If your organization has received a loan from the new Paycheck Protection Program, congratulations! But like any government program, be careful! There are always strings attached. Recent controversy about large organizations getting assistance has caused regulators to warn that if you keep the money but are later found to not need it, you could be in big trouble.
To help you understand what may be at stake, tune into this timely podcast, where HortySpringer attorneys Phil Zarone and Dan Mulholland describe what you must do to document that you may not be able to cover payroll, rent or utilities without the loan and the consequences of the certification that you made to get it. They also discuss the option of repaying the loan by May 7 if you don’t need it, which can limit your exposure later on.