Business owners here in Georgia have had to face most of the same challenges and difficulties that their counterparts in other states have had to deal with during the coronavirus pandemic. Two-plus months of nonessential business and office closings have left a devastating toll on many small and medium-sized business owners.
As a result, many of these companies filed for and received Payment Protection Plan assistance in the form of loans and grants. Unfortunately for many businesses this simply was not enough. With bankruptcy left as their only viable option many of them are now wondering how those PPP payments will be factored in? This is where a team of legal professionals such as the Williams Litigation Group can help.
Understanding the Difference Between Loans and Grants
The first thing to understand is the fact that loans and grants are both part of the PPP program and that you may have received one or the other, or both. This is important because the grants are not required to be paid back, so long as the stipulations and requirements were met. Most of the grant paybacks are waived under the conditions that the funds be used for certain purposes such as covering employee payroll, rent and other utilities, as well as equipment or material costs.
You May Qualify for Dismissal of Loan Debt
Under many circumstances, PPP loans are dismissible in your bankruptcy filing, as long as certain things within your business and paperwork are handled properly and with the courts full knowledge before the process begins. The most important thing in this situation, as with any other information regarding your business and its finances is to make sure that you are completely upfront and transparent with all of your financial records and notes.
Making Sure You Cover All Legal Bases
The knowledgeable and experienced team at the Williams Litigation Group in Brunswick has years of experience helping its clients deal with the intricacies of bankruptcies, as well as navigating through the murky and confusing details of bankruptcy law. Don’t let confusion or misunderstanding end up complicating or upending your case. Give the experts a call or stop by and see them in person as soon as possible.