23 Jul Let’s Chat…with Jim Parker – PPP Stopping Deals & Getting Forgiveness
Dear Fellow Business Broker,
Closing on businesses that have PPP monies could be a problem. There is a very good chance that you need consent from the bank that provided the PPP monies. Getting consent from the bank may not be as easy as you would think.
Not getting consent prior to a sale may result in a default on the loan and could prevent forgiveness on the loan.
This is a MUST watch if you are selling a business with Payroll Protection Program (PPP) monies.