Lalchandani Simon PL Advising Businesses Seeking PPP Loan Forgiveness

Ever since the CARES Act created a new program within the Small Business Administration's ("SBA") 7(a) Loan Program called the Paycheck Protection Program (PPP) earlier this year, thousands of business have been preparing to seek loan forgiveness for the amounts received under the program.

Lalchandani Simon advised numerous Florida businesses in obtaining funds under the PPP and is now advising its clients on seeking loan forgiveness under the program. 

Contact us now for guidance on all steps of the forgiveness process, including:

1.     Being Aware of Deadlines to Submit Application

2.     The Need to Properly Use All Loan Proceeds to Seek Forgiveness

3.     Gathering Needed Documentation

4.     How to Submit Application to Your Lender

5.     Selecting the Covered Period

6.     Calculating Your Eligible Payroll Costs

7.     Calculating Your Eligible Non-Payroll Costs

Contact Lalchandani Simon For More Information

For more information on whether you are eligible for loan forgiveness under the PPP, please contact Lalchandani Simon PL at INFO@LSLAWPL.COM or call at (305) 999-5291.

Lalchandani Simon PL is Helping Eligible Businesses Navigate the Florida Small Business Emergency Bridge Loan Program.

The State of Florida has created the Florida Small Business Emergency Bridge Loan Program to help small business owners located in all Florida counties statewide that have experienced economic damage as a result of COVID-19. The loans are short-term, interest-free working capital loans intended to “bridge the gap” between the time a major catastrophe hits and when a business has secured longer term recovery resources, such as sufficient profits from a revived business, receipt of payments on insurance claims or federal disaster assistance. These loans are available until May 8, 2020, contingent on availability of funds.

Who is Eligible?

Applications will be accepted by qualified for-profit, privately held small businesses that maintain a place of business in the state of Florida. All qualified applicants must have been established prior to March 9, 2020, and suffered economic injury as a result of COVID-19. Qualified small business applicants must be a business with 2 to 100 employees (including independent contractors).

What are the Terms?

The loans are for a maximum of $50,000 for a term of one year and are interest-free for that one year. The interest rate will be 12% per annum on the unpaid balance thereafter, until the loan balance is repaid in full. Loan default is subject to a normal commercial collection process.  

What Restrictions are in place?

Only one loan may be made per eligible business. All previous bridge loans received must be paid in full. A borrower will be required to certify that the proceeds of insurance claims, other loans applied for or to be applied for, or other financial assistance will be used to repay the loan. The loans are designed to bridge the gap to either federal SBA loans or commercially available loans.

Visit here for details: http://floridajobs.org/rebuildflorida/businessrecovery  

Contact Lalchandani Simon for More Information.

 For more information on whether you are eligible for this type of loan, please contact Lalchandani Simon PL at INFO@LSLAWPL.COM or call at (305) 999-5291.