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How New October 2nd SBA PPP Rules Restrict the Future of a Business

HOW NEW OCTOBER 2nd SBA PPP RULES RESTRICT THE FUTURE OF A BUSINESS

Cost $18.75
Presentation Length 1.5 hours

Recorded DateNovember 3, 2020
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaFinance
Course LevelBasic
Course Description

Here we go again! More 11th hour changes to the PPP rules. These new changes can strap a business down and take away its options — options a company might very much need to survive COVID-19.

On Friday, October 2, the SBA issued more procedural rules. This time, any PPP loan recipient with an unpaid balance has its hands tied if it wants to sell, transfer, or merge its business or add owners. The lender and SBA now have the power to drag out the sale (transfer or owner shift) and demand compliance with up-’til-now wholly unknown protocol.

One more thing. Have you ever looked at the terms of an actual PPP promissory note? We have — interesting stuff. In due respect, most PPP borrowers don’t have a clue. The SBA keeps adding rules that automatically get included.

Learning Objectives:


  • List SBA’s new rules governing sale, merger, or asset transfers of a PPP borrower

  • Identify what lurks in the bushes upon a transfer of a PPP borrower’s business (or assets) or when new owners enter the mix

  • Identify what exactly is in a PPP promissory note anyway (and what keeps getting stuffed in)

  • List any related new SBA PPP rules

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Bradley Burnett

Bradley Burnett Tax Seminars, Ltd.
Tax Attorney, Tax Advisor, Tax Instructor
bradleyburnett10@gmail.com
(720) 936-6003

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Bradley Burnett is a practicing Colorado attorney with 33 years of experience working specifically on tax issues. His practice specializes in tax planning and tax controversy resolution. Mr. Burnett has authored and delivered more than 3,000 presentations on U.S. tax law in the U.S. and international jurisdictions.


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About Our Presenter

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Mr. Burnett has delivered more than 3,000 presentations on U.S. tax law throughout all fifty U.S. states, Washington, D.C., the Bahamas, Italy, Greece, Turkey and Canada. He has authored texts of 35 CPE courses.