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Michelman & Robinson’s Comprehensive PPP Loan Analysis Program

BRYAN JOHNSON
MAY 29, 2020


For many businesses, the Paycheck Protection Program has been a godsend, allowing them to retain employees and keep the lights on despite the economic devastation of the COVID-19 crisis. But for others, the PPP has been a source of real anxiety and frustration; particularly given the mixed signals sent by the Small Business Administration and U.S. Treasury about loan qualification and certification requirements.

As Michelman & Robinson has reported at length, the PPP has come under fire since the enactment of the CARES Act. Nevertheless, there is no denying the extraordinary benefits of the loan program assuming borrowers are eligible to participate and proceeds are spent as intended. When these two boxes can be checked, the PPP provides for free money for businesses in the form of forgiven loans (read: grants) that can help to offset lost revenues during the pandemic.

That being said, to assess whether any given borrower can take full advantage of the PPP, two questions must be addressed: (1) whether it qualified for a PPP loan in the first place; and (2) to what extent that debt should be forgiven.

Several of our clients have struggled to answer these questions, and in response, M&R has begun to provide them with an invaluable service: preparation of a comprehensive memorandum setting forth a thorough PPP qualification analysis, addressing certification issues, and providing a detailed breakdown of loan forgiveness issues, including a look at payroll costs, non-payroll costs, loan forgiveness reductions (if any), and necessary documentation. This work product not only sheds light on a borrower’s rights and responsibilities under the PPP, but can also serve to streamline the loan forgiveness application process and support the program’s good-faith requirements. 

If you are a PPP loan recipient and would like us to provide this service for you, do not hesitate to contact our offices. Remember, time is of the essence as the window for submission of PPP loan forgiveness applications is fast approaching.


We are working diligently to keep our clients up to date on coronavirus-related developments. Nevertheless, these developments are changing daily and, in some cases even hourly, so it is important that you make sure you are dealing with the most current information. That being said, this alert is not offered, and should not be relied on, as legal advice. You should consult an attorney for guidance and counsel regarding any specific concern or situation.