Dean Mead’s Tax Department handles tax planning issues for businesses and individuals. The attorneys in our department have extensive experience in a full range of…
How will loan forgiveness work?
The loan will be made by a bank, and after June 30 (or later if the federal government extends the covered period), the borrower will submit a request and documentation of the covered payroll costs, mortgage and/or rent payments and utilities. The bank must consider and respond to the request in 60 days or less. We expect more detailed guidelines to come soon.
How do I begin the process?
While the existing SBA emergency loans are made directly through the SBA, these SBA 7a loans are made through banks. We recommend reaching out to your current banker as a first step, to see if they will be participating in the program. Although not every bank currently participates in the SBA lending program, the terms and size of this program indicate that more banks will likely choose to participate.
For lender assistance, we suggest first reaching out to your own bank.
Stay tuned for timely updates from our team as we build on this list in the coming weeks.