You may be eligible for a Paycheck Protection Program, or PPP, loan even if you are in active Chapter 13 bankruptcy. The Small Business Administration recently loosened its restrictions to include these business owners in its second round of loans offerings.
Bankruptcy attorney Elizabeth German provides more information about this important update on small business pandemic relief efforts.
Questions About Bankruptcy or PPP Loans?
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When the Small Business Administration announced its Paycheck Protection Program, in 2020, to help small businesses stay afloat and reduce layoffs, active Chapter 13 bankruptcy debtors were ineligible for the loans.
In its second round of PPP loans, business owners in active Chapter 13 bankruptcy can submit applications. This may be an option for you as you work through your small business debt.
Our bankruptcy attorneys are happy to discuss whether a PPP loan makes sense for your business. They can also discuss other options that may help reduce your debt burden.
Give us a call at 303-688-0944 to begin your case assessment. You can set it up online when you click here.