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Local businesses and churches should consider a forgivable SBA PPP loan

Attorney Dan Branum

Local businesses and churches should consider a forgivable SBA PPP loan

Note: This is not legal advice. If you own a business, you’ve probably already heard about the Small Business Association’s Paycheck Protection Program offering forgivable loans to “small businesses.” The program was established by the CARES Act passed by Congress and signed into law on March 27, 2020, and the SBA began accepting loan applications on Friday, April 3. As of Tuesday—just three days later—the SBA had already approved $70 billion in PPP funds via 275,000 applications. Funds are available on a first-come, first-serve basis, but it appears the government is already acting to add more funds to the program.

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