Resources

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Everything you need to know about BMD and the industry.

Client Alert

SBA Releases New Frequently Asked Question (No. 49) - Maturity Dates for PPP Loans

June 29, 2020On June 25, 2020 the SBA released a new Frequently Asked Question (No. 49) concerning the maturity dates for PPP Loans as modified by the recently passed Paycheck Protection Program Flexibility Act. All PPP Loans received on or after June 5, 2020, will have a five-year maturity. Any PPP Loan received before June 5, 2020, has a two-year maturity, unless the borrower and lender mutually agree to extend the term of the loan to five years. Businesses should address the maturity issue with their SBA lender and discuss any available change to the loan maturity date.Blog Post

"New Normal" Budget Guidance

April 20, 2020During these challenging times most business are faced with issues regarding cash flow and ongoing expenses. In prior Client Updates we have outline some specific action plans dealing with PPP, Cares Act and other funding programs, your obligations and opportunities under the Salary Continuation programs and others. We continue to update those as new Guidance is released so please check back to our Resources page from time to time.Client Alert

Paycheck Protection - Designed to Offer Small Business Owners Relief Over the Next Few Weeks

March 30, 2020The CARES Act is a massive piece of legislation. The emergency loan or Paycheck Protection provisions are one component designed to assist small businesses and keep them afloat during the current crisis. The emergency loans will be made under the United States Small Business Administration (SBA) and are simply an expansion of its already existing 7(a) loan program. The loan process will be administered by the SBA through its local lending partners or approved SBA lenders. Over the next several days it is expected that the actual loan process will be further detailed by the SBA so that loans can be quickly processed.Client Alert

FFCRA Amnesty, the CARES Act Paycheck Protection Program & the Small Business Viability Exemption Provide Options for Employers

March 30, 2020Over the past few days, employers have received options beyond terminating employees (RIFs, layoffs, furloughs, temporary terminations, etc.) in response to COVID-19 and leave concerns.