PPP Loans: To Take or Not To Take?

Many small businesses are struggling right now. And PPP loans may offer some much-needed relief under the circumstances. But how do you know if it is a good idea to accept the loan for your company?

Unfortunately, the only answer is “it depends.” There is no one-size-fits-all response because each company—and the effect of COVID-19 on each company’s business—is different. However, SBA’s recent guidance has provided a few crucial considerations for making this decision.

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What Happens When a Company Takes a PPP Loan it Doesn’t Need?

As we said in this space a few days ago, the SBA has put in place a safe harbor until May 14 for companies to return Paycheck Protection Program loan money if they find they don’t need it. No harm, no foul.

So, what happens if they don’t need it, but don’t return it? Maybe Clubber Lang said it best.

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