certification standard.” This short — now less than one-week — period gives PPP loan borrowers very little time to act, and is aggravated by the ambiguity of applicable regulatory and other guidance as discussed below.
Thinking About What to Do
Borrowers are, and should be, asking, “what do we do about our PPP loan?” They are doing so in a unique moment. Indeed, a former member of a Congressional oversight board following the last financial crisis opined in the Wall Street Journal: “[B]orrower beware! Businesses with flexibility should seriously consider to what extent accepting the terms of federal loans or other support may be a Faustian bargain. The ultimate cost may dramatically outweigh the temporary gain.” Understanding the issues that inform the answer to this question unfortunately involves some detailed analysis as discussed in the full alert.
Read the full GT Alert, “What to Do Now With Your CARES Act PPP Loan”