Felony May Block Your PPP Eligibility
In an effort to rescue small businesses from the COVD-19 crisis, the government created the Payroll Protection Program, often referred to as the PPP. However, to be eligible to receive this loan, there are specific criteria. Unfortunately for some, a felony may block your PPP loan eligibility.
On the loan form and contained in the US Treasury’s guidance, this issue is clarified. The program states that if you own 20% or more of the company, you are ineligible if you are currently incarcerated, on probation, on parole, subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction.
It goes on to state that within the last 5 years, for any felony, you may be ineligible if you’ve been convicted; plead guilty; pleaded nolo contendere; been placed on pretrial diversion; or been placed on any form of parole or probation (including probation before judgement).
Regardless of everything I just said, you may still be able to qualify for a PPP loan. As of this writing, the PPP Loan program is scheduled to end on June 30, 2020. But, if you can get the felony charge EXPUNGED, you can legally say it doesn’t apply to you.
I’ve written extensively about expungements on my website and blog. There are a few videos explaining how an expungement works, and which charges and/or convictions are eligible to be permanently erased from your record.
You can also listen to a podcast episode about expungements on my website, Facebook page, LinkedIn business page, iTunes and Google Podcasts.
This is an important topic. Don’t miss out on your chance for critical funds to sustain your small business, because of a mistake you made in the past. Don’t let a felony block your PPP eligibility. Remember, even if you’ve only been charged with a crime, it remains on your record until it’s permanently erased. That’s the value of seeking an expungement. That’s the benefit of speaking with me, Tim Denison. I’m in the business of helping you and your business. For more information, visit TimDenisonLaw.com and follow me on Facebook.
